A gold rush is on in Portland and around the world. For the second consecutive day gold prices have hit new highs, closing wednesday at $1,044.70.

But economists say it comes at the expense of a continued weak U.S. dollar.

Those who have money are buying more gold expecting it to continue to climb and as a hedge against inflation.

"The value of the dollar is probably the bigger issue today than it is the price of gold,although it's high an all time high, it's the fact that the dollar is continuing to go down versus all the other currencies," said Senior Director of Investments for Wells Fargo Jeff Savage.

For those who need a little extra cash, they're heading to coin shops like Columbia Coin Company on SE Hawthorne Blvd.

"If you have a gold coin as part of the portfolio, it'd at least have a 2,000 year history of being historic value" said Jonathan Locke, president of Columbia Coin.

His company has been buying and selling gold in Portland for more than 50 years. Locke says gold coins have the most value, because they're 24 karat.

People looking to sell their gold jewelry are keeping pawn shops like the Silver Lining pawn shop on NE Sandy Blvd. busy.

However, gold expert Blake Swearingen says gold jewelry doesn't bring in the kind of money coins do.

"When you're dealing with gold jewelry you're dealing with 14 to 18 karat, you have to realize 14 karat is only 58 percent solid gold" said Swearingen.

Experts agree the price of gold will continue to go up, which means the value of the dollar will continue to go down.

But, whether buying or selling, be careful where you buy and where you sell. They caution do not send your gold in the mail, it's better to deal with someone locally face to face.