Mar 14, 2008 9:41 am US/Eastern
Record Gold Prices Are Good For Traders
DENVER, Co. (CBS) ―
The rising price of gold has people flocking to the trading stores to find out what they can get for their old jewelry. The value of gold has skyrocketed this year as the value of the dollar drops.
Gold futures hit $1,000 per ounce for the first time on Wednesday.
Traders told CBS4 business has quadrupled over the past few months.
The increased value of gold is not good news for everyone.
Experts said when people fall back on gold, it means they've lost confidence in the dollar.
"What you're seeing is a flight to safety, a flight to something that will not go to zero in terms of value," said David Cox at the University of Denver Daniels College of Businesses. "They'll always have some inherent value to investors so I might suffer some losses but I won't lose everything."
"The more educated you are the better off you are," said Dave Eichenberger of Dave's Gold and Silver Exchange. "Do a little homework. It's good to know what the carat stamps mean, the purity of gold that you have is."
Financial experts and gold traders both believe gold has not yet hit its peak price.
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