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Gold Shops See Increase in First Time Sellers

With the gold market booming, local shops first time sellers increase.

Gold Chart

Photo: Gretchen Frazee

Some believe buying gold is an alternative to a poor stock market.

You see the ads all the time on TV: cash for gold. And despite the fact its price has fallen some in recent days, some experts say this may be the time to sell any of the precious metal that’s laying around the house.

Gold Buyers of America Assistant Manager Terri Barrow says business is booming with many first time sellers. When customers come in the store, the gold is assessed, weighed and transported to a refinery.

“The next process it gets audited and then we send our gold off once a week and then it gets melted down,” Barrow says.

First time customer Kathy Hollinger saw an ad in the paper on cash for gold and, to her surprise, received about twice what she expected.

“I have jewelry that I don’t wear anymore and I thought, well I’ll see what I can get for it,” Hollinger says. “To just leave it sitting when I could get a little money it’s always kind of a nice thing.”

IU Business Professor Andreas Hauskrecht says from about the mid 1980s until about 2005 the gold market was flat. After 2006, it spiked again. Hauskrecht believes buying gold is an alternative to a poor stock market.

“If you are afraid of inflation you want to go to real assets, and a handy way to be exposed to a real asset is gold,” he says.

Hauskrecht adds people also buy gold because is a safe asset.

“A second reason people would buy gold is simply because gold is a nice alternative asset to otherwise nominal volatile assets,” adds Hauskrecht.

Experts believe the bubble will continue for a while since gold is in high demand in several countries.

Shameka Neely

Shameka Neely, a native of Nashville, Tennessee enthusiastically joined WTIU as Senior Reporter/ InFocus Producer in the news department. She holds a Bachelor of Arts in Organizational and Corporate Communication, with a minor in Marketing and Masters of Arts Degrees' in Administrative Dynamics and Communication all from Western Kentucky University. Shameka also holds a Master of Arts degree in Journalism from Indiana University.

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