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Continued: Glitter is gone from gold market

  • Article by: DAN NAKASO , San Jose Mercury News
  • Last update: May 5, 2013 - 11:13 AM

But Rosas continues to see gold from a different angle — as an easy way to make quick cash.

He had worked for a recycling company that often traded in gold dug out of discarded computers. Then in January, while the price of gold was still running at $1,692 an ounce, Rosas and his sister started a mom-and-pop cash-for-gold business in San Jose, looking for deals on Craigslist and at garage sales.

After he paid two separate customers a total of $400 for their rings, chains and bracelets, Rosas resold the jewelry to a Burlingame, Calif., refinery and walked away with $150 in profit, thinking he was onto something.

He was still figuring out what to do with his late mother’s jewelry when the gold market started its downward spiral. Now he has no idea whether gold prices will stay on the bottom or bounce back up.

“I can’t sell my mom’s jewelry because the price of gold is too low,” he said. “And I can’t buy because no one wants to sell. So I don’t know what to think.”

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