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The Great 2008 "Gold Rush"
The U.S. Mint tells CBS-6 News that certain gold and silver coins with a 2008 date have been depleted. Their spokesman calls the interest "extraordinary". A combination of people looking for something tangible to invest in during an uncertain economy, and a slowdown in some production at the US Mint, means there has been a "global run" on coins in those precious metals. Some are looking to buy, others to unload coins for a little cash. Madeline Vrochopoulos brought coins she'd had sitting in a dresser drawer to "Olde Saratoga Coin" in Colonie Monday morning ."A little cash is not a bad thing," she said, noting that the holidays were approaching. Certainly gold was worth more in March - at a record high of one-thousand dollars an ounce. But on Monday it was selling for $815.00 and ounce and climbing. We've told you about people selling their gold and silver jewelry for cash but recently there has been a worldwide demand for gold and silver coins. Some sellers report they're unable to fill customer requests for coins right away. Don Kornacki, Manager of "Olde Saratoga Coin" says "Because of gold being down a little bit and the government holding back on production, there was a shortage in the market. There was a premium on gold, it did go up." The folks at "Olde Saratoga Coin" say the situation has eased somewhat recently, and if you were to come into their shop and ask for coins, if they didn't have it in stock they could get it for you in a few days. And if you've come to sell? Silver coins are the most commonly owned. "If you have any dimes, quarters, half-dollars from 1964 or earlier, they have 90 percent silver. Those are the good ones, " says Kornacki. But he says don't throw out those Kennedy half-dollars from 1965 to 1969; they have less silver but still have some silver. But what about critics who say gold and silver aren't a great investment? "Not too long ago silver was 2 and 3 dollars an ounce, " says Kornacki.(It now sells for $10.00 an ounce). "Gold was $250.00 an ounce. It's gone up quite a bit." We asked Dennis Fagan , a financial planner from Fagan Associates and a member of the CBS 6 "Answers Team" for his opinion. He's not advising his clients to invest heavily in gold coins right now, noting that the price has dropped since its high in March and it doesn't pay dividends. Still, he says, some may want to "use it as an inflationary hedge." |
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There's a new "Gold Rush" but the big problem is: you might not be able to get your hands on any!