I.C. Pit Stop, a c-store in eastern Iowa, makes profits buying gold from local consumers.
The I.C. Pit Stop has bought gold for just over a year now, and so far, the business has been a success.
Mark Paterno, owner of the c-store, said he gets a customer willing to sell gold products almost every day. He said customers stop by to sell broken rings, broken earrings, ex-boyfriend jewelry and old wedding bands.
Paterno said to the Gazette, an eastern Iowa news organization, that he has been interested in commodities, particularly gold, for years. He got the idea to put a gold shop in his c-store from a trade magazine, and saw one in Chicago.
Gold is seen as a safe investment today, and gold prices have shot up during the global economic crisis, hitting a record high of $1,900 an ounce last summer, according to the Gazette report.
Paterno said he hired trained store clerks to evaluate gold items. Clerks are taught to test pieces, weigh them and determine their purity before making an offer for the customers.
“I just gave it a go,” he said to the Gazette about his business.
The I.C. Pit Stop operates in Kirkwood, Iowa.