Gold For Cash - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Gold For Cash

An ounce of gold is now worth over $1,000 hitting a record high.

And this new gold rush is sending Americans to the local pawn shop to cash in.

Just over a year ago an ounce of gold was worth less than $650.

Now the price of gold is soaring, and one local pawn shop owner says he sees people taking advantage of gold's value to pay their bills.

Cory Carter of Erwin's Pawn says, "The economy being in the state it's in, the cost of everything's going up except for their checks, you know so they're finding it harder to make it."

AAA shows Amarillo's gas prices at $3.12 cents, a year ago we were paying $2.50 a gallon for regular unleaded.

And gasoline is not the only gas on the rise. Natural gas five months ago was under $6, now it's $9.69 per british thermal unit, according to experts for the New York Mercantile Exchange.

Some locals say their left over scraps are now turning into a supplemental income.

Danny Torres says, "To sell I have over 100 grams and which is about a little more than a thousand dollars. I paid lets say I paid about three hundred back then, so I'm making some profit out of it."

For others it's not that easy to let go.

Evelyn Potter says, "It's tempting at times but then you think uh uh, no I'll find another way...there are other ways. Things that are that valuable you don't turn loose that easy."

Some experts predict the price of an ounce of gold could go up to $1,200 by the end of the year.

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