A ‘gold rush’ at Minnesota jewelry stores as gold prices soar to record highs

Gold prices on the rise

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(KSTP) – Minnesotans are flocking to pawn shops and jewelry stores to sell off jewelry and coins as the price of gold hits record highs.

It has been going up since February amid inflation and economic uncertainty.

The price of gold hovered around $2,400 per ounce on Thursday.

“Gold has raised about 20% this year so far,” said Michelle Miller, vice president at Gloria’s Jewelry in St. Paul. “It’s crazy. I can’t believe it. It’s never been this high in history.”

Miller said a growing number of people have been coming into her store, looking to offload everything from rings to coins, even gold teeth.

“People get embarrassed to show them to you but it’s like, ‘No, bring them in!’ And then they’re shocked at the price. Yesterday, someone brought in almost an entire mouthful and it was worth almost $800.”

Don Kinney of New Richmond, Wisconsin, visited the jewelry store Thursday with a variety of collectibles, such as gold coins and rings.

“This is my first time selling,” Kinney said. “It’s all just sitting around at home when I could be doing something more productive with it.”

Miller estimated Kinney had nearly $5,000 in gold coins alone.

Kinney said he plans to use the money to buy equipment for his small business. He works as a field service engineer for local eye doctors.

The rising price of gold is also leading to a rush on gold bars.

Costco is currently selling 1-ounce gold bars at a slight markup, generating up to $200 million per month in sales, according to a new report from Wells Fargo.

“The idea of it is that gold holds its worth, and that is why people want to have that as a potential investment in their portfolios,” said Hitha Herzog, chief research officer of H Squared Research.

As for what could happen next, Miller said, “It’s hard to say, hard to say. Everybody predicts it’s going to stay at least this price or go up.”