Gold Prices Soar As Stocks Slide
PITTSBURGH (KDKA) -- As the stock market declines and nervous investors look for a financial shelter, they are turning to gold.
That pushed gold to a record high Monday and sent people into gold buyers looking to take advantage.
St. Clair Jewelers' Jim Aussman hardly gets a break when gold prices climb.
"And right now we're looking at record levels," he said.
Marie Miller arrived at Treasure Hunt with a hand full of jewelry and left with about $500 – much more than she expected.
"It's amazing what people are getting for their gold right now," Aussman said.
"I've had people that said, 'Oh, I priced this jewelry three years ago and I can't believe what I'm getting for it today,'" Jeannette Dodd, with Treasure Hunt, said.
As the stock market declines, more people are choosing to sell.
"These were my favorite earrings, but they broke and they were going to cost more to fix so I turned them in," Tonya Marshall, of Washington, said.
She received $136 for the broken pair of earrings.
She picked a good day to cash in. Gold prices set new record after new record above the $1,700 mark Monday, but does that mean sell now?
It depends on who you ask.
"If you like the price it is today that's what you do - you sell it," Dodd said. "You don't know if it's $1,700 today and tomorrow it's going to be a thousand."
"I would sell some of it - half of it at least now to take advantage of these kind of numbers," Aussman suggested.
RELATED LINKS
More Local News
More Consumer News
CBS MoneyWatch.com
