I find a bit of gold while I’m out hunting. Here is a pair of 14K White Gold and Turquoise earrings that I found a couple of weeks ago. I sold them last week for not very much money but would have made a lot less today. That’s because gold and silver prices dropped precipitously this week. I am mostly happy because the when prices were high (last year it was going for about $1600 US an ounce), people were scrapping antique jewels for cash. Now that prices are plummeting (on Monday it had sunk to $1,361), it means more vintage jewellery will spared the fate of the furnace.
I’m no analyst, but I realize there are bad things about the situation as well. For example, what does this mean for the global economy. Also, as gold prices rose, so did the cost of producing gold. So many small time players in the gold trade that bought high (including all those Cash for Gold places that sprung up all over town) will probably lose a lot of money. And independent golf and silversmiths who were already having a rough time when everybody was selling jewellery, not buying, could also be adversely affected.