An I-Team Investigation

When the economy is shaky, people put their money in gold. That's leading to record prices. Gold closed at 1,001 dollars an ounce Monday.

The I-Team decided to find out how you can profit.

Gary has been minting coins at the Alaska Mint for seven years. Never has he, or anyone else for that matter, seen the price of gold so high. Owner Mike Robuck is re-pricing jewelry so much, it's almost like he's running a stock market.

"You know, when we price something to the current levels, it's astounding at what the price has to be for the item. And we think, my gosh, it's never going to sell. And but then it does. I guess it's like gasoline.

People--it's no fun--but people just do it," said Robuck of the Alaska Mint.

Others are hoping to sell. The Alaska Mint is getting five to 10 calls a day from people thinking of cashing in. Robuck is not sure it's the right time, though.

"If people ask--and they do--if they should wait, I say, 'Definitely wait. I would not sell it right now because gold seems to be going up and, it doesn't, there doesn't seem to be a slowdown in that,'" said Robuck.

Over at Josh Jennett's jewelry cache, they're urging people to protect their valuables by getting them appraised for insurance purposes.

"We recommend that all of your appraisals are updated every five years, generally. However, with the recent significant increase in precious metals, it is probably time to get those insurance replacements--or the value for those appraisals updated, just to make sure you're covered," said Jillian Glidewell of Josh Jennett's Jewelry Cache.

The Jewelry Cache has decided not to raise prices on the jewelry it sells, at least until the owner buys new inventory this summer. Why did they make that decision?

"Well it's a convenience factor for us, but also it helps to, um, it helps us to stay true to our customer, to ensure that we don't profit off of inflation," said Glidewell.

She says someone recently bought a ring for 400 dollars that's now worth about 1,000 dollars because of the rise in gold prices.

How is this for a deal?

    An Anchorage family owns a gold nugget for sale at the Alaska Mint. Their little nest egg has shot up to more than 16,000 dollars.

Robuck at the Alaska Mint says if you do want to sell right now, be sure to check with several jewelry stores so you get the best price.

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If you have a story for the I-Team that you want me to look into, you can call the I-Team hotline number at 273-3111.