Instead, consumers struggling through a moribund economy are rushing to jewelry stores to cash in unmatched earrings, out-of-style necklaces, and old gaudy bling now that the price of gold has hovered near $1,100 an ounce.
"I think it's a sign of the times," explained Ali Cheaib, president of Azure Jewelers in West Toledo, "with unemployment the way it is, with jobs scarce, it's a good time to sell jewelry."
The price of gold has been rising steadily for several years, primarily in its role as an historic hedge against currency inflation. In early 2001, gold was trading for under $300 per ounce.
Yesterday the precious metal closed just under $1,100 an ounce, up more than 266 percent over that period, while inflation has risen just 22 percent.
But while