There is a little less gold on the Gold Coast because residents of some of the state’s wealthiest towns are cashing in on what’s in their jewelry boxes.
Gold trading is reaching record territory, so many are pulling out the wedding band from the first marriage, and grandma’s golden necklaces and selling them, Bloomberg reports.
It’s a trend in Greenwich, as well as in several other towns, according to Bloomberg, because the company is narrowing its focus to the wealthiest communities.
Westport-based Cash for Gold (which has licenses to operate in 31 communities in Connecticut, California, New Jersey and Florida and it’s set up in Greenwich at the Hyatt Regency hotel.
About 25 to 30 people show up each day with about $500 of gold each, according to Bloomberg.
“They show up dressed very fancy, maybe wearing their Rolexes,” Anthony Holdampf, President of Cash for Gold, told Bloomberg. Affluent sellers have “twice as much gold as anyone else, and plenty of gold they could get rid of.”
The Westport-based company is not connected to the company Cash4Gold that runs national television ads.