Gold Rush - KWWL - Eastern Iowa Breaking News, Weather, Closings

Gold Rush

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CEDAR FALLS (KWWL) - You might have hundreds of dollars in your jewelry box, and it might be in your scraps. The price of gold has reached a record high in the last few days.

The gold contract closed Friday at $1,048 an ounce. Silver closed at $17.68 an ounce. For some, the value of gold is peaking their interest and might make you double check what's in your jewerly box.

At Casey Coin in Cedar Falls, Tim Casey has a little bit of everything.

"We buy and sell coins, precious medals, gold and silver, platinum, buy scrap gold, scrap jewerly, scrap platinum."

For more than 40 years this business has been in the business of gold and silver, but recently Casey's seen a lot more scrap jewerly come through his doors. The price of gold has nearly tripled in the last 4 years.

"I think the fact that it's so high, is why I"m buying scrap gold. It's high and we're selling more than ever. I'm buying scrap, as high as gold, it's high and we're selling more than buying that's tedlling us that peope are afraid of their money and loooking to invest in something long term," says Casey. "We used to sell gold at $290 about four years ago. Now we're at $1,048 today so we've almost has four times."

"We're well over the price in history so I think there's an up trend between silver and gold up in the next week of two."

Giving new meanging to "go for the gold".

Gold benefits from a weak dollar because it's used as a hedge against inflation. So weaker the dollar, stronger the gold. On Friday, Federal Reserve Chairman Ben Bernanke announced the Central Bank will wind down it's support of the economic stimulus, strenghtening the dollar,- so, not much of a surprise, gold closed lower.

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