Price of gold hits record high this week - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Price of gold hits record high this week

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The old jewelry you haven't seen in years might be worth looking for this week as the price of gold hit a record high of $1400 an ounce and continued to trade around that amount the past few days.

Brent Hodson deals with gold on a daily basis at Parry Jewelers in Yakima. He says anyone who owns the precious metal should be excited by this trend.

"It means they can get more cash in their hip pocket then they could back six months ago," he said. 

Hodson says he's heard speculation of the price reaching $1500 an ounce by the end of the year, adding to the significant increase gold has seen recently.

"We're looking at when it wasn't too long ago when it was only 800 an ounce, [...] 350 an ounce so it has dramatically changed the whole market," he said.

Gold has often been considered a possible investment when the rest of the economy is struggling. But Hodson says it is more likely a way to diversify your portfolio.

He also warns gold owners to be careful of scams. Before making a major transactions, they should do their research and get a second opinion.

The record high set by gold this week comes as silver and other metals see large increases in their prices as well.