Record Highs and Increased Sales
The price of gold has surged to new record highs this week, briefly hitting more than $3,500 dollars per ounce on Tuesday. This marks the latest in a series of price increases that have seen gold prices rise by 31% so far this year. In contrast, by the end of 2024, gold prices had only increased by 27%.
Pawn Shops See an Increase in Sales
- Pawn shops are seeing a significant increase in people selling their gold, as the price increase presents a quick money-making opportunity.
- The price increase is making it an attractive option for people to sell their gold, especially bullion, which is a type of gold that is often purchased in large quantities.
- Other items, such as jewelry, are still being sold, but the high price of gold is making it less popular.
Expert Insights
Reporter Aneesa Coomer spoke with Lui Salina, manager of Capital Pawn in Great Falls, to gain insight into the recent surge in gold sales.
Salina
“As the price has gone up, we’ve been seeing people want to sell theirs more because they bought it at such a lower price. A lot of what we see that people are really wanting to get rid of is bullion. As far as jewelry and stuff, we still see quite a bit more with prices this high.”
A Safe Haven for Investors
Salina attributes the surge in gold sales to investors seeking a safe haven for their money. “I think people are looking for a safe haven for their money, whether it be gold or silver, people are looking to place their money or their wealth outside of the U.S. dollar at the moment.”
Related News
Reporter Hailey Monaco spoke with Ardell Halvorson, the owner of Ardie’s Coins in Billings, to gain insight into the recent surge in gold sales in their area.
Halvorson
“People are looking for a safe haven for their money. We’ve seen a big uptick with gold. Silver has come up slightly, but gold has taken off.”
A Brief History of Gold Prices
| Year | Gold Price (per ounce) |
|---|---|
| 1993 | $255 |
| 2024 | $1,070 |
Causes of the Increase
Halvorson attributes the surge in gold prices to a decline in the value of the U.S. dollar. “Mostly I believe because the dollar has been falling. It’s fallen probably about 6 or 7% just recently. If you’ve got extra gold, it’s a good time to take some off the table.”
Conclusion
Gold prices have reached new heights, presenting a lucrative opportunity for those selling their gold. Pawn shops are seeing an increase in sales, and investors are seeking a safe haven for their money.
