PHILADELPHIA, Jan. 25, 2008
A New American Gold Rush
In The Dark Economy, There's A Silver Lining: Gold
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Play CBS Video Video Consumer Haven In Gold In times of economic hardship, the price of gold continues to climb. Randall Pinkston reports on how jewelers, consumers, and one entrepreneurs are cashing-in on the goldmine.
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(AP Photo/Newmont Mining)
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Timeline Credit Crunch Feeling the squeeze? Here's a look at actions and statements from key players in Washington.
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Photo Essay Market Mayhem Wall Street, world markets fluctuate amid fears of U.S. economic downturn.
- Buying A Home In The Credit Crunch
- When Disaster Strikes - Twice
- Free Clinics Offer Hope For The Uninsured
- Snapshots Of Struggle In The Food Line
- The Economic Ripple Effect Gone Awry
- Losing Grasp On The American Dream
- The Youngest Victims Of Foreclosure
- Renters Caught Up In Foreclosure Crisis
- One Man's Foreclosure, Another's Steal
- The New American Gold Rush
- "Upside Down" Mortgages
"We call it a gold rush. People would come in and bring me their scrap gold," said Bob Wolf, the store's owner. "That's what we call it in the business - it's half an earring, or it's a dented piece."
In two days, Cynthia Jones-Shirley has made $600 by scouring jewelry chests.
Pinkston asked: "so, you're converting something that was sitting in your drawer into money?"
"Yes, wedding bands that … married … divorced," she said.
She's cashing in now because gold prices are climbing from just over $400 an ounce three years ago to more than $900 today.
Throughout history, gold has been a safe harbor.
"In times of turmoil such as what's going on with the stock market and the economy right now, people tend to gravitate towards gold," said Kevin Grady, of MF Global.
More investors buying gold means more demand - and higher prices.
This new gold rush means Bob Wolf makes money.
"Every dollar I lay out, I get back $1.10, a $1.15," he said.
So does Matt Garfield, president of the Garfield Refining Company.
"We're very, very busy," he said.
Garfield's company refines scrap gold purchased from jewelers, and dental labs, selling the purified gold bars on the world bullion market.
Last week, he put his employees to work around the clock.
"I had a number of bars from the bad old days of $250 an ounce, I'm thinking of cashing them in, but I'm not quite ready yet," Garfield said.
Some analysts predict the precious metal will soon top $1,000 an ounce. In these tough economic times there is a silver lining.
It's gold.
© MMVIII, CBS Interactive Inc. All Rights Reserved.
Michelle Obama tells how her role as the First Lady has changed her perspective.
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See all 61 CommentsWe can only spare ourselves, through creativity, the misery, that may await us.
Last night,
with a wispher
in the sunshine
of a melody, I tried
to invent the
sound of a tender
emotion and also
my life discovered
the minute and
a beautiful child.
Francesco Sinibaldi
Posted by Sinibaldi1 at 04:48 PM : Jan 26, 2008
Nice poem, is that original?
With uncertain times ahead, I believe there will be more poets created. Seems more great poets were born or created, during these bad times, that lurk ahead.
Maybe we can find (discover) a new Allen Edgar Poe, or a Fanny Forester, even a Hemingway!
We can only spare ourselves, through creativity!
Government corruption, corporate greed and monopolies has overthrown Capitalism, the oil and housing industry debacle is only the beginning. IMF can''t deny the results.
SIG HEIL, BUSH!!!!
Posted by walt1944
I don''t want to rain on your boss''s day, but I question his genius.
1. If you electronic/ paper money, disappears overnight, or U.S. dollar is only worth 2 cents, how are you going to buy a farm?
2. Still need a job to paid the fuel, electricity, water bill, and taxes (property taxes).
Unless of course, you just buy the land and plan to live out of a tent.
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Big News Network.com Saturday 26th January, 2008
The chief of the International Monetary Fund, Dominique Strauss-Kahn has said that he expects a serious slowdown of the U.S economy.
Strauss-Kahn, the IMF''s managing director, told a panel at the annual meeting of the World Economic Forum it had become clear there would be a serious slowdown in the United States.
Strauss-Kahn said the IMF was scheduled to update its economic forecast next week, which was certain to have a lower growth figure for the U.S.
"Save Your Money: Buy A Farm!"!
SIG HEIL, BUSH!!!!
Last night,
with a wispher
in the sunshine
of a melody, I tried
to invent the
sound of a tender
emotion and also
my life discovered
the minute and
a beautiful child.
Francesco Sinibaldi
OR
2) Make an extra payment on your mortgage.
Posted by newster1
Good advice, I would add "any debt" you are paying interest on.
I find that very hard to believe, most dealers are not going to settle for a 10% profit.
It''s been my experience that they offer between 40% to 50% it''s melt value and that goes for silver that''s selling at $15.50 an oz.
My advice, the money you have in scrap gold/silver, as they put it is not, "scrap" at all. Hang on to it for another year or so. Think about it!! Are the dealers selling any scrap? Hel! no, they are BUYING for profit in the future.
You want to earn an instant assured 18-21% on YOUR $600 or $1200 or more?
1) PAY IT ON YOUR CREDIT CARD BILL!
OR
2) Make an extra payment on your mortgage.
Yep, but like supply and demand, the more who sell their gold the more glut there is and the price goes DOWN not up. That $900 gold could drip fast back to $400 like silver once did from $60 back to about $5 where it was for years.
Silver may be a better deal, the pound of ingots I have I paid $7.50/oz for around 3-4 years ago, it''s now going for twice that price.
You can buy many POUNDS of silver and silver only has to go up a small amount per ounce ( a lot more likely than gold doubling) to make a tidy profit.
Both Credit Cards and Mortgages are a way for people of means to suck money out of greedy people who choose to live beyond their means.
If selling gold to pay debts is what one must do to stay debt free, then congratulations for be resourcefulness in facing this new life the Republicans have marketed to us. Bottom line, know that if you vote Republican you are voting for the party of wealth. Are you wealthy? If not, then you have no business voting for the party of wealth. Good luck as we move forward in the 21st Century under right wing conservative control. Next time know for whom you are voting.
1) CANCEL YOUR CABLE TV: let the corporate media moguls (and their advertisers) know that you will no longer pay for their propaganda ..
2) STOP INVESTING YOUR MONEY ON WALL ("WAR") STREET: corporate America is selling out the middle class to the lowest global bidder and using our own money to do it; the financial markets will push for anything that increases profits - especially war .. best to invest your money in land, real estate, gold and silver%u2026
3) SUPPORT LOCAL ECONOMIES !
- Buy from local manufacturers, local retailers, local craftspeople/artisans, etc.
- if possible, BURN WOOD for heat;
- support local growers or grow some of your own food;
- implement alternative energy sources (solar, hybrid autos etc ..)
- develop local means of commerce not based on the failing US dollar ..
4) STOP UNNECESSARY CONSUMPTION & STOP USING YOUR CREDIT CARD ! think twice about what you buy; is it absolutely necessary ? who does it ultimately support ?
5) DECENTRALIZE ! - the global economy is nothing more than a ploy to centralize power, control and wealth into the hands of an elite few - blinded by misinformation, the American people are buying right into it - the rich get richer and the middle class is quickly becoming the working poor ...
joyous88 You talk such nonsense Please don''t be silly. Do something kind
Peace and Love
You are of course correct, and also I could add that virtual slavery still exists for everyone who goes to a job they hate, but have to ut of economic necessity. Even in the US.
But as I posted, no matter what the laws are in other countries, chattel ownership of humans is not legal in the US, it died in 1865.
maybe because they need the money to survive?
welcome to the conservative evangelical economy
You''ll have to excuse when, but when has slavery been abolished. This was only on paper. You have *** slaves on every street corner of the world and the US, kids and adults sold into slavery in many places. There is a charity in Africa who gives slavers money to buy back people sold to pay their families debts. Slavery never has and probably never will be abolished. Certainly not for women and kids anyway.
Posted by mcv57
Go Back and read carefully, piercetheval said "The only things of value in this situation [The imposed usage of fiat money] is land, seed, family, friends and the means to protect the other four."
And I added (not disagreement, but an addition, mind)that of the four, the only one that can be "owned" is the seed.
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