Saturday, May 17, 2008
The changing value of the dollar may be at the heart of fluctuating gold prices, and increased marketing to consumers willing to sell their gold for cash.
MarketWatch, a Dow Jones finance and investment analyst, said Tuesday that after its peak at $1,000 an ounce in March, gold prices are dropping again. This came with news that the dollar was again on the rise.
Meanwhile, advertisements seeking gold have maintained a presence in area newspapers and television. Ads boast buyers willing to take old jewelry and coins off clients’ hands for top dollar.
Buyers, like George Beshara, owner of the jewelry store Gold Exchange on Market Street, said the business of purchasing gold has dramatically increased since Christmas. He pointed to the weakened dollar for the growing interest in gold.
Beshara is one of many buyers in Youngstown who pays for new, old, and even broken jewelry. He has two competitors directly down Market Street.
One of them, Tom Bartholomew, owner of Tele-Gold Jewelers, has been buying gold for 27 years. He said he’s seen a slight slowdown in the last two weeks as gold prices have sank below $870 per ounce. Still, business is good.
“We’ve always had customers,” said Bartholomew. “But never like this.”
Read more in Sunday’s Vindicator and Vindy.com