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'Gold is skyrocketing': Price of gold hits all-time high

Price of gold hits all-time high
Posted at 6:10 PM, Mar 21, 2024

MCLENNAN COUNTY, Texas — Financial markets can rise and fall at a moment's notice — March 2023 has seen gold reach an all time high, hitting just over $2,200. That’s more than a 10 percent increase from it’s price a year ago, when it was at $1,962.

  • Owner of Reliable Coins said there’s no specific reason why the increase has occured but things like inflation, our current economy and job reports play a large role.
  • Gold typically see’s a drop in price around the Summer time, and increases during the Winter.
  • Silver has also seen in increase reaching a little more than 25 dollars an ounce.

BROADCAST SCRIPT:
“Gold is skyrocketing."

Gold has reached an all time high, hitting just over $2,200 — that’s more than a 10 percent increase from it’s price a year ago, when it was at $1,962.

“We definitely have had a lot of people selling just because that price is at an all time high — but for the most part our regular customers still believe that it’s going to go a lot higher and they’re going to continue buying,” said Shane Pack, owner of Reliable Coins.

This includes regulars like Colin Murrey.

“What can I do for you today, looking for some gold, what are you looking for?”

Murrey started investing in gold and silver during the pandemic when he said prices were low, and after watching trends and seeing the value of gold increase, so has his buying.

“I’m not buying this with expectations of making money tomorrow. I’m buying right now because I know that my dollar is only getting less valuable. And this is not. This is going up in value,” Colin Murrey said.

25 News asked Pack why we’re seeing gold remain at this uncommonly high price point, he said, there’s no specific reason, but things like inflation, our current economy and job reports play a large role.

“Our dollar is strong for the most part — but we just see a downtrend on how it’s getting weaker, weaker, and weaker and how other countries are no longer accepting it,” Pack said.

Murreys uncertainty in the current economy has given him a security blanket with funds and led him to keep his investments in more than just a savings account.

“I like to have it you know in somewhere safe, It’s not in the stock market. It’s not in a bank account. It’s only where I know it is and I could get to it anytime I needed it,” Pack said.

Shane says following trends, gold typically see’s a drop in price around the Summer time, and increases during the winter.