Golden Opportunity For Some

Some think they have found a golden opportunity to make some money in these tough times.

Thursday, October 9th 2008, 9:52 pm

By: News On 6

By Emory Bryan, The News On 6

TULSA, OK -- Some think they have found a golden opportunity to make some money in these tough times.

Stocks are down, and with the economy on the rocks, some people aren't working as much or not at all. Some are digging out what they have in drawers to get by.

A pile of gold represents a half day's business at Tulsa Gold and Silver. It's broken and outdated jewelry, mostly, but Mike Anderson says in the last six months, he's seen about everything.

"I always laugh when people bring in their teeth, their gold teeth, and sometimes they have a whole tooth in it. That's strange to deal with, but it is gold," said Mike Anderson of Tulsa Gold and Silver.

Anderson says more people are selling whatever they have that's gold and silver to come up with some cash.

"Gosh, with the Dow Jones down over 20% in the last week, people are afraid," said Mike Anderson of Tulsa Gold and Silver.

Five years ago, gold was selling for about $400 an ounce. It peaked this past spring at $1,000 and now is trading at about $900.

The average stock lost value over the same time.

Roy Rogers sold some of his family's jewelry and made $475.

"Once you walk in, it helps change your mind. It helps make up your mind," said Roy Rogers.

Rogers says while he's still holding on to a few sentimental things, he's forced to sell the rest.

"Our priorities dictated that now. We're doing what a lot of people are doing. We're turning jewelry into cash," said Roy Rogers.

Some people are still buying.

They're counting on gold and silver to go up, especially the coins, which have added value for collectors. But, with other investments going down, people are increasingly looking for what's going up.

"And gold is going up. So, it's one of the few things that has gone up over the last few weeks," said Mike Anderson of Tulsa Gold and Silver.

The value of scrap gold depends on the weight and amount of gold it contains. An average gold filling is worth about $30, but gold jewelry in useable shape is worth much more.