Some People Are Melting Their Gold Jewelry for Cash

With the price of gold at an all-time high, many Americans are melting down their gold jewelry for cash. Alon Mirzaev, manager at US Gold Refinery in New York City's Diamond District, says business is booming. A customer came into the store to sell a 14-karat gold ring and a broken piece of a 10-karat gold bracelet. They were worth $1,044. Mirzaev puts pieces under a spectrometer machine to detect the pure gold content.