LAS VEGAS (FOX5) -- As the price for gold continues to go up and break records, experts say silver is next and the impact is already being seen by local vendors.
“I can’t keep enough material in stock,” said John Jankowski, owner of Las Vegas Coin Company.
Jankowski and other experts say the rush to buy precious metal is due to a weakening U.S. dollar.
“Now you have middle class america realizing, ‘you know my money may not be worth anything in just a very short period of time,” said Jankowski.
Gold is quickly approaching $2,000 dollars an ounce. Silver is selling at just under $24 dollars an ounce.
“80 percent our buyers are now first time buyers or second time buyers versus the clients that have been coming to us for years,” said Jankowski.
On Tuesday, a seller came in with 3,000 Silver Eagles and in a matter of 20 minutes they were sold to another man for $90,000 dollars.
“If we are going to see a run-up, silver is where the run is going to be and that’s one of the reasons I can’t keep it in stock.”
Jankowski said he is noticing a change in his customer base too.
“The people that are coming in here are purposeful. They are coming in here not to browse, they are coming in here to sell, whether it’s an estate or a collection, or they want to buy. And they know what they want before they come in the door,” said Jankowski.