Cashing in: Gold prices are at 7-year high

UNITED STATES — Gold prices are at a 7-year high and people with gold coins and jewelry are looking to cash in.

Some are going to A-Coin and Stamp Gallery on St. Augustine Road looking to see how much they can get for the precious metal.

The timing is right for Lorena Linke. She recently inherited a coin collection and took it to A-Coin and
Stamp to get appraised.

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"My grandmother had these," Linke said.

Linke has more silver than gold in her collection. However, that's good too because silver prices have also gone up.

Linke found out that she can get at least $4 for a half dollar dated 1964 and older because they are 90 percent silver.

A-Coin's owner, Bill Hatchett, says his gold prices have gone up 10 percent over a period of three to four months. His business has jumped too.

"I get 30 to 40 calls a day from people asking about silver and gold prices," said Hatchett.

Gold was $1,276 an ounce in May. It's more than $1,500 an ounce now.

Silver is selling for more than $17 an ounce, a similar percentage boost.

"People are seeking a flight to safety because of a volatile stock market, the China trade conflict and fears of a recession," said Hatchett.

Gold sellers want the best price, but Hatchett warns people to deal with legitimate buyers and to be careful when buying or selling on the internet.

Most gold buyers determine what to pay based on a "spot" price that changes daily.

To find the most recent precious metals prices, go to kitco.com.

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Cox Media Group