GREAT FALLS — The price of gold surged to new record highs this week, briefly hitting more than $3,500 dollars per ounce on Tuesday. Pawn shops are seeing an increase in people selling their gold, as the price increase presents a quick money-making opportunity.
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Lui Salina, manager of Capital Pawn in Great Falls, says, “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.”
For the past year, gold prices have steadily increased, but recent weeks have seen those numbers pick up speed.
Driven by economic uncertainty, demand for gold as a safe haven asset increases with declining confidence in the US dollar.
Salina says, “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.”
Gold prices have already increased 31% so far this year, as opposed to 27% by the end of 2024, and have hit 28 record highs.
