High Silver Price Drives Individuals to Cash in

on August 18 2011 10:59 AM

Surging silver prices has private individuals looking to sell jewellery, silver service items or heirlooms made of precious metals, much as the record high price of gold has driven many people to sell their gold for cash.

We are actually experiencing firsthand a societal trend, said Larry Gray, president of Gold & Silver Buyers, the largest buyer of gold and silver in Texas. Young people are telling us that they really don't have a use for the silverware that meant so much to their family in years past. They're just not entertaining the way their mothers and grandmothers did.

Customers are walking in with everything you can imagine that's made of silver-silverware, candlesticks, ashtrays, platters, tea sets, vanity sets, baby rattles and even sterling silver clutch handbags, he said.

Tarnish and all...definitely more and more of our customers are bringing in silver items, said Gray. At first, it was mostly jewelry. Now you can tell people are really going through all their belongings, trying to take advantage of these great prices.

In late morning trading silver was up 15 cents to $40.51 per ounce, while gold had climbed $30.50 to $1,824.30 per ounce.

 We are actually experiencing firsthand a societal trend, said the company's Brian Culwell. Young people are telling us that they really don't have a use for the silverware that meant so much to their family in years past. They're just not entertaining the way their mothers and grandmothers did.

 

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