Main Street may have found its next bubble to ride. With prices above $900 an ounce, America has gold fever. Grandma’s heirlooms, wedding bands, even gold teeth are being thrown into a melting pot for a fast buck. In fact in the latest spin on Tupperware parties, suburban housewives are hosting gold gatherings to collectively melt down their wares.
Travel agencies are also getting into the act with mining vacations to California and Alaska. And in Florida there’s a shortage of metal detectors as hopeful adventurers hit the beach to seek long lost treasure.
So, what’s the trade as the nation’s gold fever rises out of control?
With so much gold coming into the market it could create a shift in the supply / demand dynamic. Be careful of a move down, counsels Karen Finerman.
If you want to play gold, look at Newmont Mining , says Guy Adami.
