A New American Gold Rush

In The Dark Economy, There's A Silver Lining: Gold

(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

[thgdriver]

1) PAY IT ON YOUR CREDIT CARD BILL!
OR
2) Make an extra payment on your mortgage.


Posted by newster1

Good advice, I would add "any debt" you are paying interest on.

[thgdriver]

"Every dollar I lay out, I get back $1.10, a $1.15," he said.

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.

[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.