WDEF News 12

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The volatile financial markets lead to a gold rush of sorts.

Worried people looking for a seemingly safer investment buy up coins of all kinds.

But is it a smart move?

Jeremy Kennedy, Kennedy Coin Co. "We sell it we buy it."

From silver to gold, coins to jewelry, even thimbles and grills, people are going a little gold crazy right now.

Kennedy, "People are getting rid of stuff, old scrap jewelry. Either they don't wear it anymore or times are bad and that's their last resort and it's just like money so they're cashing in on it."

And at Chattanooga's Kennedy Coin Company they're cashing out on it...grabbing up gold or silver coins and bars.

Owners noticed a significant increase over the last year.

Kennedy, "Not just panicking but it's getting close to that point now."

Jeremy Kennedy says gold usually does the opposite of the stock market ...so some consider it a sound investment.

Kennedy, "You can spend gold anywhere in the world so people like that. You can actually see and touch it."

UTC Economics professor Dr. Ziad Keilany says that might not be the best bet.

Dr. Ziad Keilany, "If you noticed prices of gold went up then plummeted and now going up again so there is really no safe investment 100 percent."Kennedy, "Anything is a gamble just like the stock market."

Still it seems people are willing to gamble on gold.

Kennedy, "As a hedge, that might be something good to do."

The U.S. Mint temporarily stopped selling the American Buffalo 24-carat gold coin because it can't keep up with demand.

So far this year the mint has sold nearly 30 thousand more 24-carat gold coins than last year.

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