Gold buyers and sellers are taking advantage of metal’s market high

With an economic recession still lingering and the price of gold going through the roof, there is the opportunity for a lot of residents to make some extra cash.

As of Wednesday, the price of gold was $1,062 — near an all time high.

For buyers like Eben Pittman and Billy Penick, co-owners of the Gold Buyers kiosk in Pierre-Bossier Mall, the time is ripe to make and give money.

"Sometimes that's the first thing people say when they come up is, 'I heard the price of gold is as high as it's ever been,' and we tell them now is the time to sell," said Pittman.

The pair have researched the price of gold, even keeping an eye on the price in real time with a laptop on their kiosk, and both noted that analysts say the price is close to reaching its ceiling.

"A lot of people are more curious as to what it's worth now, but I don't really see it getting much over $1,100, so it's about at it's peak. If any time was the time, now is about as good as you're going to get," said Penick.

They take coins, jewelry, broken chains and even grills.

"Today I just burned all the fake gums and teeth out of a dental bridge for eight grams of a 14 karat bridge. And the guy got a $100 for an old bridge he dug out of his drawer," said Penick.

Penick and Pittman acknowledged there are several companies that fluctuate in the price they give, they said they are near the top in the area for their pay out. Both also warned that mail order gold buyers are skimping on what they pay.

"We give almost three times what they give. They're crooks," said Pittman.

When they buy gold, they test to ensure it is real gold, weigh it and then pay so much per gram, depending on carrot. For example, 24 karats is going to be worth more than 10 karats.

They then take it to a refinery and are in turn paid by they refinery for the gold brought it. That refinery then melts the metal down into pure gold and sells it to the government.

The pair set up the business after coming from Magnolia, Ark.

"We grew our business as far as we could, there are a lot more people here. I mean, there is only so much gold in a town as small as Magnolia," said Pittman.

They believe their location is not only advantageous to their business, but the mall and area economy. The pair have seen a high cash turnover rate after buying a seller's gold.

"It's good for the economy, it will be able to stimulate the mall. We've seen people who have just sold gold to us walk back by with bags in their hands from stores here," said Penick. "All of the places where people who want to spend their money, we're right in the middle of them."

Connie Thurmond, co-owner of Connie and V. Cross Jewelry located at 1700 Old Minden Rd., buys gold for both scrap and resell in her store.

"We buy mostly for scrap, but if it is salvageable and stylish, we can resell it," said Thurmond.

She notes her business will take any items with a gold content. They highly advertise that they buy gold by sending out mailers and plastic bags asking people to let her store "be your retirement center."

"We pay according to the gold market of that day. For example, if today the price of gold was at $1,060, then we figure out a formula and if it goes up, we pay more," said Thurmond.

In fact, Thurmond has set up "gold parties" at residents homes to attract gold sellers.

"I set it up for (the homeowner) to bring their friends in, have a little wine and cheese and get them to have their friends bring their gold and the homeowner gets a percentage," she said.

Thurmond said she has noticed more people selling gold since the economic decline. However, she cannot say if the price of gold hitting a record high has affected her business.

"It's been only in the last six weeks since gold went to its all time high and we're a very busy store anyway," she said.

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