So I see this story in the paper that all the local Monroe folks are selling their spare gold to places like Frenchie's.
I found it curious that the paper found the reason behind the "gold rush" to be the high cost of gold, coupled with the declining economy, as if they are two different things.
Gold doesn't have a high or low price... its price has remained constant for decades. The buying power of the dollar is what creates the illusion of high or low gold prices. Our dollar is weakened and overinflated, so the same amount of gold can buy more dollars.
Since this economic trend is very likely to continue, it's probably a better idea to be buying gold instead of selling it. Has anyone here considered that? Does anyone have experience buying gold? Any wisdom to share?
That's the truth.
It is true that many jewelry stores are buying gold these days. The weak dollar has much to do with the high price, however it is that high price alone that has people selling. Some my need to sell to pay bills, while others simply are selling because the price is at a historic high, and they can empty out their jewelry boxes of unwanted or broken jewelry, as well as coins.
As for your comment about buying gold, there are just as many people out there who are investing in gold to hedge against the dollar. There are many different options when investing in gold. The most common is to buy 1 ounce gold (in the form of the American Eagle, Canadian Maple Leaf, South African Krugerrand to name a few of the most common choices). You can expect to pay $25.00 to $50.00 per ounce over the New York Spot Gold price which can be found on our web site at www.frenchiesjewelry.com
which has a link to the market for gold, silver, platinum, and palladium prices. There are smaller denominations available as well, however the premiums are usually higher. For example, the smallest American Eagle gold coin is a 1/10 ounce which currently sells for around $105.00 (or $1,050.00 per ounce) as compared to the 1 ounce which as of the writing of this would cost $983.00 per ounce. Frenchie's Fine Jewelry, Coins & Stamps carries a selection of many available options for investing in gold or silver, so just give me a call at 242-5840 and we can discuss it, or stop downtown and I can show you the options in person. Or if you prefer, post on here and I will gladly respond.