Gold hunters hit community halls

People cash-strapped by the credit crunch are expected to turn out in their droves in Cheslyn Hay tomorrow to make cash from the gold rush gripping the nation.

As the price of gold and silver rockets due to the uncertainty of the stock market, more people are finding that an easy way of making quick cash is to sell their gold jewellery for scrap.

Traders are scrambling for the precious metal to pass on at a higher rate to jewellers and other merchants for recycling.

Graham Manning, of Astral Antiques, offering free valuations at Cheslyn Hay Community Centre, Pinfold Lane, from 10am to 2pm.

He has been in the business since 1980, this is his third-ever valuation event. Events at Cannock and Perton libraries, which saw a total of 200 people turn out, took place in the last two months.

He said: "It's a sign of the times I suppose. I have been booked in by a bowling club to do a valuation session for them in Solihull before Christmas too."

He will be offering around £100 an ounce for 9ct scrap gold and around £6 an ounce for silver.

In December gold was worth around £77 an ounce. Today's prices are £146 per ounce for nine-carat, £292 per ounce for 18 carat and £357 per ounce for 22 carat.

Mr Manning said the price of gold was at its highest since the gold rush in 1981, triggered when Russia invaded Afghanistan. He added: "It's certainly a lot higher than this time last year and when it reached its all-time record low of £1.98 an ounce for 9ct in 1981.

"It's in the public eye at the moment that gold prices are high and everyone is advertising for it.

"The price of gold is very high and as a result we're finding more people going out to get it valued and other people wanting to dispose of it.

"Tomorrow I will be valuing items free of charge and if people wish to sell it they can, if they don't want to they are under no obligation."

Meanwhile, a jeweller in Dudley is going national to meet the demand from thousands of people cashing-in on soaring gold prices.

Rex Johnson & Sons, which has a branch in Bird Cage Walk, will launch a new website on Monday giving people the chance to sell their unwanted bling.

The shop will be running an advert promoting the website with antiques guru David Dickinson who visited the shop, on Tyneside Television. They plan to roll it out across the country.

Owner David Johnson said: "Prices are soaring all the time. If people have got a little bit of gold at home, it is a better bet than property at the moment."

The website is www.rexjohnsononline.com In February jewellers started reporting a gold rush as people decided to sell off their valuables to raise quick money.