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Local jewelers turning record-high gold into green as prices soar

Cashing in gold for profit

Michael Zibman, general manager of Windsor Jewelers, has opened up a mobile gold-buying RV at The Augusta Mall to help locals cash in on their gold. (WRDW-TV / Aug. 10, 2011)

News 12 at 6 o'clock / Wednesday Aug. 10, 2011

AUGUSTA, Ga. -- Get ready for the gold rush. The precious metal topped out at an all-time high of $1,800 an ounce Wednesday.

One local jeweler is taking advantage of the soaring prices and helping you cash in your gold.

Michael Zibman, general manager of Windsor Jewelers, has worked in the jewelry business for years. He says now more than ever, they're cashing in on your loose gold.

"Prior to say two, two and half years ago it was more estate buying, where you're buying period pieces, you're buying a piece to re-sell it typically," he said. "Now, you're buying the metal. You're buying the metal and it is a gold rush to some extent. It's much stronger this year than it was last year."

And in the last few months, Windsor decided to try something new. They parked a mobile gold-buying RV at The Augusta Mall. In three months, they've had more than 1,000 customers.

"It's done very well from the beginning, with really no advertising, just the fact that people are moving past it and see it," Zibman said.

People can bring in unwanted gold and silver jewelry for cash.

"You just bring it in, we sort through it so that we know what metal content each piece is, we weigh it up and we make you an offer," Zibman said.

Zibman said the market is volatile and can fluctuate by $40 to $50 within a day. He says raw prices are riding a roller coaster, right along with the economy.

"At this point it seems to be much more driven by the confidence in the global economy," he said. "With the global economy in turmoil, transition -- whichever word you chose to use -- the gold market is going up."

Of course, like the stock market, the gold market is all but predictable. Zibman says he's heard of aggressive estimates of prices possibly topping out at $2,500 an ounce by the end of the year.

Normally, the most expensive metal is platinum, but not right now. For the first time since 2008, gold prices have passed platinum prices. Experts say silver prices are lingering about the same, around $40 an ounce.

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