The Modern Gold Rush

By Jane McGarry
|  Wednesday, Aug 26, 2009  |  Updated 11:15 PM CDT
View Comments (
)
|
Email
|
Print
Is Gold the Way to Go?

AP

Gold is a hot commodity in North Texas these days.

Photos and Videos

Is Gold the Way to Go?

With the economy still struggling, many people are investing in gold because the price is going up and up.
More Photos and Videos

Gold is a hot commodity in North Texas these days.

Part of the reason people are investing in gold is because the price has soared from $300 to $400 an ounce just five years ago to about $950 today.

Many gold dealers, such as like Bill Oyster at Dallas Gold and Silver, say the price could even go as high as $2,000 an ounce.

Oyster said people are interested in gold because they are afraid of what's going to happen to the value of the dollar.

Gold buyers have focused on government investment in the banking and auto industries and the continued expense of two wars as factors that could drive the value of the dollar down further, he said.

The most popular pieces of gold are the Gold Eagle, made in the United States, the Canadian Maple Leaf, and the South African Krugerrand. All sell for about $1,000, although the price of the Eagle can be slightly higher because it is made in America.

While Oyster said he thinks the price of gold will go higher, he cautions investors that if the price escalates too quickly, it could mean speculators are artificially inflating prices. In that case, prices will probably drop dramatically, very quickly.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out