Lubbockites flocking to buyers as gold value reaches a high - KCBD NewsChannel 11 Lubbock

Lubbockites flocking to buyers as gold value reaches an all-time high

Gold prices reached an all-time high Tuesday and people in Lubbock are trying to make the most of the value.

Local buyers and pawn shops tell us they're seeing more people trying to sell their old jewelry to help make ends meet during tough financial times.

"We see a lot more people bringing in jewelry. People need money for gas or to pay their electric bill during the summer," said Empire Pawn Shop Owner Thomas Larson.

Even though the stock markets jumped on Tuesday, many are still filled with uncertainty about the economy.

Texas Tech professor Dr. Scott Hein says gold is one of the safer investments right now.

"It is viewed as one of the safest investments out there in a risky environment," said Hein. He's been teaching finance to students at Texas Tech for nearly 30 years.

Local buyers report a 20 to 40 percent increase in the number of people wanting to trade memories for cold hard cash.

"It just takes a small handful of gold to have several hundred dollars in your pocket," said Zane Hall of Gold Stop.

As gold's value reached more than $1700 per ounce some wonder if the value will continue to climb.

Some experts suggest it could reach $2500, but Dr. Hein says we could be nearing a peak.

"If we do see people start to feel a little more confident about the economy they'll probably pull out of gold," Hein said.

For now, more and more people continue to bring their treasures to buyers like Hall and Larson.

The value depends on the gold's karat, but how much money could you get for what's in your jewelry box?

"A simple 10 gram wedding ring is worth $160," Hall said.

Hall showed us the gold he bought Tuesday alone. Several rings totaled about $800 in value.

While no one can predict what the long-term future will hold, Dr. Hein says gold is a safe investment right now.  

"I do think for people that are in need of cash now is a good time to be redeeming gold," said Dr. Hein.

Even though the value of gold is on the rise, there are several fluctuations throughout the day. This website updates the value, just (click_here).  

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