Inside a Bustling Gold Exchange in the Heart of New York City’s Diamond District

The Wall Street Journal visited precious metals dealer Ben Tseytlin, the CEO of Bullion Exchanges,in theDiamond DistrictofNew York City, where he explained how scrap gold pieces exchanged for cash are turned into a valuable commodity by the continuously rising price of gold.

The price of gold per troy ounce has reached an all-time high in recent weeks as it crossed above $4,000 for the first time in October. WSJ spent a day in a bullion exchange in New York's bustling Diamond District to see who's cashing in on the gold rush.

Tseylin shared that his shop has been very busy with both sellers and buyers lately. He also explained how the gold is prepared for the refinery process and turned into gold bars, a product that appeals to a new type of precious metal buyer.

I think we have a new type of buyer. The new buyers strictly want investment-grade gold, silver, platinum, palladium, and it's either coins, bars, small or large.

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