Whether you’re driving up First Avenue in Big City, USA or down Main St. in Smalltown, America there was no doubt you’d be passing by at least one, if not dozens of storefronts displaying those three infamous words “Cash for Gold”. Now as you pass those same storefronts you will most likely see three additional words “Store for Rent”. The Cash for Gold craze for all practical purposes is over.
From 2011 through 2014 people continued to struggle with financial difficulty. However one of the only godsends they had was that the price of Gold had reached record levels. With all the abundant hype it was only a matter of time before they began to liquidate their precious jewelry to pay the bills or put gas in their cars. But now it’s easy to see anybody who needed to sell his or her Jewelry did exactly that. It was good times for Jewelers, Pawnbrokers, Second Hand Dealers and Cash for Gold buyers. But now the well has run dry and there is no longer the volume of metal coming off the street to sustain a business model that exclusively relies on purchasing Karat Gold Jewelry from the public.
During those busy years of scrap buying Gold Refiners were also experiencing record breaking volume. Profits were good and business was easier to find. However times have changed of recent, and Gold Refiners who were not around during those decades where scrap volume was lower and Gold Prices fluctuated between $350 and $500 are lost and don’t have the experience to survive.
Mid-States Recycling & Refining is one company whose 32+ years of industry experience is one that recognized the cyclical nature of metals industry. Mid-States continues to focus their effort in maintaining their industry leading reputation for unparalleled service to the Jewelry trade. With their newly opened location at 5 S. Wabash in the heart of Chicago’s Jewelers Row, Mid-States is affording a convenience to their customers they had never before made available until now. With on-site melting, analysis and a full inventory of Gold and Platinum Grain, Alloys and collectible Minted Bullion products it has never been easier to complete your Precious Metal transactions. Operations Manager Jack Brown recently said, “Our new Jewelers Row location just demonstrates our commitment to our local Jewelry Industry. It’s where we established our roots dating back to the 1970’s when my father ran the Simmons Refining Company of Chicago.”
If history is any indication of when we might see the next “Heyday” for Gold scrappers be prepared to buckle your belt for the next 20 years or more. There will probably still be some empty “Cash for Gold” storefronts you’ll get a great deal on.