Surge in gold prices prompt wave of buying, selling at local coin shops

SALT LAKE CITY (KUTV) — The price of gold has surged in recent years, prompting a wave of buying and selling at local coin shops.

At the time of this post, the price of gold was $3,353 per ounce. Gold peaked this year in April when it was $3,500 per ounce. Silver has also rallied — though less dramatically — hovering near $38 per ounce.

At Monarch Coin, a Salt Lake City shop operating for 66 years, Austin, the operations manager, is also impressed by gold’s dramatic rise in value since he was hired seven years ago.

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“When I first started with Monarch, gold was at 1,200 bucks an ounce. We are now at 3,300,” he said.

According to Austin, the price shot higher during the COVID-19 pandemic, then again following Russia’s invasion of Ukraine and conflicts in Israel and Gaza. Such global events create fear about the overall economy, driving investors toward gold as a secure investment.

“Gold has always been the money of the world. When people get scared, they come and invest their money because it’s always a safe haven,” Austin said.

He cautioned that while the world’s current instability may continue to support gold prices, there are risks.

“You are never guaranteed to make money,” he said.

Gold purchases in the shop range from 10-ounce bullion bars priced around $33,000 currently to U.S. Gold Eagle coins at about $3,400. For smaller investors, gold is available in pieces starting at $100. Silver offers a lower-cost alternative, with American Silver Eagle coins costing approximately $40 and 10-ounce bars around $360.

Dealers are appealing to a range of buyers, offering themed coins including Star Wars and Disney designs. But Austin stressed that diversification remains key.

“You don’t want to put everything into gold and silver, it’s good to diversify,” he said.

Austin also cautions that, as with other investments, patience pays off when putting your money in gold.

“It’s a long-term investment. You are not making money overnight on this stuff.”

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