May 20, 2008 11:00 pm US/Eastern
Gold Prices Rise Again; Customers Cash In
PHILADELPHIA (CBS 3) ―
The rising price of oil and fears of inflation are driving investors to gold. Gold prices are at their highest level in a month, and some people are cashing in.
Rick Hernandez is rolling in gold.
"Gold is higher today than it has been in the last three weeks," said Hernandez.
In February, we went undercover to find the best gold prices. Two months ago, gold peaked at more than $1,030 dollars an ounce, dropped, and are now rising fast again.
"The price is right!" said Marie Rosner, who was selling her gold in Philadelphia.
Hernandez explained, "psychologically, they feel like it's almost at a thousand. 'Let me just sell it all,' because they feel as though they're going to get money."
Jeweler Eric Razon bought fake gold teeth for about $100, and sometimes paid more for bracelets and rings.
"She paid around $200 for the ring about a year ago," said Razon about a customer. "I gave her $250."
Money their customers need: "Paying the bills, anything. Now, it's buying a tank of gas," said Elaine Sama of ENS Metals & Jewelers.
How high could gold go?
"We expect gold to at least hit $1,500 based on inflation," said Nick Sama of ENS Metals & Jewelers.
RELATED LINKS:
Daily Gold Prices
Pa. A.G. On Buying & Selling Gold
FTC On Buying Gold
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