Sales and purchase of gold rises amid economic uncertainty

FRESNO, Calif. (KFSN) -- Gold is typically seen as a safe haven - a commodity that will always hold value.

Historically, wars and financial crises become reasons for investors to buy and the current state of our economy is no different.

Russia's invasion of Ukraine has had large and complicated global repercussions.

Uncertainty in Europe and elsewhere has driven up the price of gold, and the impacts are trickling all the way down to the Central Valley.

In an economy full of so much unpredictability, many people are turning to places like the Fresno Coin Gallery.

Stephen Foster owns and operates the business in northeast Fresno.

"I think it's motivated by the high price of gold and also motivated by the high price of gasoline," Foster said.

He says with record high gas prices across the board, many are selling their unwanted gold and silver to try and get something in return while they still can.

"We're also seeing a lot of people surprisingly that are, well not so surprising to me that are buying gold coins right now," Foster said.

Foster says it's not just a seller's market.

Despite a drop in the price of gold in recent days, there's still a high market value if you're looking to buy.

"Gold did recently hit a high of $2,060 per ounce," Foster said. "And right now, it's closer to $1,910 per ounce, so while it has recently fallen, it's still at 90% of its all-time high."

Foster's business is up 20-30%, which he says is reminiscent of the late 2000s when the great recession left millions of Americans in a state of panic.

But with so much activity in the market, he warns consumers to tread with caution.

"Just be careful who you deal with," Foster said. "It's a big world and gold has to be authentic for you to be dealing in it."