Gold prices soared to over $1,190 an ounce on Wednesday, in reaction to the weak dollar, making the precious metal cheaper for buyers using stronger currencies, noted by Howard Wheeldon, BGC Partners analyst, stating that "If the dollar goes down, then the price of gold will automatically rise."
In response to a news report stating that India may buy more gold from the International Monetary Fund, combined with a drop in the dollar, the reactionary U.S. dollar slid to a key level against the euro. Mauritius followed suit with a small purchase of IMF bullion and other central banks, including China, are also expected to add to their gold reserves. "Strong investor demand is being buoyed by the structural shift we're seeing in the official sector," said Suki Cooper, a precious metals analyst for Barclays Capital.
However, Andrea Hotter of the Wall Street Journal stated that "most agree that it isn't supply and demand factors that are driving the current futures price moves," and quoting Elizabeth Gregory, market strategist at Advanced Currency Markets, as saying that "With recent data highlighting that inflation in most major economies is still subdued or in negative territory, the considerable rally in gold over the last two weeks seems to be purely speculative rather than driven by a real concern for currency debasement" and "Whilst we may not be there quite yet, the concern for gold bulls from here should be the propensity for commodity markets to exhibit sharp rallies before so-called blowout reversals."
Still an excellent time to trade your old gold for precious stones and quality jewelry that holds value especially well, while this commodity bubble soars, never forget that bubbles do burst so take a look at your pile of scrap that is at an all time high and unwanted jewelry and ask yourself if now isn't a good time to trade it in for a deeply discounted FCI Bargain Hunter Special or an FCI Discount Day Treasure Chest delight that has been nibbling at your conscience for the last few months.
These are a few of the items that customers have recently acquired from FCI and what they traded in to obtain these beautiful rings; which would you rather own?

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