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Chicago Jewelers Bank on Gold

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Chicago Jewelers Bank on Gold

Photo by F. J. Sochacki, Jr.

The price of gold is at a nearly 30-year high due, in part, to the weakness of the U-S dollar. For jewelers this has been a boon, as Chicago Public Radio’s Mike Rhee reports.

RHEE: I’m standing on Jeweler’s Row in downtown Chicago right now to find out how the record price in gold is affecting some of the merchants here. And apparently, it’s really good for “gold men” like Daniel Feld.

FELD: I’m a gold man.

Feld has been in business for more than 50 years, and he says these are good times. His business is now located at the Wabash Jewelers Mall, where everyone calls him Mr. Regal. That’s short for Regal Jewelers. With the price of gold hovering around $830 an ounce, Feld says he’s busy selling it.

FELD: I came here seven years ago. Gold was 245 an ounce. So the things that I own I get more for and the things that I have to buy back, you pay more for. But in the meantime you can take a nice profit.

Feld agrees with some analysts, who say the price of gold could hit a-thousand dollars an ounce.

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