It’s been a wild ride for Matt Wallace, who’s owned Eugene Coin and Jewelry since January.
“It seems like every single day we walk in, we’re hitting new records for gold," he told KLCC. "So today is another record for gold, there was a record last week for gold … it’s continually going up, all year long.”
In the store, people buy rings, sell necklaces and price coins. Wallace said the majority of customers are selling, trying to lock in some significant gains. Gold has gone up about $1,000 per ounce from a year ago, and rose above $3,700 per ounce for the first time on September 15.
Because precious metals are a worldwide currency, Wallace said they represent stability when there’s uncertainty and rising prices anywhere, but the U.S. is a big driver. While interest rates are expected to fall, which would be good for home buyers, and should stimulate the economy, lower rates are also tied to higher inflation.
The store has been extremely busy lately, but Wallace said it’s strange to have a business that benefits when the economy is unsteady.
"If you’re interested in buying and selling gold and silver and you feel like you missed the boat," Wallace said, "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.'"
He said while no one knows what will happen to gold prices tomorrow, he believes that as long as there’s inflation and instability, the commodity will remain strong.
