Some cashing in as gold prices skyrocket

July 19, 2011 3:05:39 PM PDT
The looming debt crisis is causing a surge in the price of gold and people in our area are cashing in.

The price of gold surpassed $1,600 dollars an ounce on Monday. The skyrocketing prices leave some past sellers walking near Jewelers Row in Center City wondering what could have been if they held out a few months longer.

"I did very well, so I don't know if that's a coincidence or not," said Debbie Phillips of Cherry Hill. "It's a shame I could have waited again. But I think probably would have done over again the way I did it."

With the price of gold soaring one jewelry store owner said he's seen more and more people coming in over the past several weeks looking to sell.

Wolf Jewelers on Walnut Street noticed the recent boost, adding there's been a steady stream of sellers for several years now. They're also now seeing past-seller's remorse.

"You've got a lot of people who sold gold four or five years ago when it was $800 to $900 an ounce and they're kicking themselves, but it's like the stock market, you do not know," said Lonni Wolf of Wolf Jewelers.

Experts say uncertainty over the nation's debt deadlock is driving up gold prices. Wolf says folks are seizing this opportunity to get out of their own debt.

But as you look for your payday, Wolf recommends keeping at least a token for memories' sake.

"Sell the gold, make the money, your grandmom would want you to have it," Wolf said. "But save one little piece!"