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High gold prices drive business to pawnshops, jewelry stores


LAWTON, Okla. – If you have any gold you are not wearing or using, you will want to run, not walk, to the nearest pawnshop or jewelry store.  They same goes for silver, because both are at all-time highs in value.

That is one big reason Lawton pawn shops and jewelry stores are seeing brisk business these days.  It is a good time to sell gold and silver.  Gold is valued at $1,500 per ounce.  Silver is at $45 per ounce.  And some Lawton merchants are happy to buy from you.

Business is booming because precious metals are worth more than ever.

"Over the last month or two months, it's been a 25 percent to 30 percent more business," said pawn broker, Keegan Wright. 

Wright says that is why folks are going for the gold and silver.

"We have seen an increase in customers coming in due to the price of the precious metal value going up in gold and silver," said Wright.

It is not just pawnshops seeing more customers.  Jewelry stores are too, and they say the time is right to sell.

"I would say get rid of it now.  You don't know what the markets going to do.  It's at its highest it's ever been.  $1,400, a little bit over, $1,497, it's a prime time to do it," said jewelry store manager, Kara Tipton.

Although the "gold rush" is on, both businesses caution sellers and buyers to do their homework.  Do not trust just anyone to give you an honest deal.

"I say stay away, if you can't enter a door and speak with somebody personally, stay away.  We are licensed dealer, so we are licensed to purchase and sale and trade in the gold and silver and that's what you need to stay from, mailing it in," said Tipton.

They say you yourself should witness the acid test.

"I would prefer that you take it to someone that does it right in front of you and weighs it for you and does a test right in front of you and tests it and gives you a price," said Wright.

Both shops tell 7News you should be 100 percent sure whether you want to buy or sell, because you usually only have a few days if you change your mind.  Most stores have a 10-day policy to return or claim your merchandise.

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