Metal Detectors Sell Out Near Beaches As Gold Prices Hit Record Highs

Metal Detectors Sell Out Near Beaches As Gold Prices Hit Record Highs
Piles Of Gold Pouring Into Beachside Pawn Shops

POSTED: 9:23 pm EDT March 17, 2008
UPDATED: 8:02 am EDT March 18, 2008


PORT CANAVERAL, Fla. -- In a new type of gold rush, beachgoers are using metal detectors to hunt for lost treasures as the price for the precious metal hits record highs.
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PHOTOS: Hunt For Gold
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Central Florida dealers said they have been selling out of metal detectors, Local 6's Ramin Khalili reported.

Beachgoer Fay Powell said she's been using a metal detector to search for gold items that now sell for more than $1,000 an ounce.

"I thought about getting some gold or some Spanish coins or something like that," Powell said.

Piles of gold have been pouring into beachside pawn shops in recent weeks, Local 6 has learned.

Some residents are selling items they already have for cash.

"The jewelry was a luxury to have, but I'm selling it for necessity reasons," resident Marie Savickas said.

Experts said the previous high-water mark for gold was $800 an ounce in the 1980s. They said they don't expect prices to drop any time soon.

"No one in history has ever seen it like this," said jeweler Jesse Ross. "It is the highest it's been in the world history."

Watch Local 6 News for more on this story.


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