High Gold Prices Spur Local Demand

7 years 5 months 3 weeks ago Thursday, April 21 2011 Apr 21, 2011 Thursday, April 21, 2011 4:58:00 PM CDT April 21, 2011 in News
By: David Earl
loading

COLUMBIA - As gold reached a record high Thursday, mid-Missouri investors are moving to other precious metals to buy. Gold reached $1,509.60 an ounce before closing at $1,503.80. It's been trending higher since the beginning of the recession.

"The U.S. doubled the supply of currency since the beginning of the financial crisis," Peter Klein, an MU economist, said. "This caused a flight to real assets like gold as a hedge against the weakening dollar."

The U.S. dollar index, a measure that compares its strength to other currencies, closed at $74.14 Thursday, its lowest level since November 2009.

As investors turn to silver, it closed at $46.05 an ounce, a gain of $1.39 in Thursday's trading.

Tom Doyle, an assistant manager at Family Pawn in Columbia, said in the recent month, he has seen more customers coming to buy silver than gold.

"I get calls every day about silver," Doyle said. "Gold has kind of plateaued for us, but silver is really taking off."

While Doyle couldn't point to any specific numbers, he said Family Pawn's gold and silver business has increased "incredibly" since the economy soured.

But economist Klein doesn't rule out the presence of a bubble in the metals market.

"There is definitely a risk for that, just like we saw in the real assets of the housing market," Klein said. "But investors traditionally haven't bought gold and silver to make money; they've bought it to hedge against inflation."

More News

Grid
List
COLUMBIA (AP) — The University of Missouri had to toss out giving its Nobel Prize winning scientist a parking space... More >>
21 minutes ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 10:24:00 AM CDT October 17, 2018 in News
DES MOINES, Iowa (AP) — No winning lottery ticket was sold for the latest Mega Millions drawing, meaning the estimated... More >>
31 minutes ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 10:14:00 AM CDT October 17, 2018 in News
COLUMBIA - The Columbia Police Department is looking for a suspect after an armed robbery at a convenience store in... More >>
1 hour ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 9:32:00 AM CDT October 17, 2018 in Top Stories
COLUMBIA- A new mobile pantry location through The Food Bank for Central and Northeast Missouri will open Wednesday afternoon providing... More >>
4 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 6:27:00 AM CDT October 17, 2018 in Top Stories
LADDONIA—The Community R-6 School District is the second district to get new beef options added to its school menu. The... More >>
4 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 6:13:00 AM CDT October 17, 2018 in Top Stories
COLUMBIA - The Columbia Police Department investigated a shots heard call on Tuesday evening. The incident happened at the... More >>
12 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 10:03:00 PM CDT October 16, 2018 in Top Stories
COLUMBIA - The Columbia Neighborhood Watch recently secured funding for next year. The Columbia City Council awarded them this money... More >>
14 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 8:17:00 PM CDT October 16, 2018 in News
COLUMBIA - A Columbia woman will be collecting items to transport down to Florida in order to help the recovery... More >>
16 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 6:40:00 PM CDT October 16, 2018 in Continuous News
COLUMBIA – Burrell Behavioral Health introduced a medicine-first approach to its facilities in Missouri’s central region to help clients with... More >>
16 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 6:40:00 PM CDT October 16, 2018 in News
COLUMBIA - Despite a wide gap in their campaign finances, Sen. Claire McCaskill and Josh Hawley remain locked in a... More >>
16 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 6:20:00 PM CDT October 16, 2018 in News
JEFFERSON CITY (AP) — Missouri vehicle owners will be getting new red, white and blue license plates to commemorate the... More >>
16 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 5:48:00 PM CDT October 16, 2018 in News
JEFFERSON CITY – A New York man pleaded guilty on Tuesday to two counts of attempting to produce child pornography.... More >>
18 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 4:21:00 PM CDT October 16, 2018 in Top Stories
COLUMBIA - Jerome Sally, a Hickman High School assistant principal, is suing Columbia Public Schools as a result of "systemic... More >>
19 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 3:23:00 PM CDT October 16, 2018 in News
COLUMBIA - Lt. Governor Mike Kehoe made a stop in Columbia Tuesday to campaign for Proposition D, the gas tax... More >>
21 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 1:28:00 PM CDT October 16, 2018 in News
COLUMBIA - A Royal Inn manager said Tuesday the maintenance team was beginning renovations when the building's second-floor walkway came... More >>
21 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 1:25:00 PM CDT October 16, 2018 in News
JEFFERSON CITY - A federal judge sent the lawsuit over Kenneth Suttner's death back to circuit court on Friday after... More >>
21 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 1:01:17 PM CDT October 16, 2018 in News
(CNN) -- The problem of unsolicited robocalls has gotten so bad that... More >>
23 hours ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 11:19:50 AM CDT October 16, 2018 in News
COLUMBIA - A Kansas woman connected to a deadly car crash in Boone County has been sentenced to five years... More >>
1 day ago Tuesday, October 16 2018 Oct 16, 2018 Tuesday, October 16, 2018 10:27:00 AM CDT October 16, 2018 in News
Columbia, MO
Broken Clouds 54°
11am 52°
12pm 55°
1pm 57°
2pm 58°