Gold prices prompt trips to jewelry boxes

DENVER, March 19 (UPI) -- The soaring price of gold, reaching a record $1,035 an ounce Monday, has sparked a selling spree of jewelry, medals, medallions and even dental crowns.

"I didn't need to sell, but I saw it on the news, and I figured 'Why not?' " said a Denver woman at a jewelery store who had just sold some gifts from an old boyfriend for $275.

The run on gold in commodities markets has caused a run to the attic and jewelry boxes for valuable trinkets, The Denver Post said Wednesday.

The run hasn't been limited to small items. "It's been nonstop on the telephone for our brokers since 4 a.m. most days," Peter Grant, senior metals analyst at USA Gold, told the newspaper.

"It's the full gamut of buying, from a single ounce to major, major purchases," he said.

Analysts said the selling spree will continue, although gold prices dropped to $943.50 on the New York Mercantile Exchange Wednesday.