SPRINGFIELD, Mass. (WWLP)- As the trade tensions between the U.S and China continues, so does the rise in the price of gold.
According to Raymond James and Associates, the price of gold has increased 20 percent since May.
Gold is currently valued at more than $1500 per ounce which is a six-year high. Mark Teed of Raymond James & Associates told 22News investing in gold tends to be a safety net during a time of uncertainty in the stock market.
Teed said investors tend to take money out of a stock and invest in gold to avoid a potential collapse.
“Gold never really loses its value there’s always an inherent store of value in there. It doesn’t pay dividends, but it’s a safe place to go and has been for 3,000 years,” Teed said.
22News went to Gold Trader in Springfield to find out how the rise in gold has been impacting jewelry. Steve Weber of Gold Trader said the store has been the busiest since the last rise in gold back in 2011.
Both Weber and Teed agree that now is the best time to sell.
“People who missed out in 2011 should take advantage of the rise in price of gold by selling anything they have around the house,” Weber said.
“If you’re planning on trading Gold stocks now is the time to sell,” Teed said.
Weber told 22News it’s unpredictable as to how long this trend will last.
“You never really know how long, it could last a long period of time or as quickly as it starts.”