Longtime jeweler Bob Wolf has been around long enough to know you don't sit on your hands when gold is selling for $800 an ounce. You buy, buy, buy! Used, used, used! Normally, during the lucrative holiday season, Wolf and other jewelers would be selling new necklaces, bracelets and rings like candy in a dime store.

But the weak U.S. dollar and rising prices of oil and other commodities have caused gold prices to surge in ways not seen since the record highs of more than 25 years ago. Meanwhile, many cash-strapped consumers are too skittish to splurge on luxury items such as jewelry this year..

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