Gold Prices Skyrocket: A Local Dealer's Perspective
Matt Wallace, owner of Eugene Coin and Jewelry, has seen a surge in business as gold prices continue their upward trajectory. According to Wallace, "It seems like every single day we walk in, we’re hitting new records for gold." September 15th marked a significant milestone, with gold exceeding $3,700 per ounce for the first time.
The dramatic increase, approximately $1,000 per ounce compared to last year, has driven many customers to sell their gold and silver, seeking to capitalize on the substantial gains. Wallace notes that the majority of his customers are currently sellers.
Why the Gold Rush?
Precious metals like gold and silver often serve as a safe haven during times of economic uncertainty. Wallace explains that their global currency status provides stability amidst rising prices and instability. While lower interest rates, expected to benefit home buyers and stimulate the economy, typically correlate with higher inflation, further fueling the gold rush. The U.S. economy appears to be a significant driver of the current surge.
Wallace acknowledges the unusual position of benefiting from economic instability. He encourages those who feel they may have missed the initial opportunity to reconsider, stating, "If you’re interested in buying and selling gold and silver and you feel like you missed the boat... 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.'"
The Future of Gold
While predicting future price movements is impossible, Wallace believes that gold will remain a strong commodity as long as inflation and instability persist.
- Gold prices hit record highs in September 2025.
- Customers are primarily selling to lock in profits.
- Economic uncertainty and inflation are driving the demand for gold.