One Person's Gold Is Another's Tank Of Gas

One Person's Gold Is Another's Tank Of Gas

Raising The Bar On How Consumers Can Sell Jewelry

WESTON (CBS4) ― Regardless of gold's fluctuating price, it's the economic slowdown, the rising cost of living, that's been good for the gold-buying industry as consumers sell more of their jewelry.

Gold, which is priced in dollars around the world, has been trading at over $900 per ounce, down from a $1,000 peak. Demand for the glamorous metal, which is used in jewelry, dentistry and electronics, and hedges against a weak dollar, has prompted people to sell.

Weston-based businessman Michael H. Gusky last year sold his gold jewelry manufacturing company, Aurafin, to billionaire investor Warren Buffett's Berkshire Hathaway. On Feb. 6th, he launched an online gold buyer GoldFellow. This came just as the price of gold was hitting historic highs and consumers were paying more attention to it. During March, his Web site reported 43,000 visitors.

Gusky's idea is to offer consumers a fast, more secure way to sell their gold, platinum and silver; and claims to pay better than most competitors; and boost business by educating people about the cash potential in gold jewelry.