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Sunday, June 20, 2010

Gold prices hit record highs

Time to buy gold? or sell them?

CHARLOTTE -- Coleman Perry sifts through a small pile of gold items at his Charlotte jewelry store. With the price of gold soaring, the phone is ringing a lot these days.

"With money being tight, things that used to have value to them, as far as enjoying wearing, now they can turn it into value that they can buy groceries at the store with now," said Perry.

Jewelry stores across the state are trying to capitalize on the gold rush, advertising they're buying the precious metal. At Perry’s jewelry store, the selling price is on its sign out front—$1,258 an ounce Friday. That's a record high.

"Sometimes during the day we'll get 10 to 15 people a day with 15 of them wanting to sell," said Perry.

Gold prices have risen 12 percent since January and some experts think it'll eventually top $1,300.

Many investors concerned about the uncertain global market are pulling their money out of risky investments and taking refuge in gold.

"Gold is something that doesn't disappear," said Perry.

But Tom Bartholomy with the Better Business Bureau says sellers need to make sure they're getting what they deserve. He says internet sites that promise money for gold are easy, but definitely not the best.

"You will get a check back, but you will probably be disappointed at what that check is," said Bartholomy.

Gold prices are helping other precious metals too. Silver, platinum and palladium are also all seeing consistent rises.

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