A golden bonanza in the suburbs
THERE'S a new gold rush at suburban shopping centres as people trade in jewellery and coins to cash in on high prices.
THERE'S a new gold rush - at suburban shopping centres.
Average Australians are offloading golden treasures - and sometimes jewellery no longer treasured - at kiosks that have sprung up in shopping centres as the precious metal trades at high prices - above $US1100 ($1200) an ounce lately.
Gold Buyers Australia Pty has 80 kiosks across five states and plans for many more.
It rents small spaces in shopping centres - enough to house a "senior gold buyer" and assistant, plus a set of scales and chemicals to test the purity of gold.
Sue Ansell and Lee Thomas at the Caroline Springs kiosk did their single biggest trade yesterday, with a woman walking away with $2700.
That kiosk has been operating since November, trading gold, platinum and silver.
"Ninety per cent of the jewellery traded comes from broken relationships," Ms Thomas said.
"People just don't want the bad memories."
Ms Ansell had a woman tell her: "My husband threw his wedding ring at me, so I'm selling it."
Some people sell to pay bills and make ends meet. And it's not only jewellery or coins.
"One day a man tipped four gold-filled teeth into my hand," Ms Ansell said.
Gold Buyers Australia was the brainchild of Tim Oldfield, a Perth-born entrepreneur now based in Queensland, and Victorian couple Tony and Wendy Stewart.
Cash for Gold Australia, The Gold Company and Goldconverters are others among the plethora of gold buyers.
They are all essentially commodity traders who buy by weight, after assessing the purity of the metal - be it nine, 18 or 24 carat.