Friday, April 22, 2011

Gold: As Prices Rise, Teeth Come Out

People aren't selling their gold because prices are high, but because wages are not keeping pace with inflation. If people didn't need ready fiat currency they would be holding onto their gold to protect against further destruction of their purchasing power.

From ABC NEWS:

Gold prices are so high now—over $1,500 an ounce—that consumers are cashing in anything they've got that has gold in it, including teeth, bridges, crowns and other dental work.

"I've seen them pop the gold right out of their mouth," says Dave Crume, president of the National Pawnbrokers Association and executive vice president of Wichita, Kansas, pawnbroker A-OK Enterprises.

"It's a little awkward," he admits, "but I've see them take out a tooth."

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