PENSACOLA, Fla. — Precious Metals Prices Hit Record Highs
This week, spot silver prices surged to $51 per troy ounce, marking the highest level since 1980. Gold isn’t far behind, having climbed 54% since the year’s start, now valued at about $4,000 per troy ounce.
Local coin shops are experiencing a surge in customers. Experts attribute this increase to economic uncertainty and U.S. policy changes.
At Emerald Coast Coins in Pensacola, business is thriving. Manager Stephanie Dodson mentioned that interest in both gold and silver has dramatically increased recently.
It truly feels like a “silver and gold rush”.
“We’ve definitely seen a significant rise in gold and silver transactions, both buying and selling,” Dodson shared. “The trend has been steadily climbing for weeks and shows no signs of stopping.”
She noted that the rally in gold began when prices surpassed $3,300 per ounce and silver crossed the $50 mark.
“This is an all-time high,” Dodson added.
Interestingly, spending habits among customers vary widely.
“Some individuals are spending around $50 or even $100 weekly,” she explained. “Although prices are rising, we’re not in a bubble just yet. Some buyers are spending as much as $100,000, and some don’t seem to think it through.”
According to Dodson, many customers are seeking ways to diversify their investments.
“We anticipate that prices will keep climbing since so many people are buying right now,” she noted. “They’re also concerned about global events and want more than just a checking or savings account. Essentially, they don’t want to put all their eggs in one basket.”
She believes this surge is reminiscent of previous economic downturns.
“Back in 2008, 2009, things were chaotic,” Dodson recalled. “This feels comparable to that period.”
Dr. Rick Harper, an economist with Triumph Gulf Coast, also provided insights.
“Gold is projected to increase by 50% by 2025, which is significant,” he stated. “Currently, it’s about $4,000 per ounce. Just six months ago, it was around $2,000 an ounce. A major factor driving this is U.S. policy.”
Harper pointed out that the Federal Reserve is lowering interest rates.
“When interest rates drop, folks are looking for returns from assets outside of government bonds, and gold becomes an attractive option,” he explained.
He also mentioned the rising U.S. budget deficit as another reason behind the sales boost.
“Global investors are losing confidence in the U.S. dollar,” Harper said. “The dollar has decreased by roughly 10% since January 2025. So, where are people who are wary of the dollar moving their investments?”
“We anticipate that gold and silver prices will remain elevated, at least for the short term,” he remarked.
Dr. Harper concluded by noting that the international demand for gold is also contributing to its rising prices.
