Gold-buying businesses thriving in the Bronx
On Southern Boulevard in Hunts Point, almost every other storefront window bears a sign declaring, "We Buy Gold."
As the effects of the recession continue, residents of the South Bronx are looking to part with gold jewelry - often precious keepsakes that they've treasured for years. With the price of gold rising to $1,395 an ounce, the temptation to sell is strong and local business owners see a new opportunity.
In an uncertain economy, gold jewelry is increasingly viewed as an unnecessary commodity in lower income neighborhoods such as Hunts Point and Longwood. Residents say they feel it?s a good time to sell before the holidays and merchants are willing to pay.