Business brisk as gold soars to record high

Wednesday, August 10, 2011 - 10:34am

Longview, TX — Tuesday was a bizarre day in the realm of gold coins and gold jewelry, local experts said. The price per ounce of gold hit a record high of about $1,780 early in the day and even trumped the value of platinum at one point.

“I’ve been in the jewelry business since 1971, and I’m pretty sure gold has never been higher than platinum,” said jeweler Jud Murray, owner of Murray Jewelry in Longview. “Today was a really unusual day for gold.”

The reason? The decline of the U.S. dollar.

“We’ll see gold continue to stay very high because of a lack of confidence in the economy, and basically in the U.S. government,” Murray said. “People have more confidence in the U.S. government than anybody else’s government, but right now there’s just not much confidence in the U.S.”

Gold’s price has more than doubled since the recession began in late 2007.

Julie Beck, who co-owns The Coin Investor with her sister, Carrie Jackson, said more people have been buying and selling gold in recent months. The Coin Investor’s second end of quarter sales doubled from the year before, she said.

“It’s a great time to sell that broken chain,” Beck said.

“A little gold ring that might have been worth $10 or $20 is now worth about $100,” she said. “Sometimes I weigh things two or three times to make sure I’ve got it right.”

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