Price of gold is cooling off
FRESNO, Calif. (KFSN) -- The price for an ounce of gold today sold for $1,650. 30 days ago, it was worth nearly 200 dollars more, per ounce.
The price of gold has gone up and down in the past few months -- reaching a high of $1,918. At the Fresno Coin Gallery, rise or fall, they are doing brisk business these days.
We're still within 15 points of the highest its' ever been and just today it's $70 since yesterday," said Stephen Foster with the Fresno Coin Gallery.
Gold, says Foster, is tangible wealth that many people feel good about holding on to. For those in need quick cash, or who want to shed that box of gold chains or other items, it can be ready money. How much depends on it's purity of the gold and the weight in 'troy' ounces.
"We do buy more than we sell but also small investors come and purchase one ounce gold coins or bars, physical gold. There's many ways to purchase gold and that's one of the most popular," said Foster.
But is it a good investment?
Sandy brown, an investment adviser, says gold belongs in every diverse portfolio. Like stocks and bonds it should be held through highs and lows in the market place.
"If you liked it a 19-hundred you should love it a 16-hundred. Meaning it's at a lower price, so if you are looking at is a long term perspective, buying it a 16-hundred is basically buying it on sale," said investment advisor Sandy Brown.
He cautions that it is still a roll of the dice like all investments that don't come with a fixed return.
"If gold goes from this point now to 25-hundred it was a great buy, if it gold were to continue to dip not so much as a good buy," said Brown.
Transaction are brisk at the Coin Gallery. The family owned business is having the best year in its 30 year history. "It's gonna prevail over time, I believe."
Whether up or down the trading of precious metals has been a part of the worlds economy for thousands of years, and that included the year 2011.
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