As gold prices rise, so does curiosity - FOX5 Vegas - KVVU

As gold prices rise, so does curiosity

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A one-ounce piece of gold is worth more than $1,740 as of Tuesday afternoon A one-ounce piece of gold is worth more than $1,740 as of Tuesday afternoon
People stop to check the latest price of gold at the Gold To Go kiosk inside Golden Nugget People stop to check the latest price of gold at the Gold To Go kiosk inside Golden Nugget
LAS VEGAS (FOX5) -

For the second day in a row, the price of gold has reached a new high, sparking new and increasing curiosity about the precious metal.

Gold trading on COMEX closed at $1,740 Tuesday, after increasing 29.80 points. Spot gold prices continued to rise throughout the evening, exceeding $1,750 per troy ounce.

Whether your collection includes a giant nugget or something smaller, gold retailers say there is money to be made.

After the price of gold broke the 1,700 mark on Monday, some local jewelry shops reported an increase in business. Neil Sackmary, a certified gemologist at Nevada Coin & Jewelry told FOX5 his shop has been inundated with customers.

"Gold is so crazy that it's bringing people in like you wouldn't believe," he said.

The price spike this week is a reflection of a trend in the gold market. The price for a single troy ounce is up more than $161.40 over the past month. Over six months, the price rose $345.40, with a one year gain of $509.50.

"My expectation is $2,000-plus (per ounce) by some time in 2012," said Peter Kevorkian, a gold investor visiting Las Vegas from San Diego.

Recently, Kevorkian and others have stopped by the Gold To Go kiosk, a vending machine that dispenses gold bars and coins at the Golden Nugget Hotel & Casino.

"We have a lot of guests who come by, and want to check it out (the machine), and see the fair market price of the gold," said Tiffany Hauck, public relations manager for Golden Nugget.

"Most people's portfolio consists only of paper assets and real estate. I've been preaching to everybody that would listen to me the past 15 years – you've got to hold a tangible asset, namely precious metal," said Kevorkian.

The decision whether to buy or sell your assets right now is up to you. Financial and economic experts warn, however, the price of gold can drop just as quickly as it rose.

"Some people want to buy gold because they want it as an investment," said Sackmary. "Really, the most important thing at the end of the day is cash in your pocket."

Click here for the latest Spot Gold prices.

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