Green Country Sellers Cashing In On Record High Price Of Gold

Wednesday, September 29th 2010, 9:28 pm
By: News On 6

By Ashli Sims, The News On 6

TULSA, OKLAHOMA -- The price of gold set another record Wednesday, the eleventh one this month. Some say the historic highs represent a golden opportunity for sellers.

Gold futures closed Wednesday at a new all-time high of $1,310 an ounce. Less than a decade ago, it was valued at $300.

From Rolexes to rare coins to rope chains, Tulsans are cashing in on all that glitters.

"Very busy, extremely busy we see about 80 people a day selling their gold," said Spencer Fisher, Tulsa Gold & Gems.

The price of gold has topped $1,300 and is continuing to set records. Fisher said while that's good for his south Tulsa business, it's not a good sign for the economy.

When gold is high typically it means the dollar is extremely weak," he said. "And for our business, it's very, very good. For a lot of businesses, it's not."

That's because as gold futures skyrocket, the value of the U.S. dollar has plummeted.

"It's seen as a safety net in the investment world, because it's tangible," said Jake Dollarhide, Investment Manager. "People can put their hands on it, they can see it, they can value it."

Dollarhide said while your old jewelry may be your golden ticket now, the ride will eventually slow down.

"There will be a dip in gold. As the economy start to come all the way back and before interest rates start to rise, I think gold will fall ten, fifteen, twenty, maybe forty percent," he said.

At Tulsa Gold & Gems, they're keeping an eye on the market, testing merchandise and rolling out the checks. They don't see business or the price of gold slowing down anytime soon.

"I think this is the floor and not the ceiling," Fisher said.

Gold isn't the only precious metal raking in profits. Silver is also at a 30 year high.