Eugene Coin and Jewelry Sees Surge in Business Amid Record High Gold and Silver Prices
Eugene Coin and Jewelry, owned by Matt Wallace, is experiencing a significant increase in business due to record-breaking high prices for gold and silver. The store has seen a rush of customers looking to capitalize on the rising value of precious metals.
Record-Breaking Prices Drive Sales
According to Matt Wallace, gold prices have been hitting new records almost daily. "It seems like every single day we walk in, we’re hitting new records for gold," he told KLCC. "So today is another record for gold, there was a record last week for gold … it’s continually going up, all year long.” On September 15th, gold rose above $3,700 per ounce for the first time, marking a substantial increase.
Customers Cashing In on Gains
The majority of customers visiting Eugene Coin and Jewelry are selling their items to secure significant profits. Gold prices have increased by approximately $1,000 per ounce compared to a year ago, prompting many to liquidate their holdings. The store handles various transactions, including buying rings, selling necklaces, and pricing coins.
Economic Uncertainty Fuels Precious Metals Market
Wallace explained that precious metals act as a global currency, offering stability during times of economic uncertainty and rising prices. While falling interest rates could benefit homebuyers and stimulate the economy, they also tend to correlate with higher inflation, further driving the demand for gold and silver. The U.S. is a major factor influencing these trends.
Is It Too Late to Invest?
Despite the current high prices, Wallace suggests that the opportunity to invest in gold and silver may not be entirely lost. He shared that customers who previously expressed regret for missing earlier investment opportunities later returned to reconsider. "If you’re interested in buying and selling gold and silver and you feel like you missed the boat," Wallace said, "I’ve had people say that to me in January: 'I missed the boat,' and then they came back in March and were like, 'I missed the boat.'"
Outlook on Future Prices
While future price movements are uncertain, Wallace believes that gold will remain a strong commodity as long as inflation and instability persist. The store remains busy, reflecting the ongoing demand for precious metals amidst economic anxieties. The future of gold and silver prices remains intrinsically linked to global economic conditions.
