HOUGHTON -- While the stock market took a beating Monday, the value of gold soared to record highs. It rose nearly $60 overnight, reaching a price of more than $1,700 per ounce making gold the most desirable metal on the market.
"There aren't normal, fundamental measurements to know when gold and silver are priced high or when they're low," said James Studinger, owner of J.P. Studinger Group.
"I do think that it makes sense to own metals, and gold is a little bit more convenient and more directly related with the fear buy that's going on right now," Studinger added.
Chassell resident Todd Van Kleeck disagrees. He has been buying and selling gold for more than 25 years. He says: don’t grab your pocketbooks just yet.
"It's something to watch, and for those people that are gold bugs and that want to use gold as an investment, be very careful because it goes up very fast and it goes down very fast," said Van Kleeck.
Van Kleeck says the price of gold could reach $2,000 per ounce, but until the economy stabilizes, its future remains uncertain.
"There isn't really a shortage of gold. I can pick up the phone and get all the gold I want, right now," Van Kleeck said. "So it's a question of supply not drying up; how long will demand hold up?"
If you are planning on buying gold, experts offer these tips for better investing: shop around for the best price. It's important and it can vary. If buying coins, make sure you understand the differences in their value.
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