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Gold prices on the rise

By Josh Ault
WAFF 48 News Reporter

Fuel is not the only thing going up in price.  The price of gold has doubled over the past 2 years.  Here in the Valley, you can make some extra bucks selling your gold.

A handful of gold jewelry is worth more than $400 today.  It was a big profit for Beth Murphy who brought it in.

Beth Murphy, of Florence, said, "I don't wear it anymore, I heard it was getting a good price."

David Massey, who owns North Florence Coins and Jewelry, says he has seen a lot of new customers.

Massey said, "The stuff that's broken, that they are not wearing, they lose an earring, a herringbone necklace, that are kinked up in the jewelry box . . . it's like free money."

Massey has been in the gold business for 10 years and this is the highest he has seen the price go.

"It's at an all-time high.  I'm actually paying more for gold then I was selling for back in the 80s," said Massey.

Just like Beth Murphy, many people are digging through their junk to benefit from the high prices.

The weakening economy is also a factor in the price of gold.

Massey said, "When the dollar goes down, gold automatically goes up."

Massey says gold usually follows the price of oil and he says he does not think the high prices will stay where they are for very long.

"It's the best time ever.  I would suggest going ahead and doing it and not waiting," said Massey.

Right now the price of gold is at $930 and ounce.  5 years ago it was only $260 an ounce.

To contact Josh Ault, email him at jault@waff.com.