Tuesday, March 18, 2008

Dude--You're Not Going to Get Rich With That Thing

I don't know where I wrote it, since I'm nuts, but here's something just for fun. When the price of gold rose to $1,000 an ounce, I harkened back to 1980 when the price of gold was about what it is now (if you adjusted for today's dollar, I'm sure you could find variance). I said something to the effect that the price of gold sparked an interest in the metal detector. That's what happened--someone got the bright idea to market metal detectors at a time when precious metals were on the increase in price and they probably made their own fortune.

And, yeah--you see stories all the time about people who get "rich" from the treasure they find. The only problem is, if you go to Gettysburg, PA, you'll see that they had to put up signs on the battlefield, telling people to NOT try to dig up buried treasure.

Now I see this article out of Florida:
Central Florida dealers said they have been selling out of metal detectors, Local 6's Ramin Khalili reported.

Beachgoer Fay Powell said she's been using a metal detector to search for gold items that now sell for more than $1,000 an ounce.

"I thought about getting some gold or some Spanish coins or something like that," Powell said.

Piles of gold have been pouring into beachside pawn shops in recent weeks, Local 6 has learned.

Some residents are selling items they already have for cash.

"The jewelry was a luxury to have, but I'm selling it for necessity reasons," resident Marie Savickas said.

Experts said the previous high-water mark for gold was $800 an ounce in the 1980s. They said they don't expect prices to drop any time soon.

"No one in history has ever seen it like this," said jeweler Jesse Ross. "It is the highest it's been in the world history."

Hell, why not cash in that 401K and buy two metal detectors, just in case one breaks?

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