Updated: Tuesday, 12 Jan 2010, 7:58 PM EST
Published : Tuesday, 12 Jan 2010, 4:02 PM EST
FORT WAYNE, IND. (WANE) - A local high school is cashing in on a unique opportunity to make money to keep kids in the classroom. Bishop Luers High School held a “Ca$h for Gold for Bishop Luers” event Tuesday from 9:00 am – 6:30 pm.
The front lobby of the school transformed into what looked like a makeshift jewelry store.
"When gold is at this price and people have less money in their pocket, it's definitely a reason to sell," said Connie Voss of Voss Gold Buying in Celina, Ohio.
That selling in turn helped the school.
Sarah Robinson made $587.73. In turn, Bishop Luers made 10% on top of that – or nearly $59.
"I sold old things from the 1980's that you have laying around to old rope chains and herringbone necklaces and then old boyfriend jewelry that was just sitting in a drawer," Robinson said.
It doesn't take much of that to make money. Four gold items – a class ring, engagement ring, one ear ring, and a bracelet added up to more than $200. That made another $20 for Luers.
"Most of the money that we raise goes toward tuition assistance which helps kids come to school that have needs-based tuition," said Sarah Shank with Bishop Luers High School.
Stores buying gold seem to be popping up everywhere, and while the economy is cold, the commodities market is hot.
"The market is terrific right now. We're still at $1,140 a troy ounce on gold, so even compared to a year ago, we're doing very well, so it's obviously a good time for people to sell if they have things that they no longer care to have," Voss said.
Voss said she the idea to offer 10% of the total to an organization is nothing new. She typically would buy gold at house parties, and then give 10% of the total to the hostess.
After her sister’s husband’s school was looking for a unique way to make money, the idea was born to instead set up shop at a school and offer it 10% of the funds.
Bishop Luers is her second school, and she says it’s a trend she and her sister will likely continue. As her sister says, “it’s a fundraiser that beats buying a tub of cookie dough or wrapping paper.”
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