Jewelers Cheer Fall in Gold Price
Jewelers applauded the recent fall in the price of gold, saying they hope it will eventually lower the price of gold jewelry.
Most stressed that they didn’t know if the lower prices—the result of a huge two-day plunge—would continue, and some expected the price to head up again. And indeed, gold was staging something of a comeback at press time on April 16, hitting $1,374 an ounce, up for the day.
“I would much rather see gold at $1,200 than at $1,800,” says Jeff Sullivan, owner of Sullivan Jewelers, Brookfield, Wis. “It’s much better for my business. The [gold buying] is more short-term.”