High gold prices keep East Tennessee pawn shops busy

High gold prices keep East Tennessee pawn shops busy


6 News Anchor/Reporter

KNOXVILLE (WATE) - There's an international gold boom and the effects can be felt in East Tennessee. Gold reached an all-time high of $1,250 an ounce on Thursday and people have been cashing in.

Matthew Gard, owner of Big Orange Pawn on Western Avenue said with gold selling at it's highest price in years, he almost needs to hire more help to keep up

"I'm absolutely seeing a ton of people. About one of every four people comes through the door with gold in their hand," said Gard.

Weekends are the busiest time. People seem to spend money through the week and need more for Monday so they flock to pawn shops.

A couple visited Big Orange Pawn Saturday morning with a bag full of jewelry they no longer wear. Three gold chains, gold earrings, two bracelets and about four rings earned them a whopping $2,700. They said they'll use the cash to pay for their honeymoon.

"We've been here 20 years and I can remember when it was $250 dollars an ounce and this week it hits $1,250. You're talking 5 times higher than I remember it being before," said Gard.

And it's not just gold. Any precious metal seems to be selling at a high price, including silver and platinum. For clients who want to sell gold, Gard recommends to sell while prices are high because world events can cause the gold market to fluctuate at any moment.

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