Bloomberg News Anthony Holdampf, owner of Cash for Gold, displays jewelry brought in by customers to be appraised at a hotel in Greenwich, Conn., last week.
According to an article in Bloomberg, residents of the richest towns in Connecticut have started selling their gold jewelry en masse to consolidators. A company called Cash For Gold (not to be confused with the Cash 4 Gold company seen on TV) raked in $97,000 of gold in four days in Greenwich.
The sales are so strong the company is setting up shop for a year. It also is targeting the big bling states of California, New Jersey and Florida.
The affluent, said the company's chief, Anthony Holdampf, "show up dressed very fancy, maybe wearing their Rolexes" and have "twice as much gold as anyone else and plenty of gold they get rid of."
Some sellers, of course, are sad to part with their wares. Mr. Holdampf described a tearful woman who sold a $2,000 bracelet that was never worn and was in a safe deposit box. But he said many of his clients are super-wealthy who are too embarrassed to be seen in a pawn shop. "Times are hard and everybody is effected, not just the middle class," he said.
True enough. But my guess is that the truly wealthy, fearful of their No. 1 enemy, inflation-are buying more gold than they are selling right now.
Do you think the rich are buyers or sellers of gold right now?
http://blogs.wsj.com/wealth/2009/10/23/wealthy-hawk-their-gold-for-cash/
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