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KN: Gold Rush is On
 
(ABC 6 NEWS) -- As the dollar continues to fall, many are turning their sights on gold instead.

Record low interest rates have put pressure on the dollar this year, making higher-yielding assets like stocks and commodities more appealing.

People are rushing to sell their excess gold to make an extra buck at places like the treasure hunters road show.

"We have different rings, banners, necklaces, tie clips, watch...it's gold," said Treasure Hunters Roadshow Manager Dave Wright.

And with gold at a 40 year high, this is something experts expected.

"Bottom line is, whenever you have hard economic times, gold and silver has always gone up from Roman times on up, people want to hold something in their hand," Wright said.

PawnAmerica employees also says they're seeing a jump in the number of people selling their gold.

One manager says he's never seen the prices so high.

"It actually reached $1,100 an ounce which is an all time high right now, right now it's at $1105.60 and it changes everyday, but it's been over $1,100 all week," said PawnAmerica Manager Noah Wagenknecht.

So ABC 6 news brought a ring into the pawnshop to find out how much it was worth.

"The gold weight is about $27.38, it also has diamonds in it, it's probably something we could offer you $40 on," Wagenknecht said.

And at the road show…

"If the retail was $500, you're looking at $85 or $90,” Wright said.

While many are selling their gold others are investing in it.

"Our dollar has been declining and that is a concern, there's no doubt about it with the prospects of inflation on the horizon, I could see why many people would think of gold," said Financial Planner Terry Nelson of Olmsted Financial Group.

While gold is a hot seller right now, Nelson said it's not a good idea to put all your money into it.

Source