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With the market up one day and down the next, many of us are wondering where is the safest place to invest our hard-earned money.
We talked to two experts in their fields who each had different suggestions. First we talked with a financial planner then to the owner of pawn shop who has watched his customers go for the gold.
Jason Davison of Gold N' Pawn keeps a close watch on gold and silver prices. "It seems like when the stock market goes down, the gold prices go up for our business. It's been really, really good for us," he said.
Davison has been doing a lot of buying and selling since the market plummeted. "One of my first couples I had this morning, a couple came in from Rupert, ID, actually out looking to buy silver coins."
Precious metals, primarily gold, are considered a safe alternative investment during economic crisis.
Brian Hunsaker, with Amussen, Hunsaker and Associates, agreed, saying, "Gold historically has always had value."
Hunsaker is a financial advisor. He advised, "I wouldn't suggest people investing a large percent of their portfolio into commodities and precious metals."
He's been telling his concerned clients to make sure they've got their money spread out, diversified, and, "You need to do your research and homework before you do any investment. You need to understand the risk, and if you don't, definitely walk away," he said.
Hunsaker says he's been telling his clients to have confidence the market will rebound and reminding his clients to focus on the long term.
But the typical client calling Davison can't wait that long. "A lot of people are digging through their jewelry boxes, found old broken jewelry and bringing it down to the pawn shop trying to put food on the table and gas in the car," he said.
In the last few hours, gold was going for about $850 an ounce.
E-mail: abutterfield@ksl.com
