A New American Gold Rush

(CBS)  At Philadelphia's Wolf Jewlers, customers are coming in. Not to buy - but to sell, CBS News correspondent Randall Pinkston reports.

"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.

[slim1h2o]

Let me delve a little more;

We can only spare ourselves, through creativity, the misery, that may await us.

[slim1h2o]

In the cold of my own.

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!

[mcv57]

Read: "The Crash of the Millenium", Ravi Batra . . . the most bravest and honest man I know on this planet.

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.

[mcv57]

"Save Your Money: Buy A Farm!"!

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.

[mcv57]

IMF head says U.S is definitely slowing down
--------------------------------------------------------------------------------

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.

[walt1944-2009]

My very first boss had the best advice of everyone I have heard since.

"Save Your Money: Buy A Farm!"!

SIG HEIL, BUSH!!!!

[sinibaldi1]

In the cold of my own.

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

[nothappyatall]

Irony is BUSH''s ''stimulous'' plan- borrow essentially from China adding to the debt, and then the people using their checks to buy producs, most of which now come from CHINA, so we would be enriching China TWICE- once with the loan interest and once by using their money to buy Chinese made goods.

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.

[nothappyatall]

"More investors buying gold means more demand - and higher prices. "

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.

[r9119111]

Credit Cards are designed to keep us in debt. They have been marketed to us as a way to live beyond our means with ease. In essence, they are another way for those with wealth to provide a service for a fee. This is actually another kind of Indentured Servitude. You are not free until the debt is paid.

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.