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Hospitals are grateful for their volunteers
Akron, Summit County jobless rates increase
Future members of school board get early lessons
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After 30 years at the helm of Akron Children's, Considine still looks to future
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2 men shot during party in Fairlawn
Akron man killed in crash on his street
Victim of beating in Kent last week is declared dead at Akron hospital
Akron Children's Hospital CEO, wife announce $1 million gift to support research
Akron Circle K store robbed for second time this month
Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Police: Pennsylvania man killed misbehaving puppy before Steelers game
Kangaroo tries to drown dog, attacks owner
Cancellation of Christmas not an option
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Cat-loving chihuahua suckles seven abandoned kittens
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Of pass interference and alleged "fake" injuries
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No. 1 Akron to play Stanford next
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Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Audio: Mangini disputes Poteat call, accuses Lions of faking injuries
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Flashes travel to Florida Atlantic
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Gameblog: Cavs vs. Philadelphia 76ers
Buckeye Blogging:
Buckeye Football – Present and Future
Varsity Letters:
Gulley to visit Central Michigan in December
All Da King's Men:
The Onion, By Any Other Name…
Blog of Mass Destruction:
Glaring Contradictions
Akron Law Café:
Don't Try to Have Fun if you are Depressed
See Jane Style:
Vintage Chic
Car Chase:
TIME TO GET YOUR COLLECTOR CARS WINTERIZED
Let's Talk Real Estate:
Faye Dunaway to be Evicted?
Ohio Travels with Betty:
Monique asks how to get tickets for the Polar Express.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
Personal Rant – Why I am Glad I live in NEO
Akron Gamer:
Nintendo's Mario endures even as games come and go
At nearly $800 an ounce, metal approaches record. Consumers might resist by buying lesser items
By Lauren Villagran Associated Press
Published on Tuesday, Nov 20, 2007
NEW YORK: Gold necklaces, earrings and bracelets might be crossed off some gift lifts this holiday season: With gold close to $800 an ounce, these perennial presents might be too much for some shoppers' budgets.
Jewelry is more expensive because of the sharp run-up in precious metals prices on world markets over the past few months — an ounce of gold that cost $680 in mid-August has surged close to $850 before back-tracking somewhat. While daily market swings don't immediately affect the price of, say, a gold wedding band, jewelry prices do reflect longer-term trends. And gold, rising on worries about high oil prices and inflation, has returned to levels not seen since 1980.
Although there are few signs of the frenzy that characterized the metal's last foray above $800 — no one is queuing up to sell their jewelry — some consumers are having second thoughts.
It's true that gold at $800 gold isn't the eye-popper it was in 1980 — an $800 ounce of gold then would be worth more than $2,000 an ounce today, adjusted for inflation. But the more
gold in a piece of jewelry, the more shoppers will have to pay, and the more some of them will say no.
People who want ''a heavy gold necklace or a heavy gold bracelet, and they shopped a year ago, they'll see a big difference'' in price, said Jimmy Pesis, owner of Continental Diamond near Minneapolis.
For example, a man's heavy gold signet ring that cost $500 before the run-up could cost $700 or $800 today, according to one jeweler.
Jewelers are watching the price warily, knowing that while no one can predict what direction gold will take, it could indeed move higher. And while they know well-to-do shoppers will always buy luxury goods, they worry about the shopper with just a few hundred dollars to spare.
''The middle market guy is gone,'' said Steve Greenberg, president of IMG Jewelry, a jewelry store near Cleveland. ''The guy who had $500 to $1,000 to spend is gone. He's paying for gas and food.''
A slowly rising gold price can be good for jewelers, allowing them to nudge prices higher. But gold surged nearly $200 in less than three months, a pace that makes it difficult for jewelers to manage inventory and convey to customers why prices are changing so rapidly. Platinum prices, meanwhile, are also up about $200 over the same period.
If consumers shy away from gold, smaller jewelers could be hit the hardest — they're likely to see shoppers migrate to big-box retailers such as Wal-Mart Stores Inc. or department stores like Macy's Inc. The big merchants are able to offer lower prices because of the huge volume of gold that they buy.
Higher gold prices don't stop shoppers from buying, ''but you may have a customer rethink what they purchase,'' said Bill Elebash, who runs the jewelry retailer Elebash's in Pensacola, Fla. ''They may still buy in the $500 to $600 price range, but they won't buy in the $1,000 price range.''
NEW YORK: Gold necklaces, earrings and bracelets might be crossed off some gift lifts this holiday season: With gold close to $800 an ounce, these perennial presents might be too much for some shoppers' budgets.
Get the full article here.
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