Is Gold Golden?
POSTED: Friday, September 17, 2010 - 4:38pm
UPDATED: Friday, September 17, 2010 - 6:23pm
The price of gold is at a record high of almost $1,300 an ounce.
The owner of Quality Coin, Charles Haddad, says many people have been buying gold because it's a tangible investment that feels secure to them.
"Buying gold is an investment because the stock market is very wishy washy. The money you're putting in the bank is earning very little and so people are looking for an alternative investment that they can earn some money on," said Haddad.
While many people are buying gold, others are cashing their's in.
"A lot of people are selling their gold because it's very high and the economy is not that good so people are selling their scrap and some coins just to raise money to live," Haddad said.
Marsha Chanoux says she's been buying and selling gold for years. She believes the coins hold their value.
"I think it's a better investment. It seems to be a little bit volatile and it jumped $65 the other day. So, it's a pretty good investment," Chanoux said.
Robert Heasley is a financial advisor. He says while buying some gold isn't a problem, it may not glitter like they say.
"The financial advisor does not view gold as an investment. They view it more as an insurance," Heasley said.
Heasley says that the move to gold comes from political and economical instability.
"Is gold any more secure than a U.S. Gold bond? That's a good question. Some people would say yes. People who consider an apocalyptic scenario like the world is going to come to an end. They might feel that way," Heasley said.