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December 23rd, 2009Golden opportunity for quick holiday cash

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by Casey Cora
SouthtownStar.com

It’s been a year of plundered savings accounts, dwindling stock portfolios and depleted holiday budgets.

It’s also been the year of soaring gold prices, which in 2009 touched about $1,100 an ounce, up from lows of roughly $100 an ounce in the early 1970s.

That surge has families digging into jewelry boxes and finding a new way to subsidize the holiday spending spree in the process.

“People would rather have $400 or $500 to buy presents or pay a bill than have a necklace laying around,” said Jordan Sadoff, president of Midwest Goldbuyers, the state’s largest gold-buying operation. “People are making an absolute fortune for their gold.”

Sadoff said he and his twin brother, Jacob, opened their first brick-and-mortar store in December 2008.

One year later, they’re closing in on a 30th location in Illinois, and plan to have 45 stores or mall kiosks opened by the end of January, including a planned store in Oak Lawn.

The company runs a kiosk at the Orland Square Mall not far from the enormous banner advertising the business that hangs from the ceiling. Other ads are peppered throughout the mall.

That’s where Samantha Jackson and Jackie Simms, both of Chicago, were taking advantage of the kiosk’s extended holiday hours.

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