Futures Market News
Money doesn't grow on trees but NYC streets are littered with gold shards
Jun 22, 2011 12:36 PM
New York City streets are not paved with gold but shards of the precious metal and jewels are in abundant supply.
Just ask Raffi Stepanian of Queens.
"I may be about to trigger a new gold rush on the streets of New York," he told The Daily Telegraph. "The soil in the sidewalks of 47th street are saturated with the stuff."
The 43-year-old unemployed jeweler earns as much as $500 per week by crawling around with a pair of tweezers and pulling all sorts of precious goods stuck in mud and gum in Diamond District pavement in Manhattan.
He credits his 26 years the industry as helping develop a keen eye to discern chips like diamonds, rubies, platinum and fragments of gold from watches, earrings and necklaces, all of which helps sustain him while he's between jobs.
He holds on to the gold chips he finds because he plans to melt them down. But he sells other finds to precious metal refineries or diamond sellers.
MSN reports Wednesday saw gold futures climb in value due to speculation about the Fed's next moves to stimulate the moribund economy, which chairman Ben Bernanke is expected to address in the afternoon.
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