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GREEN BAY, WI (WTAQ) — We’re seeing significantly high prices of gold and silver across the nation; and its creating a shake up for some small shops in northeast Wisconsin.
For years, the price of silver per ounce was generally in $20-30 range. That’s according to Mike Worachek, the owner of Card and Coin in Ashwaubenon. Then this last October it shot up to $50.
“Then the people that wanted to get out, sold at $50 so we had an abundance come in,” said Worachek. “Then it went up a little bit more and then all the people who thought it was going to go to $200 started buying. So we go in kind of a flip-flop.”
Gold on the other hand reached about $5,344 at its peak on January 29. Now It’s about $5,052. But that’s still higher than the $4,019 in the beginning of November.
Mark Rothe, owner of American Antiques and Jewelry in Green Bay says 1979-80 saw a similar trend to what we’re experiencing now. Gold went up due to hyper inflation, silver was up because it was controlled by the Hunt brothers.
“They drove up the thing by playing the margins on the exchange. It went all the way up to almost $50 an ounce, and it dropped in a couple of days more than 50%,” said Rothe. “But that was artificially brought up. This time I think it’s worldwide supply and demand.”
And now that people are seeing more opportunities with the prices of gold and silver, scammers are looking for opportunities of their own.
“There’s so many scams now. We’re getting in counterfeit silver-eagles on a weekly basis that people bought online,” said Worachek. “They thought they’re getting a good deal and they turned out to be counterfeit and now you’re out $80 a coin or whatever.”
Both Worachek and Rothe stress the importance of going into a local shop and talking face-to-face with the experts.
“You got to deal with somebody reputable,” said Rothe. “Somebody who has the equipment to test the stuff and do what’s necessary to make sure that it’s real.”
While these gold and silver prices have been high for a while now, the unpredictability of the market means that may not be the case for much longer.
But just like the rest of us, Worachek and Rothe are waiting to see what comes next.
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