September 23, 2011 |
Gold may be hot this year on Wall Street, but you won't find much celebrating in the jewelry business. The lofty price of the precious metal — it hit $1,900 an ounce a few weeks ago — has caused a double-whammy for jewelers. It has cost them more to buy new items wholesale, and in turn they jacked up retail prices, often beyond the means of many would-be customers. The week's big drop in financial markets left gold under $1,650, but that's still nearly 16% higher year to date, and analysts widely expect that investors seeking the metal as a haven will drive the price back up. Just about everyone in the business, from nationwide jewelry chains to mom-and-pop independents, has had to put less emphasis on gold, a centuries-old staple.
March 10, 2001 |
Gold prices rose 2% on Friday, extending a three-week rally, on signs that central banks are making less bullion available for lending to speculators, mining companies and jewelers. "We believe central banks are pulling back on the amount of gold they make available to the market," said Michael Paolercio, chief executive of Michael Anthony Jewelers Inc. in Mount Vernon, N.Y., the largest U.S. maker of gold jewelry. Gold for April delivery rose $5.40 to $270.
August 4, 2011 |
Gold prices showed no signs of retreat as investors continued to worry about the global economy. Investors, spooked by a raft of discouraging reports about slowing job growth, have been pulling out of stocks and retreating into the safety of the precious metal. Gold rushed to a record $1,663.40 an ounce Wednesday, up $21.50, or 1.3%. Recent reports that showed sluggish job growth and layoffs hitting their highest point in 16 months spooked the stock market Wednesday. Investors also feared the possibility that rating firms might downgrade the U.S. credit rating and the severe fiscal problems facing Europe.
July 30, 1986 |
The dollar turned mixed, trading in a narrow range in the United States on Tuesday after falling in Europe. Gold prices were down. Bullion was quoted at $351.75 at 4 p.m. EDT at Republic National Bank in New York, down $2.75 from Monday's late bid. Investors remained bearish about the dollar and were reluctant to take new positions after Federal Reserve Chairman Paul A. Volcker testified before the House Banking Committee, traders said.
August 18, 2011 |
That stunning rise in the price of gold is having a ripple effect: A rash of jewelry store robberies, street muggings and home burglaries. Now, merchants are stepping up security and police are warning everyone against flaunting their bling. When Capt. Mark Olvera, who runs the LAPD's Newton Division, spotted a beefy man with a gold chain around his neck the other day, he worried the guy might become a victim. "He looked like he could take care of himself," Olvera said. "But that's a couple thousand dollars ... on him. " So far this year, gold chains have been snatched from the necks of at least 110 people during street robberies in Olvera's South Los Angeles division.
March 1, 1985 |
The dollar rose Thursday despite small-scale central bank intervention, rebounding from its massive fall of the previous day. Gold prices fell. Bullion was bid at $287.25 an ounce in late trading at Republic National Bank in New York, down $1 from the late bid Wednesday.