Gold Prices Spike; Temporary Gain For Coin Dealer

An ounce of gold hit the $600 mark at the end of last week. And Monday it finished at $597.60 on the New York Commodities Exchange. Tom Squires is the coin department manager at Allen’s in Westerville. Squires said the spike in gold prices is effecting his current inventory in a positive way.

“In a sense it’s given a slightly inflated value to what we have that we didn’t sell yet. But it’s a very short lived bonus,” Squires said.

Squires said that’s because the price of gold could drop – or he says it could level out at around $600 an ounce. Currently in London an ounce of gold started out at $602.25. That’s up more than nine dollars from late Monday.

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