Market turmoil leads to record gold prices - WAFF-TV: News, Weather and Sports for Huntsville, AL

Market turmoil leads to record gold prices

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Often when one sector of the economy falters, another one picks up.  This time, it's gold.  It's now worth more than ever before.  It closed Monday at more than $1700 an ounce, for the first time ever.

That means gold buyers are seeing brisk business as people look to sell their old gold.

Kenneth Lowry didn't expect much when it brought a small gold crown to The Antique Store & More in Montgomery.

"Maybe a dollar or two," he said.   But he ended up with more than $50.

"I was surprised at what I got for it," Lowry said.  "I probably had it 25 years, but I know gold's going up, up, up."

Store owner Tony Coggins said the gold business has been good business.

"In effect it's worth 140 percent of what it was a year ago," he said.  "Being a safe haven commodity, there's more confidence in metals then there are in the government, stock market, things of that nature."

Coggins said if you plan to sell gold, stop at a few different shops to compare prices.  Prices can vary based on a number of factors.

Copyright 2011 WSFA 12 News.  All rights reserved.

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