Imagine pouring your life savings into a dream business, only to have it shattered—literally—in a matter of minutes. That’s the devastating reality for Jami Hughes, owner of Treasure Mountain, a Calgary jewelry store, who recently fell victim to a brazen late-night smash-and-grab robbery. But here’s where it gets even more heartbreaking: the soaring price of gold, which has hit record highs, is not only attracting investors but also emboldening thieves, leaving small business owners like Hughes in a precarious position.
The incident, captured on security cameras, unfolded in the early hours of February 2nd. Footage shows a pair of intruders using bolt cutters to smash through the store’s fortified front door. One suspect, armed with a gym bag, made a beeline for the glass display cases, while the other stood guard. Within minutes, they had fled with an estimated kilo of gold jewelry, including rings, pendant necklaces, and Victorian brooches. Hughes, who had neglected to secure the gold in the store’s safe that night due to exhaustion, now faces losses between $140,000 and $200,000. And this is the part most people miss: the emotional toll of such a violation goes far beyond the financial loss. Hughes, visibly shaken, told Global News, ‘I don’t even know what I’m going to eat… I was investing my entire fortune in my jewelry business.’
Controversially, some might argue that the surge in gold prices has created a perfect storm for crime. With gold prices skyrocketing—up 55% in 2025 and continuing to climb in 2026—it’s become a prime target for thieves. But is this a fair trade-off for investors seeking a ‘safe haven’ asset? Or does it unfairly burden small businesses with heightened security risks? Hughes herself described the thieves as ‘gangster guys’ with hoodies and flashy shoes, suggesting a level of premeditation and confidence that’s hard to ignore.
Calgary police are investigating, but the suspects remain at large. Meanwhile, Hughes is left questioning her future in the jewelry business. ‘I don’t feel safe,’ she admitted, considering liquidating her remaining inventory and closing the store permanently. Her plight raises a thought-provoking question: In a world where gold is both a symbol of wealth and a magnet for crime, who bears the cost?
Here’s a bold question for you: Should small businesses like Treasure Mountain be left to fend for themselves in the face of rising gold-related crimes, or is there a role for policymakers and law enforcement to step in? Share your thoughts in the comments—this is a conversation that’s far from over.
