Gold and silver prices hit record highs as investors rush to buy and sell in Colorado Springs
Samantha Hildebrandt
COLORADO SPRINGS, Colo. (KRDO) — Gold and silver prices are shattering records, prompting a surge of activity at local coin shops as investors look for stability amid growing economic uncertainty.
Gold prices climbed above $5,000 an ounce this week — a historic high — while silver also continues to surge. Economists say the rapid increase reflects investor concern over inflation, global conflicts, and the future strength of the U.S. economy.
“When people feel less confident about the U.S. economy, they start hedging their bets against the U.S. dollar,” said Tatiana Bailey, an economist. “That’s translating into people turning to gold.”
That uncertainty played out in real time Friday at Hallenbeck’s Coin Gallery in downtown Colorado Springs, where a line wrapped around the building for much of the day as customers waited to buy and sell precious metals.
The shop’s owner, Tom Hallenbeck, says the demand is unlike anything he’s seen in decades.
“The pace of this surge is just insane right now,” Hallenbeck said. “There’s nothing like it that I can remember.”
Hallenbeck has been in the business since the 1980s and says both longtime collectors and first-time sellers are flooding through the doors. Many are cashing in on items they’ve held onto for years — even decades.
“We’re seeing people who have had items for 40 to 50 years, and they’re bringing them in to sell,” Hallenbeck said.
At the same time, others are buying — worried prices could climb even higher, and that they’ll miss out if they wait.
Economists say precious metals are often viewed as a safe haven during periods of uncertainty, especially when stock markets are volatile or confidence in traditional currency weakens.
Experts say whether prices continue to rise will largely depend on what happens next with interest rates, inflation, and the global economy.
For now, demand remains strong — and local businesses are feeling the impact firsthand.