BILLINGS — Amid the chaos of the stock market, investors are seeking refuge in precious metals.
As the dollar weakens, the price of gold has surged to an all-time high, with prices exceeding $3,000 per ounce.
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"People are looking for a safe haven for their money," said Ardell Halvorson, owner of Ardie's Coins in Billings. "We've seen a big uptick with gold. Silver has come up slightly, but gold has taken off."
Ardie's Coins at 1944 Grand Ave. is busy with activity, averaging around 60 customers a day.
"We have four to five people working every day, and we're just trying to keep up," he said. "Right now, we're seeing a lot of volatility. It's just the same as the stock market. Everything's kind of in flux right now.”
In the last month and a half, since the price of gold has reached record highs, the shop has more people coming in to sell gold.
"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."
On Tuesday, the price of an ounce of gold stayed around $3,400.
"Mostly I believe because the dollar has been falling. It's fallen probably about 6 or 7% just recently," Halvorson said. "If you've got extra gold, it's a good time to take some off the table."
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