More people selling gold, other valuables to stay afloat

More people selling gold, other valuables to stay afloat

By ANN KEIL
6 News Reporter

KNOXVILLE (WATE) -- Although the economy is weak, the price of gold and silver has increased, causing a surge in business for some local stores.

"We're having a lot of people coming in selling scrap gold like class rings, old wedding bands, broken chains," says Bill Kitts, owner of Westside Coins and Collectibles.

Kitts says with high food and gas prices, and ever increasing utility bills, people need extra money.

Milli Baughman walked into Kitts' store Friday hoping to do some business. 

"I found out yesterday my dog has to have surgery and it's going to be $300," Baughman says.

She brought in her coin collection of silver dollars and older quarters and dimes that she had been adding to for about 40 years and some jewelry that included a special bracelet with 14 karat gold charms she bought in Switzerland years ago. 

"I got the bracelet in probably the late 1950's, and as different things happened during my life, I kept adding things on," Baughman says.

She adds that with a smaller disposable income, she needed the money now.

But Kitts says others want the gold and silver now. "We're seeing people that come in that have money that are scared and they're wanting to buy gold and silver as an investment or as an insurance policy."

If you're looking to invest in gold or silver, it's recommended that you pay close attention to the prices since they fluctuate on a daily basis.