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MASON CITY, Iowa – Lately, gold seems to be the hot trend.
When the market dropped in 2007, investors flocked to those shiny bars and the price per ounce reached almost $2,000. But Monday, that price took a hit.
“We had one of the biggest drops in gold price history,” explains Jeff Stadheim.
A ten percent drop to be exact. Stadheim is the owner of Stadheim Jewelers and has seen the price of gold go up and down over the years
“It’s hard to predict what the prices will do like I said, I think the biggest correction has come, I don’t think we’re going to see any other $100-200 price drops in a short period of time,” he says.
While significant, seeing a drop in price like this is not new.
“It’s not unheard of to see gold prices shoot up to a high point and then retrace back down,” says Chris Arthur, Vice President of RDA Financial Network.
Some financial experts like Arthur seem to think this dip in value won’t last.
“The price of gold can maybe, I think eventually it will still go back up and it will even shoot higher than $1800-1900 an ounce but as to when that would happen, I don’t know,” he explains.
So does this mean that it’s a good time to add to your own jewelry collection? Possibly… It depends on what you want to buy.
“People purchasing gold chains, rings, especially on special order types where gold is priced out that day they might see it at a cost savings at 10%,” adds Stadheim.
Now with the price drop, those folks looking to sell gold jewelry are going to receive about 10% less than they would have just last week.