Economic jitters and soaring gold prices create a frenzy for US jewelry merchants

Los Angeles (AP) – At the largest jewelry center in the United States, Alberto Hernandez launched his device on another day and waited until bright orange interior glow before scraping in a variety of rings, earrings and necklaces that weigh about the soap tape: less than 100 grams, or 3.2 Coordinated Troy.

After a few minutes, the bullous liquid metal was cool in a rectangle throwing the size of the woman’s shoe. The X -ray machine determined that it was 56.5 % of gold, making it worth $ 177,000 based on the price of gold on that day.

With the rise in gold prices to record highlands during the global economic hiking, hundreds of thousands of dollars in gold revolve across the doors of the Saint Vincent Jewelery Center in the center of Los Angeles on any specific day.

Many independent tenants of 500 independent in the center, who include jewelry, gold refineries and assistants, said they have not seen such an increase in customers.

“At the present time, we see a lot of rapper and things melting their big pieces,” said Alaberto’s nephew, SAPRASDAN Hernandez, who works in precious metals. “We get a lot of new customers who get all the things of their grandfather, and they greatly dissolve them.”

The current assembly of Gold comes at a time when president Donald Trump issues constantly changing advertisements about definitions, homogeneous financial markets and the threat of inflation.

In response, people around the country flow or dissolve their old jewelry to get quick money, including brokers like the owners of the Pedic Store. Others, who believe that their money may be safer than gold than the volatile stock market, it captures it at the same speed.

The Los Angeles Angeles Olivia Kazanjian said that people even bring the family heritage.

“They dissolve things with their family’s wedding dates and things from the nineteenth century,” Kazanjian said.

I recently paid a client against a 14 -carat gold woven bracelet with complex Blue Mina business that can be converted into brooch. The customer moved away with $ 3200 for the amount of gold contained in the piece of size in the ounce of Troy, which is the standard for precious metals equivalent to 31 grams.

But Kazanjian does not plan to dissolve the piece. She said that the real technical and historical value was much more.

“It is amazing … and you will not see this type of craftsman again,” Kazanjian said, adding that she convinced some customers to change their opinion about the melting of the elements. “It is part of history, and if you are lucky enough to dung, it is a piece of your family.”

Companies operate on the sales side of the event, offer gold bars and other materials, hard to keep up with frenzy.