GREAT FALLS — The price of gold surged to new record highs this week, briefly hitting more than $3,500 dollars per ounce on Tuesday. Gold prices have already increased 31% so far this year, as opposed to 27% by the end of 2024, and have hit 28 record highs.

Pawn shops are seeing an increase in people selling their gold, as the price increase presents a quick money-making opportunity.

Reporter Aneesa Coomer talked with Lui Salina, manager of Capital Pawn in Great Falls.

Salina said, “As the price has gone up, we've been seeing people want to sell theirs more because they bought it at such a lower price. A lot of what we see that people are really wanting to get rid of is bullion. As far as jewelry and stuff, we still see quite a bit more with prices this high.”

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For the past year, gold prices have steadily increased, but recent weeks have seen those numbers pick up speed.

Salina says, “I think people are looking for a safe haven for their money, whether it be gold or silver, people are looking to place their money or their wealth outside of the U.S. dollar at the moment.”

In related news, reporter Hailey Monaco talked with Ardell Halvorson, the owner of Ardie's Coins in Billings, who is also enjoying a boost in business.

Halvorson said, "People are looking for a safe haven for their money. We've seen a big uptick with gold. Silver has come up slightly, but gold has taken off."

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"When I started the business, it was $255 back in 1993. So it's gone up about 11 times since then. It's quite a difference," Halvorson said. "Of course, inflation's gone up too, but gold right now is setting new highs nearly daily."

He noted, "Mostly I believe because the dollar has been falling. It's fallen probably about 6 or 7% just recently. If you've got extra gold, it's a good time to take some off the table."