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Thursday, March 3, 2011

Gold Rush Record High Prices Seen On Precious Metals


Unrest in the Middle East is causing a spike in the price of precious metals, encouraging some local speculators to try their hand at investing in gold and silver.

Meanwhile, the tanked economy is encouraging people here to sell their old coins and jewelry to help pay their bills.

"It's been very strange," said owner of Steinmetz Coins & Currency on Centerville Road.


"We're buying a lot of coins," he said. "We see all kinds of things, from items worth 3 cents to things worth $30,000. You never know what you're going to get."

But, even as people are selling their coin collections and jewelry, Steinmetz said, more are speculating in the precious metals market.

"We do see a lot of people bringing in $150 worth of gold, because they need to repair a car or buy a tire," he said. "But we also have a lot of customers buying from us in this market. Silver, especially."

The Owner of the Susquehanna Coin Shoppe at Willow Valley Square, is seeing a similar trend.

"It's not just because people need money, but because the market is at record highs," Said.

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