SACRAMENTO, CA -- As the price of gold and silver keeps climbing, business at pawn shops is booming.
Larry Anapolsky, co-owner of California Loan & Jewelry in downtown Sacramento, says three to four times more people are selling silver and gold items now than in years past.
"We're starting to see a lot more people going through their drawers, finding things they don't need and bringing it in and selling it," Anapolsky said.
So far this year, the price of silver has risen more than 50 percent. At the beginning of May, silver was selling for around $48 an ounce, compared with $17 an ounce in May 2010.
According to Kitco, gold has been surging for several years, and currently is valued at $1,541 an ounce. Five years ago, in May 2006, gold sold for $675 an ounce.
"What we're seeing is people moving into hard assets because of the economy," said Anapolsky. He added that people want to put their money into metal, in hopes the value will hold. "They're worried about the dollar going down in value or inflation," he said.
News10/KXTV