Record prices in the precious metals markets mean even broken jewelry pieces are worth something.

Matt and Amy Iannone are hoping to cash in on a bull market. With gold, silver and platinum all near record highs, they are buying on average more than half a pound of gold every week in their office in the Tega Cay Storage and Business Center on Hwy. 160 West. They shell out approximately $5,000 each week to customers who bring in everything from broken necklaces to silver serving pieces.

Running a cash and gold business presents some security concerns for the couple, but without going into specifics, Matt Iannone said they have taken precautions.

Without a retail store, Iannone said Southeast Gold Buyers is one level up from the retail middleman, so it can pay more for the precious metal that comes through the door.

"Our prices are based on a formula," he said. "We take the gold quality, how pure it is, times the weight, times the the spot price in the market that day."

Originally from New York, Iannone has been in the jewelry business for 23 years. He still does repairs and some custom pieces on contract, but keeps that side of his working life separate from South East Gold Buyers. Most of what the company buys is melted down and resold based on the weight, though the company will buy some pieces for their jewelry value and pass them along to some of Iannone's industry contacts.

In recent months 24 karat gold, which is 99 percent pure, was selling for up to $1,020 an ounce. Last week it had retreated to $867 an ounce, which is still historically high. Platinum has been selling for as much as $2,300 an ounce, more than double the price of gold.

"We'll try to make the most of it while the market lasts," Iannone said. "It may last another 18 months into the next presidency."

The platinum prices have been so high mostly because power outages in South Africa, where most of the world's platinum is mined, have kept the supply in the world market tight.

The weakening U.S. dollar is contributing significantly to the rise in gold prices, he said.

"Gold is always an investment to go to when the economy turns down," Iannone said.

Southeast Gold Buyers is not the only business in the township that has started buying gold in recent months. Signs offering to purchase jewelry have gone up in front of fireworks stores and even restaurants.

"I've seen a lot more people getting into the market for it," Iannone said. "It's helpful to have a location, rather than doing it out of your home, which is very dangerous."

Iannone initially planned to open up shop in Charlotte, but N.C. licensing laws would have delayed the opening of his business until this month or next. He's been open for three months, and would have missed out on the highest gold prices. Business owners don't need a license to purchase precious metals in South Carolina.

The business is located at 2012 Hwy. 160 west, suite 13. For more information, call 548-6331.