Gold Breaks $1,500 Barrier

Gold breached the $1,500-per-ounce barrier for the first time in trading today, rising higher than $1,505 during the day in London, after setting a record Monday at $1,497.20 per ounce.

The decade-long rise of the gold price against the dollar has led to the proliferation of cash-for-gold businesses and offers and prompted some people to dig through jewelry boxes and drawers to cash in their old gold.

"The gold-buying industry piggybacks the news," A&M Gold Buying owner Arnie Shapiro told Northeast Cobb Patch. "There has been a surge in people cashing in gold for a few weeks now. People gather all the broken gold chains and jewelry in their drawers, come in and leave with hundreds of dollars."

People cash in items that aren't worn anything to them anymore, Shapiro said.

Schools, churches and other nonprofit organizations have learned that gold buying is a great way to raise funds. Shapiro helps such groups organize gold-buying parties, with the groups keeping a portion of the funds. 

"How it works is that we plan the gold buying fundraiser. We provide a receipt for the gold that is bought. In the end, we calculate the receipts. The host, say it is a church, then receives 25 to 30 percent. If we buy $10,000 worth of gold, the church would receive $2,500," Shapiro said.

A&M Gold Buying has a fundraiser scheduled next week to help the Sprayberry High School band.

Home gold-buying parties are increasing in popularity. Shapiro arranges a party with the host or hostess and requires eight to 10 people. The party host receives 25 percent of the receipts. 

For more information about gold-buying fundraisers or home parties, visit Shapiro's website. To cash in your gold, you can visit A&M Gold Buying at 4517B Canton Rd.