B/CS Residents Cash in on Gold Prices

By: Kristen Ross Email
By: Kristen Ross Email

For the last few months we've been telling you about rising oil prices. However, something that is rising just as dramatically is the price of gold.

By mid day Tuesday the rate of gold was up to $1,013 an ounce compared to about $650 last year.

That's why a "gold rush," seems to have rushed over the Brazos Valley.

Tarai McNeely hands over a piece of gold jewelry to a local jeweler to be weighed and priced.

"It's a broken bracelet that was in my jewelry box," McNealy said. "I hear gold is up and I'm like shoot, I'm going to go see what I can get for it."

McNeely decided to cash her gold bangles that were just laying around, when she heard the price of gold was skyrocketing.

"I wonder what it's going to be in two more weeks, it's probably going to be higher than what we got now," McNealy said.

Last week gold hit a record of $1,000 an ounce. Since then the value of the precious metal continues to grow.

That is why many are not only selling their goods, but they're also stocking up on them.

"Is this your best price on this one," one man asks the jeweler at a local store.

"Coins are very popular for investing," Jewelry and Coin Exchange Store Manager David Weaver said.

Weaver adds the "gold rush" sweeping across the nation has many people wanting to get in on the action here at home.

"Some people have taken jewelry right off their hands and said what about this one? How much for this one," Weaver said.

The business of gold is also a big one over at David Gardner's, where they say they haven't seen such a high shift in the value since the 1980's.

Of course the increased value does affect prices too, and they're trying to keep a close eye on the market, and keep prices fair.

However, the high value of gold, and the larger payout for those selling only has some wanting to find more to cash in on.

"I need to get me a metal detector and maybe find me some gold," McNealy said.

Another example of just how much gold has risen is the Aggie Ring. Last year the basic 10 karat ladies ring cost $353, now they're up to $410.

The men's ring is much more expensive. A&M officials say last year it cost students about $675, and this year it's up to $809.

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