Gold rush comes to town

Exchanging gold jewellery for cash is the concept of a business that has recently arrived in Thunder Bay.

Helen Trochimchuk is a purchaser with the company Gold Exchange, located on Tungsten Street. Years ago gold prices hovered around $300, but recently prices have been closer to $1,200. That's the highest gold has been since the early 1980s.

The rising prices of gold have led to a spike in activity for businesses that exchange gold for cash. That leads Trochimchuk to believe that now is the best time for residents to clean out their jewellery boxes.

She added that each piece of jewellery is different when it comes to pricing. The colour and weight all play factors in the cost, but the company could pay about $20 per gram. That amounts to as much as $620 an ounce, depending on the carat.

Trochimchuk said she believes the future looks good for gold, as she expects prices to stay where they are or get even higher down the road.

All the gold collected by the company is shipped out of Thunder Bay and melted down for reuse.