Soaring gold price has Calgarians selling jewelry

With the price of gold reaching new heights because of the U.S. debt stalemate, many Calgarians are digging into their sock drawers and jewelry boxes.

At Albern Coins and Foreign Exchange on Centre Street N.W., Don Carlson said business is booming as people look to cash in on the soaring price.

"It's been known for centuries that people go to precious metals gold and silver in times of uncertainty," he said.

Jittery investors see the precious metal as more secure than cash while the U.S. political fight rages over raising the debt ceiling to avoid defaulting.

Tuesday, onthe New York Mercantile Exchange, goldended the day up $4.60 at US$1616.60 per ounce.

"If they're not going to wear it with prices as high as they are now they're better off to bring it in and liquidate it and use the cash for something else," Carlson said.

With silver prices also heading upward, Carlson said sellers are trading in coin collections particularly pre-1968 Canadian coins, which have a high silver content.

Silver closed at US$40.78 an ounce on Tuesday.