The lights weren’t even on yet at Bullion Exchanges in Midtown Manhattan, but a customer was already standing outside, holding a crumpled Target bag stuffed with what she hoped were valuable treasures.
Jennifer Tessler had rummaged through a drawer to dig out a few pieces of her long-dead mother’s gold jewelry and several gold charms from her own baby bracelet that she wore 77 years ago. It was finally time to cash in, and she knew exactly where to go: the diamond district.
Ms. Tessler joined what has become a growing pilgrimage to 47th Street, as newcomers and longtime regulars hope to profit from gold prices that have climbed to historic levels, a signal that investors are looking for a safe place to stash their wealth amid concerns about the economy.
For nearly a century, the diamond district has operated with an air of anxious chaos as traders, hustlers and everyday people unload or stock up on jewels and precious metals. But the recent soaring price of gold — $4,267.90 an ounce at the close of market on Friday — along with rising prices of silver and platinum have created a new kind of frenzy on the block.
More salesmen on the sidewalk hoisting “We buy gold” signs in the air and catcalling for customers. More stacks of hundred-dollar bills counted in the open air. More armored cars loading and unloading bars of metals. More nervous people with darting eyes clutching bags of potential payouts close to their chest.
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