Gold prices keep dropping

Gold prices keep dropping

Posted:

By MONA NAIR
6 News Reporter

KNOVILLE (WATE) - Gold prices have taken a dramatic dip. Just this week it took its sharpest tumble in 30 years. And that's having an impact both nationally and locally.

Gold shop owners say when the economy is bad, you typically see gold prices going up. So the fact that prices are down is a good sign for the economy. Still, what's going on now is quite a contrast to some of the stories we were doing a little over a year ago.

Back in 2011 we spoke to several customers flocking to gold shops to cash in on some big money. But those days are gone.

"You can see it's a steady decline," explained Mark Enix, owner of Fountain City Jewelers, showing us a graph that plots the steady decline just this month.

For comparison, he showed us a pile of gold a customer had recently brought in to sell.

"We've got 37 grams of gold. A month ago you're looking at $820, and in today's market it's around $700. So there a little bit of a difference about $120 just this month," he explained.

So the big question is, is the era of gold long gone?

"If I knew all the answers, I ‘d be buying a lot of gold. But it's tough to tell," Enix said.

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