The price of gold has passed $4,000 an ounce for the first time ever.
This comes amid economic uncertainty in the United States.
"The factors that are helping drive the price of gold are just really the diminishing value of the dollar," said Allen Rowe, President of Northern Nevada Coin.
Rowe says the government shutdown and currency wars have also contributed to the price increase. International factors also play a part.
"As oil starts to get priced out in other currencies besides the [US] dollars," Rowe said, "and we're starting to see other countries selling their treasuries back to the U.S., the dollar has been diminishing in value."
To put the current price of gold in perspective, 25 gold coins weighing one troy ounce each are collectively worth $100,000. Around this time last year, 40 coins would have been worth the same amount.
Cody Zorn owns Sierra Silver & Gold Buyers in Reno. He says there's a different perception about this milestone compared to another one in recent years.
"When it approached the $2,000 watermark, it hit and then came back down," Zorn said. "The perspective this time is that gold will go to $4,000 and then go beyond."
Rowe says some customers agree with this perspective, but others want their money right now.
"As the price goes up, people are trying to cash in on their value because they've never seen these prices before," he said. "Conversely, there's a whole other section of people who are looking at this and saying, 'wow, $4,000 may be the beginning of this run.' If they're thinking that they're coming in and buying gold."
On top of potential gains, Zorn adds that economic uncertainty plays a big role in deciding whether to buy gold.
"Gold is a fear metal," Zorn said. "When people are fearing what's going to happen next, they go into it."
