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State of Economy Keeps New Rochelle Selling Gold

NEW ROCHELLE, N.Y. – The high price of gold has some local jewelry shops, including Tony Silva’s 31 year-old New Rochelle Coin and Jewelry business, low on the selling side, but high on the buying end as many customers are looking to make a profit due to circumstances like unemployment or rough economic times.

“People are selling a lot of gold because they don’t have worth,” said Silva who also owns White Plain’s Cressida Jewelers with business partner Joe Soares.

The men said business in this respect has been good during the volatility of the stock market, which makes buying gold a bit on the expensive side.

“The price changes every day,” Silva said.

Silva also noted a drastic increase in gold prices within the past three to four years when costs used to be around the $300 mark compared to $1,900 now-a-days.

Selling gold can be hard on individuals trying to make ends meet through the selling of personal items such as watches, and engagement rings.

“I feel sorry for a lot of my customers to tell you the truth,” he said.

Despite the possible lack of customers buying gold and jewelry, Silva’s store on Division Street has not suffered.

“We’re always busy,” said Silva. "(We're) busier than most," said Silva.

Have you sold gold lately? Was the extra cash useful? If you have investments in the stock market, has the markets' recent volatility made you reconsider where to invest your money? Leave a comment below and join us on Facebook. Also, e-mail thoughts to jstock@thedailynewrochelle.com and we'll include your responses in future coverage.

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