Wall Street Correction Sends Metro Detroiters Scurrying For Gold
DETROIT (WWJ) The uncertainty on Wall Street has been a boon for one local industry...those who sell silver and gold.
John Abbott of Abbott's Coin and Jewelry in Birmingham says business today has been "crazy" with the store packed with people who are uneasy with what's happening on Wall Street coming in to buy gold and silver coins.
Meanwhile on Wall Street, the DOW dove 588 points, hitting an 18-month low.
"Right now, it's not because gold and silver are reaching new highs, it's because people are nervous about what's going on, economically and culturally, we as a country are going through different times," he told WWJ's Sandra McNeill.
Abbott said cultural changes, like gay marriage, are also in the mix of things pushing people into a place where they're seeking the old-fashioned security of gold and silver. They want something they can hold in their hands, he said.
"A lot of people putting a lot of money into silver eagles and gold eagles," Abbott said.
The last time it was this busy in his store was during the Great Recession four years ago when prices for gold and silver soared, he said.
Abbott says the gold business has been steadily increasing over the past several months, but today has been so busy, he hasn't had time to eat his lunch.
"People have been feeling uneasy for some time," Abbott said. "They feel more comfortable putting part of their wealth and part of their portfolio in previous metals, both gold and silver."