SALT LAKE CITY — Gold and silver are hitting new highs, and Utahns have taken notice.
Lines have been out the door nearly every day this week at Monarch Coin Corporation in Salt Lake City as people hope to trade their gold and silver.
For some coin collectors, it’s not easy to part ways with their treasures, but sometimes there’s a silver lining.
“Well, I bought them in the 90s and I paid 3.80 cents a coin for them…So today they’re worth over $100,” one customer, Kim Rimmasch said.
Silver is currently over $100 an ounce, and gold is over $5,200 an ounce.
“Bought them around 2019, 2020,” another customer, Nathan Wixom said. "I have just held on to them and lately the price of silver has gone way up so, good time to sell.”
At Monarch Coin Corporation, they’re seeing an influx of people, and they’re trying to help customers through the process.
Sarah Thompson, Chief of Staff for Monarch Coin, said they’re a family-owned, local business, so they see a mix of people each day.
“The larger financial firms have started to add precious metals into their advice… so I think there are people who have come into it historically and there are people who have just recently seen the big movements in the market and said, I want to join that,” Thompson said.
Experts say that trade tensions have also increased the demand for precious metals.
“We could be $80 to 70 dollars in a week,” another customer said. "But by the end of the week, we could also hit $150.”
Even with interest rates staying steady, gold is surging.
