McClatchy Washington Bureau

Print This Article

It could be California's second Gold Rush.

The skyrocketing price of gold has people mining their jewelry boxes for every bit of the precious metal to sell for cash. Prices have gone from $416 an ounce on New Year's Eve five years ago to as high as just above $1,000 in 2008. The price hovered at $853 an ounce Monday.

People are cashing in at local pawnshops. Some are responding to TV commercials offering cash for gold mailed in pre-addressed envelopes.

What's a gold digger to do?

Be careful.

That's the warning from reputable gold dealers and consumer advocates.

Read the complete story at sacbee.com