Gold Dealer Says Rising Prices Are Keeping Him Busy - - The News for South Mississippi

Gold Dealer Says Rising Prices Are Keeping Him Busy

BILOXI (WLOX) -- While the U.S. dollar is weakening, gold is on an upswing. The price of gold hit a record high last week. Market experts say now more and more investors are looking to gold to insulate themselves from possible financial fallout.

"It's gone through the roof sky high," said Biloxi businessman Gregory King.

In 34 years of buying and selling gold, King said he's never seen gold trade on the stock market for $1,000 an ounce, until recently.

"Up. Up.Up. Up. It had a lot of resistance getting to the $1,000," he said. "This is the high $1030 dollars last week," he said. "Last Sunday, as a matter of fact, on the international market gold hit $1030 bucks."

Just a year ago, King says gold was going for $700 an ounce. He says he knows what has made precious metals like gold and silver more attractive.

"Number one, it's the economy," King said. "It's the economy. This country is not in good shape. The dollar has been losing ground, losing ground, losing ground. That's one of the reasons gold and oil are up so high."

King believes two recent federal interest rate cuts sent gold prices down slightly this week, but he expects by next week, prices will go right back up.

"The sellers are selling because of profit taking and the buyers are buying because they think it's going to go higher. Buyers are thinking it's going between $1,500 and $2,000 an ounce."

King and his son say the gold rush is keeping the family business busy.

"Non-stop from 7:30 in the morning yesterday until 5:30 yesterday afternoon," said King. "I've been doing more buying and selling than I've ever done in my life."

Market experts say the higher price of gold is also because of less mine production and therefore, less supply.

by Danielle Thomas

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