TUCSON, Ariz. (KGUN) — The price of gold is at an all-time high. The American Precious Metals Exchange’s spot price chart for gold shows that one ounce is now worth more than $3,100.
Five years ago, one ounce of gold was trading at about $1,700.
Jim Ganem, owner of Arizona Coin Company and Ambassador Diamond Jewelers, says many clients share that they’re fearful of what tariffs can do to the economy.
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“Always in inflation, people turn to gold or precious metals, silver, gold, platinum," Ganem said. "They've always been a commodity that tends to do well, meaning they tend to go up in value with the same schedule as inflation.”
Ganem explains that one of the trends he sees right now is people investing in gold, whether that's a $100 investment or a $100,000 investment. He says people want money in an asset that will go up.
“We also, on the other end of trends, have a lot of people cashing in. They bought gold whether it was a year ago, five years ago, or 30 years ago. And they're profiting right now if they're selling because the gold is at an all-time high," said Ganem.
One shopper at Ambassador Diamond Jewelers says he’s noticed the price of gold has doubled.
“In today's markets, you never really know what's going to happen, but my buddies tell me to buy gold, buy gold because it's a good investment and it's going up," Steve McManus said.
Ganem says the only difference between the increase in gold today compared to the increase seen in the 1980s is the people who are buying it.
“People investing in gold and silver are everyday men, it used to be people, you know, a little bit more investment intelligent. Today, we have school teachers, we have janitors, we have construction guys, and everybody is in on gold and silver.”
Ganem tells me we will likely see the price of gold continue to rise over the next six months.
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Jacqueline Aguilar is a multimedia journalist at KGUN 9. Born and raised in Yuma, AZ., she is no stranger to the unforgiving Arizona heat. Now this U of A wildcat is excited to be back in Tucson and is looking forward to involving herself in the community. Share your story ideas with Jacqueline by emailing jacqueline.aguilar@kgun9.com or connecting on Facebook, Instagram or X.
