Gold Prices Soar, Savannah Jewelers See More Customers Selling than Buying
http://www2.wsav.com/news/2011/jul/18/gold-prices-soar-savannah-jewelry-stores-see-more--ar-2156264/
SAVANNAH, Ga. --
The uncertainty over the U.S. debt ceiling and widely publicized financial troubles inEurope all contributed to soaring gold prices Monday.
The king of precious metals hit a record $1602.40 per ounce. That is the highest dollar value for gold but actually below the record level reached in the 1980's after accounting for inflation.
But as jewelry stores watch the value of gold go up, they're also seeing more people come in the doors to sell gold rather than buy it.
"If things don't get better I think it's going to continue to climb. I don't think we've seen the end of it yet," saidRobert Anderson, owner of Anderson Jewelers.
Anderson Jewelers in Savannah opened in 1943 when the price of gold was just $33 an ounce.
News 3 visited them on March 5, 2008, when gold had reached a record of $995 per ounce.
"We're trying to just not buy, except what we have to buy right now," said Janice Anderson in 2008.
More than 3 years and a 61 percent price increase later, Robert Anderson said any where from five to ten people a day come in to sell their gold.
"A lot of people now are turning to sterling silver," he said. "We're not selling a whole lot of gold but we are buying a lot of gold."
A prime example of the economic shift to more affordable metals is a 133 gram, 18K gold necklace that was purchased years ago when gold was $300 per ounce. The piece is still in the store.
The king of precious metals hit a record $1602.40 per ounce. That is the highest dollar value for gold but actually below the record level reached in the 1980's after accounting for inflation.
But as jewelry stores watch the value of gold go up, they're also seeing more people come in the doors to sell gold rather than buy it.
"If things don't get better I think it's going to continue to climb. I don't think we've seen the end of it yet," saidRobert Anderson, owner of Anderson Jewelers.
Anderson Jewelers in Savannah opened in 1943 when the price of gold was just $33 an ounce.
News 3 visited them on March 5, 2008, when gold had reached a record of $995 per ounce.
"We're trying to just not buy, except what we have to buy right now," said Janice Anderson in 2008.
More than 3 years and a 61 percent price increase later, Robert Anderson said any where from five to ten people a day come in to sell their gold.
"A lot of people now are turning to sterling silver," he said. "We're not selling a whole lot of gold but we are buying a lot of gold."
A prime example of the economic shift to more affordable metals is a 133 gram, 18K gold necklace that was purchased years ago when gold was $300 per ounce. The piece is still in the store.
http://www2.wsav.com/news/2011/jul/18/gold-prices-soar-savannah-jewelry-stores-see-more--ar-2156264/
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