High Gold Prices Spur Local Demand

8 years 4 months 6 hours 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 – Students at Columbia College moved into a brand new residence hall Wednesday, the first housing structure built on... More >>
32 minutes ago Wednesday, August 21 2019 Aug 21, 2019 Wednesday, August 21, 2019 3:47:00 PM CDT August 21, 2019 in News
PRAIRIE HOME - The USDA released a weekly crop progress report Monday showing an incline in crop yield, but a... More >>
34 minutes ago Wednesday, August 21 2019 Aug 21, 2019 Wednesday, August 21, 2019 3:45:00 PM CDT August 21, 2019 in Continuous News
COLUMBIA - Governor Mike Parson issued a proclamation Wednesday ordering the state legislature to convene in a special session. ... More >>
3 hours ago Wednesday, August 21 2019 Aug 21, 2019 Wednesday, August 21, 2019 12:44:00 PM CDT August 21, 2019 in News
FULTON, Mo. - Fulton Police Department said it arrested a man attempting to flee a scene involving firearms. Authorities... More >>
8 hours ago Wednesday, August 21 2019 Aug 21, 2019 Wednesday, August 21, 2019 8:05:00 AM CDT August 21, 2019 in News
School is starting back up again, but reading might not be the first thing on a child’s mind. A workshop... More >>
15 hours ago Wednesday, August 21 2019 Aug 21, 2019 Wednesday, August 21, 2019 12:50:00 AM CDT August 21, 2019 in News
COLUMBIA - The man who allegedly killed a woman who has been missing since 2006 arrived in Boone County Tuesday... More >>
18 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 9:28:00 PM CDT August 20, 2019 in News
CAMDENTON - One person has minor burns after a fire Tuesday evening at an auto shop in Camdenton. According... More >>
19 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 9:07:00 PM CDT August 20, 2019 in News
COLUMBIA - Businesses who are applying for their medical marijuana licenses in Columbia are one step closer after Monday night's... More >>
21 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 6:40:00 PM CDT August 20, 2019 in News
MID-MISSOURI - Finding the perfect parking spot can be a hassle, but it can be even more difficult if you... More >>
21 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 6:30:00 PM CDT August 20, 2019 in News
JEFFERSON CITY - Construction crews are continuing to work on both Jefferson City public high schools in preparation for classes... More >>
22 hours ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 5:45:00 PM CDT August 20, 2019 in News
VIENNA - Multiple suspects are currently being questioned after officials said someone intentionally started the house fire leading to an... More >>
1 day ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 3:59:00 PM CDT August 20, 2019 in News
JEFFERSON CITY - The FEMA recovery center for Cole County closed its doors Tuesday. The center helped hundreds of... More >>
1 day ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 3:51:00 PM CDT August 20, 2019 in News
JEFFERSON CITY (AP) — State officials say an improving economy is one of several factors that led to close to... More >>
1 day ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 3:39:00 PM CDT August 20, 2019 in News
COLUMBIA - An increased focus on climate change from legislature and activists has prompted utilities providers to implement renewable energies... More >>
1 day ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 2:09:00 PM CDT August 20, 2019 in News
JEFFERSON CITY- A group of Missouri protesters are taking a stand against self-driving trucks in the state. Over 29... More >>
1 day ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 1:47:00 PM CDT August 20, 2019 in News
JEFFERSON CITY - A Cole County judge issued a restraining order Monday against Senate Bill 391, regarding regulation of concentrated... More >>
1 day ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 1:25:00 PM CDT August 20, 2019 in News
ST. LOUIS — Major League Soccer has awarded the next expansion franchise to St. Louis, where a new downtown stadium... More >>
1 day ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 12:33:00 PM CDT August 20, 2019 in News
KANSAS CITY — A former teacher at a Catholic school in Kansas City alleges in a lawsuit that she was... More >>
1 day ago Tuesday, August 20 2019 Aug 20, 2019 Tuesday, August 20, 2019 10:15:00 AM CDT August 20, 2019 in News
Columbia, MO
Broken Clouds 87°
5pm 84°
6pm 82°
7pm 79°
8pm 77°