Entrepreneur’s Midas Touch Strikes Again in Local Business

With perfect timing is a gift successful entrepreneurs have naturally consider Michael H. Gusky naturally gifted. The Weston businessman who sold the company last year, his leading gold jewelry manufacturing company, Aurafin, to billionaire investor Warren Buffett’s Berkshire Hathaway, launched online gold buyer Fellow Gold on 6 February. This came just as was the price of gold hit historic highs and consumers were paying more attention be paid to. In March, reported on its Web site 43,000 visitors. Gusky’s idea to offer consumers a fast, secure way to sell their gold, platinum and silver, paid better than most competitors and boost business by providing information about the cash potential in gold jewelry. Advertising has been primarily via the Internet at prime spots to search engines like Google that its ads will appear when the trigger for consumer products such as plasma TVs and iPods search. Gold Fellow national radio campaign is to begin on 450 stations, May, and TV spots are planned for July. The campaigns exchange center on “the yardstick for gold.” ”We want to understand people, they can break their unwanted jewelry and make money for other things by working with a company they trust,” he said, noting more wealthy people sell their gold – even Kruggerands and High-carat jewelry – due to greater awareness of the current high price or the pressure on the sluggish economy. Within a year, hopes, Gusky to $ 4 million worth of gold to buy one months and 1 million U.S. dollars on advertising per month for the company, he did not begin with his wife Robin Gusky and friend, Janis Rafkin, a former editor of the Business SoFlorida Journal’s Magazine. Gold Fellow’s start-up costs are $ 2 million, Gusky said, and it has seven employees. Last month, Gold $ Fellow bought 1st 65 million in precious metals by consumers. The company processes 300 packages per week for an average payout of about $ 700 each worth a few thousand dollars. Fellow gold is not the only company in South Florida panning for business success in gold. Cash4Gold is the competition Pompano Beach-based Cash4Gold has bought gold for eight years, now, on average, about 20,000 packages a month with payments, from $ 20 to $ 5000, according to CEO Jeff Aronson. The company, which employs the 65, has a refinery. Competition is also a fellow Gold, gold kit, Broken Gold, U.S. Gold Buyer Sell My Gold Envelope and gold. With more than 300 sold tons of gold chains, bracelets, rings and earrings with Aurafin, which he founded in 1982, Gusky is seeing familiar pieces return to him to leave as changes in fashion too much jewelry never worn. If the Americans had to join its international partners to understand intrinsic value of gold – not only as an ornament – they will learn to sell, and perhaps replace it regularly sell gold jewelry – gold, if the price is high, Gusky said. Gold’s generally positive performance in the last 10 years has seen a troy ounce (24 carat / 0. 99995 pure gold) go from $ 300 in early 1998, a record high of $ 1030 on 17 March. But until 20 Gold fell in March to $ 919 a troy ounce. Recently, the metal seen as a hedge against oil-led inflation and an alternative investment to currencies, was $ 928. Regardless of fluctuating price of gold, or changes in the economy, the purchase of gold industry is to prosper if consumers start to sell more of their gold jewelry. Aronson believes there is a certain segment of the population of the country that always wants to sell jewelry. Gusky consent. ”I have, as consumers struggle to sell jewelry saw, he said.” Retailers do not buy it. Pawn shops are not in precious metals and local independent jewelers, there is not, buy it, they are there to sell it. Some people have no access to gold buyers, if they get to go. “ Gold-buying companies advertising on television consumers often pay only a fraction of what is fair, he said, and ask the consumer to mail them to offer their jewelry – only to secure it for $ 100, although values for Positions “by far exceed dass, sometimes they do not have insurance, so that no trace of parcels. Some buyers just posting what they have to sell for large amounts payable to mislead than most people, he added. Gusky, “I’m raising the bar” ”Everyone is in business to make money, but I was disappointed to learn that some companies are taking advantage of people who need the money most in need,” says Gusky. “I have the bar on how consumers can put selling jewelry. The time is ripe, because the price of gold and the public’s growing interest. The company should be more transparent.” The Jewelers Vigilance Committee, a non-profit professional association supporting the jewelry industry, lists tips for selling gold found on his website, and resolved to pay the price of gold buyers are not regulated, “says parties are free to set a price acceptable to both sides to negotiate. “ To see what is their unwanted gold worth gold Fellow Consumers can print for free, in-bound FedEx shipping materials via his website, where the company posts a day, what it will pay per ounce pennyweight for gold. Each package is insured for $ 500 – or under a special arrangement – at the expense of the company, and consumers can post their parcels from the drop-off lane to delivery. The company videotapes of opening the packages, evaluates the value of the jewels of testing the gold content and pennyweight, then their contributions online to the consumer within 24 hours. There, they can accept or reject, and within a day by check or direct deposit paid. On 8 April, when the price of gold was $ 915 a troy ounce gold Fellow pay $ 15. 53 per pennyweight for 14-karat gold, if the customer was the sale of five until 10 ounces, while Pompano Beach-based Cash4Gold paid $ 6th 30. The five to 10 pennyweight area is very typical of the amounts to sell to consumers, “said Gusky. On 14 April, when gold over $ 928 per ounce Cash4Gold Web site does not list the amount of area as an option. The price per pennyweight for 14-karat gold, if the customer was 10 to 50 ounces of sale of $ 16 was. 59, while gold Fellow was $ 17. 04. Aronson, said price changes on Cash4Gold Web site can be several times per day. The payoffs vary with any change in the price of gold due to the high volume of business of the economy. Cash4Gold extensive marketing costs also contribute to the pricing, he said. Cash4Gold client’s procedure is similar to that Fellow’s gold, “says Aronson. But FedEx delivery is not always used, there is no video footage of openings packages’, extra insurance for packages whose value can be approved more than $ 100 in insurance and payments must be made by direct deposit to bear a service charge. ”My goal is to bring disruptive innovation for the industry,” says Gusky. “Gold is in terms of its value is not understood.”