The rush for gold in southeast Minnesota after slashed federal interest rates
ROCHESTER, Minn. (KTTC) – Last month, the Federal Reserve slashed interest rates by a half-point. This led to a new record for the value of gold.
The rush for gold, experts said, is due to instability in the economy, recent political tension around the world and a demand from banks on a global scale.
What does this mean for the precious metal in southeastern Minnesota at trading stores?
Owner Joel Schroeder of J D Coin in Rochester told KTTC the flow of customers continues to be the same.
He said typically during the spring, his business increases before slowing down in the summer when people are traveling.
“I haven’t seen a big increase of people coming in with a with the feds cutting the prime, but it still is going up,” Schroeder said. “You know the 24, 25, 26 range I think is going to be our new normal.”
Schroeder said the price of silver is actually matching gold currently and is also climbing up. Many of his customers are investing in silver rather than gold.
According to goldprice.org, the current price of gold sits at $2.617.25 per ounce as of October 9.
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