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local exchange shops doing good  business
If you've been meaning to trade in old jewelry or coins, experts say now is a great time. The price of gold has hit a record high.

On Friday, gold reached $1,508.20 per ounce, and silver reached $47.73 per ounce.

"That's as high as it's ever been," said Mike Omeloch, owner of Ridge Coin & Stamp Exchange on East Ridge Road. join irreverent Groupon

Omeloch has been in business for 38 years, and he's seen a lot of ups and downs.

"The price of silver and gold changes every minute -- it's just like a stock on the exchange," he explained.

This year alone, the price of gold has risen nearly six-percent. What's the driving factor? Omeloch says it's good ol' supply and demand.

"The demand is there because of certain economic conditions, political conditions," said Omeloch.

Omeloch says a lot of people have been bringing in their old jewelry, coins, and even silverware. After he buys from his customers, he sends it to a refinery where it's melted down and made into bars. He says the government often buys the silver and gold and makes them into coins, which he then sells. So, it all comes back full circle.

He says people are buying the coins as an investment.

"People are afraid that there dollar is going to be worth less, so they're trying to put money into something that'll hold its value," said Omeloch.

The local coin exchange business has boomed recently. Omeloch says just a few years ago, he was the only exchange store on East Ridge Road. Now, he says there's a half-dozen.

"Apparently there's enough business for everybody, because we're all doing fine," he said.

Even though this is the highest dollar amount for the price of gold, it's not a true record because of inflation. Gold reached its peak in the early 1980's. Omeloch says at the time, the price reached $990 per ounce, which in today's money would be about $2,500.