From the time gold was discovered, it has touted wealth and power. For many years, gold was the method of trade between countries and people. Gold for years has backed the US dollar, so when our US dollar falls in value, we turn to gold to buy. As of October 31, 2008, gold bullion market was worth $726.80 an ounce. It has increased its value 150% since 2001. Why? Investors sell off their equities and turn to gold because gold has a history of never going down to zero. When the dollar weakens, gold increases in value.
At this time when our monetary wealth is melting down toward zero, families are turning to their jewelry boxes to make ends meet. People are selling their broken and unworn jewelry to buy necessities for everyday life. The internet and television advertise establishments that buy gold; just put your old and broken gold in an envelope and send it in and you will receive hundreds of dollars in return. It is hard to believe the truth of that statement. Seller beware -- use your internet and your telephone to find out what the going rate for gold is at that time. Also, shop around your communities to see what the jewelry establishments in your area is buying gold jewelry for. Your local jewelry dealer will be more truthful to keep his/her good name, but you should shop and get more than one estimate. These are hard times for all of us. If we don't panic we will all get through it, and maybe in better shape.
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