Prices at 3-year-low causing a "silver rush" - KYTX CBS 19 Tyler Longview News Weather Sports

Prices at 3-year-low causing a "silver rush"

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Tyler, TX (KYTX) -- Both gold and silver prices are sliding to their lowest in nearly 3 years, and investors in East Texas are stocking up.

Wynn Worthen just added a little more shine to his own collection.

"We came in to buy some silver because it's at pretty low prices right now, and we wanted to take advantage of it while we could," Worthen said.

Not a huge investor, Worthen says he knows enough to realize it was time to act.

And even though gold prices are at a 3-year low too, falling to around $1224 an ounce, we're told most buyers are stocking up on silver.

"Silver is a lot less expensive than gold, and you can use silver for all sorts of stuff," Worthen said.

Dealers agree. "You can get more bang for your buck with silver, and you got a lot more options," Don McPherson, owner of American Gold and Diamond Exchange in Tyler, said.

McPherson says inventory is getting tight, and few traders want to sell.

"For us it means more demand. We probably have 30-to-1 buyers over sellers right now,"McPherson said.

With prices fluctuating all the time, it's anybody's guess how low they'll go.

"I'm not sure what the bottom is going to be, but I think we'll see a pretty good jump here shortly,"McPherson said.

Analysts blame the drop on concerns the Federal Reserve will rein in its monthly bond-buying program, which helped push prices to highs in recent years.

Precious metals are expected to lose nearly 25 percent of their value this quarter. 

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