How to Boost Your Gold-Selling Business

With the precious metal’s price rising and store sales falling, can you reclaim your Midas touch? Graphics by Rod Little You’re all familiar with the myth of King Midas, who wished everything he touched would turn to gold. For a while he was a happy man, but in the end the wish became a self-inflicted curse. Most retail jewelers are seeing echoes of that tale in their stores, where gold has, in some ways, turned into a liability.With the price of gold slightly less than $1,300 per ounce at press time and increasing by more than 20 percent per year in four of the past five years, those who have been holding on to old gold inventory have seen a healthy increase on their investment. Some of the product has nearly offered a better return by sitting on the shelf and growing in replacement cost than by being sold to customers and replaced by new product.Unfortunately, jewelers mak
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