Gold Prices Fall

The price of gold isn

Nuggets of gold on a white background.

You can find signs like these all over town, but with gold values these days you wonder if they won't come down much like the price of gold itself.

The gold nuggets are worth less than they were just last week.

The market dropped nearly 10% on Monday and businesses like Northern Nevada Coin are watching anxiously to see where the price lands. It will have a big impact on what their inventory worth.

“What we are seeing in the physical market, is people are not selling their private gold and silver but rather buying it as the price is low,” says Allen Rowe with Northern Nevada Coin.

Almost overnight the gold market has changed, instead of selling gold, customers are coming in here to buy it at a lower price.

Just how low it will go is anyone's guess.

“It opened this morning at 143 and ended today at 131,” says one financial advisor we talked to.

Financial advisors have been monitoring the activity closely and say the drop in gold prices has been dynamic.

Just last September, it was selling at more than $1800 an ounce, Monday afternoon less than $1500 an ounce.

The decline is being blamed in part on China's growth report coming in less than predicted, and Cyprus selling off its gold reserves on Monday.

Many investors believe its time to get out of the bull run on gold that's lasted roughly 12 years--it may have come to an end.

While some speculate China's less than stellar growth report, and Cyprus selling off its gold reserves are partially to blame for the decline, other experts say investors are just plane pulling their money out of gold, and putting it into the stock market.

The price of silver isn't doing much better these days.

Monday it closed a little more than $22 an ounce.

That's down 3%.


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