HUBBELL, Mich. (WZMQ) – In times of economic uncertainty, a popular outlet includes trading and collecting within the precious metals industry.
Rick Ellingsen has owned UP Coins and Bullion for the last year after a 20 year run by its previous owner, as one of the only professional businesses of its kind in the Upper Peninsula. He says outlets for this particular market have been scarce in the region for decades.
“Being a metal buyer in the U.P. was very difficult because there was nowhere to buy it, and when I wanted to sell it, I had nowhere to do so,” he said.
About a year into owning the business, Ellingsen witnessed a severe spike in price per ounce across the precious metal industry.
Whenever the value of the dollar drops down, the prices of silver and gold per ounce increase. In January and February of 2026, Ellingsen says he saw about a 300% return value over an average 10%, a historic high for gold in particular. During this time however, scrap refiners also weren’t able to keep up with the price increase, creating a lot of uncertainty for local traders.
“It was very interesting and pretty scary when it went up that high,” he said. “A common thing throughout the industry was that everybody basically ran out of money, all while there was no shortage of gold or silver, it was interesting. A lot of people were buying and even more selling at that time, you see more interaction when there’s volatility in the market.”
Ellingsen says helping fellow Yoopers understand the ins and outs to this area of investment is a main priority for his business. More information can be found here.
