Fresnans Run for Gold

September 18, 2008 7:30:16 PM PDT
The poor economy is yielding some positive news for those who own gold. The price of gold a week ago was around $740. This morning gold was $900. Now may be a good time to invest.Depending on the time of day gold coins could be worth $850 each or after checking the mercantile exchange $853.

"Very volatile. The ups and the downs, the swings, really big swings right now," said Stephen Foster.

Fresno coin gallery manager Stephen Foster said because the stock market has dipped so low he's seen hundreds of customers come to his store buying gold.

"Emptying out their check books, emptying out their checking accounts as fast as they can and putting it into physical gold. Just to try and get away from the credit concerns and the worries of having their money in the bank," said Foster.

Foster said his customers are worried their net worth will dwindle if left completely in the care of banks. That's why many of the customers in the Fresno coin gallery said they trust gold over companies like AIG which needed a massive bailout by the Federal Reserve to avoid financial failure.

Net worth is a personal matter for many people. Those we spoke with said they didn't want to comment on camera but said they wanted to put their hands on something tangible, like gold, to build their portfolio.

"So they're rushing in to put it into hard metals things that they think will have value 2 weeks from now a year from now two years from now. Not knowing the future of the companies holding their money," said Foster.

But gold, like other investments, has its risks too. With the price high now it could still slingshot back down $100 plus dollars back to where it was a week ago.

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