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Aug 8, 2011 7:44 PM by Stephanie Collins

Gold skyrockets with U.S. downgrade

With the downgrade, investors continue to pull their money out of traditional securities, but gold remains a safe haven. At the end of trading today, gold hit a record, topping $1700 an ounce.

At that price, Hallenbeck Coin Gallery in the Springs was busy all day, buying and selling, "When I saw the downgrade Friday afternoon, we knew that Monday was going to be a crazy day," said Tom Hallenbeck.

Andrew Sprele brought in a gold coin to sell, "Ive been watching the price of gold going up, been kind of exciting watching it," he says.

His one coin sold for $1,730 dollars. Sprele says he won't have sellers remorse if gold continues to go up because he has more, but it's hard to predict where gold will go from here, "Easily it could go higher, but it could also drop down 10%. It's a volatile market, and I think you're going to see some wild swings both up and down, and today is a wild swing up," explains Hallenbeck.

Whether it's up or down gold can be a great investment. If you adjust for inflation this isn't the highest gold has ever been. An ounce of gold in 1980, in today's dollars, would have cost $2400.

 

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