We've been seeing it every day for the past month. Whether it's the credit industry or mortgages there's been an absolute drain on the stock market. And of course that affects the U.S. dollar. But when simple cash isn't enough to keep you comfortable, what should you do?
With uncertainty flooding the markets globally, investors do know one thing.
"When nothing else is worth anything that's typically when gold is the most valuable."
The U.S. dollar is falling but gold prices are skyrocketing, in some cases as much as $900 an ounce. And that's got people from coast to coast raiding the jewelry box. It's a gold rush sweeping the nation and here in Alabama.
With an unstable stock market, experts say gold is the safe haven as a solid investment.
"It's always a good investment for people to invest in gold, so people are not scared to spend a little bit on gold," said jeweler Ronald Simpson.
And when we say people, we mean investors. That appears to be the driving force behind gold parties. They're like the Tupperware parties back in the day, but with a major twist.
"This is not your mom's Tupperware party."
With the Tupperware party, you go to spend money. With gold parties, you're going to make money by selling gold to professional buyers.
Gold party planner Amy Barnett said, "The economy is really bad right now, and this kind of puts a little fun spin on it."
This hot new trend blends necessity of money with luxury and fun.
"This is a great way for everybody to make money, especially with the market so scary."
Here's how it works. Someone organizes the party in their home then invites a gold buyer. Then the neighbors come and deals are made in, most cases, cash.
But the mad dash to sell gold moves beyond parties. Some malls have actually hosted gold buying events.
Gold buyer Jeremy Gibson said, "This year especially it's going to mortgage, it's going into the tank of my car. It's not play money anymore."
Some who participate say it's better to give up the heirloom than the stock portfolio.
"I believe in the country. I think it's going to be fine. I think the reason why everything's going crazy is people are going into a panic," said Marty Patterson.
So far this week gold is closing up more than $742 an ounce. And one more note, the demand for gold coins is growing. In fact the government increased the price on coin dealers by as much as 10% for a ten ounce coin. And just last week the president of Iran announced his country was converting some of it's currency to gold.
