The gamecock. (Columbia, S.C.) 1908-2006, January 28, 1980, Page Page 5, Image 5
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Prospective gold sellers line up outside tl
Gold mm fori
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be more valuabh
By Leroy Williams
Gamecock Staff Writor
wui iu niMauuuy anu goiu s universal acceptance
as a medium of exchange account for a rise in gold
prices, says Thomas G. Evans, USC associate
professor of accounting and international business.
Evans attributes the world uncertainty to events in
Iran and the Soviet invasion of Afghanistan, where
people in those countries are buying gold for fear of
government failure and of the devaluation of papercurrency.
"With all this uncertainty, people tend to take
comfort in gold." Evans said. "People like gold -- if
the bottom falls Olit cold will ho mnrp vnliinhlo than
paper money."
HISTORICALLY, gold has been used as money
because of its scarcity, durability, color and aesthetic
value, Evans said.
When gold was used as currency, Evans said, if a
country wanted more money it had to obtain more
gold. Since it became impractical to transport gold
because of its weight, nations began using paper
money in a fixed proportion to the gold it owned as an
exchange medium.
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money in a bank account. "Suppose I put $700 in the
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Barry Newman GAMECOCK
ie Carolina Coin Shop at Trenholm Plaza.
t
m falls out, gold will
? than paper money9
bank. A year later, at 5':? percent interest. I will have
$740. If inflation increases by 10 percent however. I
will be 5 percent behind in terms of my money's
buying power.
"If I invest $700 in gold, a year later, the market
price could be $800. which would leave me a lot better
off." Evans said. He warned, however, the market
price on gold could drop as well.
AMERICAN ATTACKS on foreign assets, such as
the freeze on Iranian assets, can drive investors to
put their money in-gold, Evans said. The fear of a
foreign country freezing an investor's money
heightens the belief that gold is better since it cannot
be devalued, he said.
In the United States, gold was an investment opportunity
until 1975 because it was not available for
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bonds and real estate," Evans said.
Gold has risen from $425 an ounce in October 1979 to
more than $800 at one point in January 1980, Evans
said. What this price increase means to the average
person is that gold jewelry such as class rings and
wedding bands will be more expensive.
A professor at USC since 1976, Evans is the author
of two books on international monetary affairs. His
latest book. "Monetarv Muddle." deals at lpneth with
the role of gold in the international money market.
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Business booming
for local gold buyer
By leroy Williams
O L C.n?< vA/. . ? .
As gold prices fluctuate wildly. Columbians flock to the Carolina Coin
Shop in Trenholm Plaza to soil their silver and gold tnnKets.
Co-owner John Landon said lines of hopeful gold vendors have formed
at his store for two-to three-weeks. "!t seems iikea year. ' he said
ANYONK WHO WALKS into Landon s store expecting to sell goid
items for the present market price is in for a disappointment. "We buy
considerably under the market price," Landon said He won't specify
the exact price he pays because he said he has to allow a safety margin
in the event market prices come down.
Landon said the gold market is flooded with almost everyone trying to
sell and few buying. "It seems like everybody has scrap gold to sell."
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Landon examines a customer's gold or silver item, he tests it
for authenticity, weighs it and pays on a weight basis
HE COLLECTS class rings, wedding bands, bracelets and necklaces,
which he sells to a middleman who deals directly with the refineries
which melt the metals to manufacture other products from them.
There is some element of risk from customer to refinery. Landon
said. During the seven-week delay before the metals are refined the
market prices could either shoot up dramatically or plummet "It is a
gamble." he said. . ' ^
Since the amount Landon and his co-workers pay customers for their
gold depends heavily on what the major market prices are. they have a
ticker-tape machine in the rear of the store to keep them abreast of the
latest changes in gold prices. But Landon and the rest of the Carolina
Coin crew are so busv that "we don't have timp to rhprk it
I
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First to develop a synchronous-orbit satellite. Syncom,
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First in high-technology electronics. j
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graduation, ask your placement office when Hughes
Aircraft Company's recruiters will be on campus.
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! HUGHES :
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Creating a new world with electronics
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the Student Government Office