Gold prices continue to rise - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Gold prices continue to rise

CAPE GIRARDEAU, MO (KFVS) -

The prices of gold and silver continue to rise, and that rise continued today.

Gold is now over $1,700 per ounce, which is a lot considering it sold for less than $600 per ounce just five years ago.

If you bought low back in 2006, congratulations, you made quite a bit of money.

But the big question is how long will the gold rush last?

Gold expert Mike Sprouse, owner of River City Coins and Jewelry in Cape Girardeau, says the time to buy gold and silver is now.

He says as long as there is a threat of default, the prices of monetary metals will continue to rise.

"It will continue until the world gets its house in order," he said. "With everyone talking about default all around the world, how can we avert that?  I'm afraid we might be at the point of no return.  I hope we can reverse it, but if not, the dollar could collapse and gold will be invaluable."

Sprouse says he's seen a sharp increase in people selling coins and jewelry ever since prices spiked.

But with the prices of gold and silver still rising, he says you may not want to sell just yet.

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