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Boston Pawn Shop Sees Modern-Day Gold Rush

BOSTON (CBS) – With the price of gold at record highs, local pawn shops say they’re definitely seeing a modern day gold rush.

Michael Goldstein, owner of Empire Loan in Boston says he’s getting a lot of customers looking to turn their gold into cash.

WBZ-TV’s Jim Smith reports

“We’re getting calls. We have six stores and every single store is seeing an increase in people inquiring about what they can sell gold for,” he said.  “So how quickly has gold shot up in value?  An ounce-and-a-quarter piece ten years ago was worth $332. Now it’s worth $2,175.

WBZ NewsRadio 1030’s Kim Tunnicliffe reports

Goldstein says he thinks the price of gold could eventually drop, but for now it’s easily the most valuable item coming into his shop.

“There are a lot of people with jewelry they just never wear and it makes no sense to sit in the top dresser drawer,” he said. “I know that sounds like a sales pitch, but its money now.”

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