LAS VEGAS (KTNV) — With gold and silver prices reaching record highs, locals are flocking to pawn shops across the Las Vegas Valley to buy and sell the metals.
"It's a good investment," Randolph said.
WATCH | What to know about the rising prices of these precious metals
Jihad Randolph has been investing in gold and silver for many years. The California visitor decided to stop by several valley pawn shops to see what he could find.
Randolph says investing in precious metals gives him peace of mind when the economy feels uncertain. Right now, he's focused on buying, hoping prices will continue climbing so he can sell once they peak.
"I'd rather spend money on gold, and I can always make money off of it," Randolph said. "I feel like it's only going to keep going up so I rather keep getting more so I can get more."
He's not the only one cashing in. Neil Sackmary, owner of Nevada Coinmart, says many people are bringing in old jewelry and metals they bought years ago.
"My business over the past couple of weeks has certainly doubled and then doubled again because now people are really going in," Sackmary said.
Sackmary says gold is now sitting at more than $4,000 per ounce, a significant jump from before the pandemic when it was under $2,000.
An ounce of silver is now roughly $50, up from around $15 per ounce before the pandemic, according to Sackmary.
He said he's never seen prices like these before.
"This is one gram of gold — that's pure gold. Currently, right now, that one gram of gold is worth about $130," Sackmary said, holding up a small piece.
A 14-karat gold ring that used to be worth $35 to $40 is now valued at $275, according to Sackmary. One ounce of silver bullion is worth $51. He said before the pandemic, people were buying it for roughly $15-18.
While the price uptick might be good news for customers, Sackmary says it's not necessarily a positive sign for the economy.
"The metals going up like this is a really bad sign for what is to come in the future," Sackmary said.
Sackmary offers several ways to determine if gold and silver are authentic. People can bring items to shops like his for testing, but there's also a simple smell test. If it smells like copper, it's likely fake. Real gold and silver don't have a smell.
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