Jitters over yesterday's breath-taking stock market plunge might have been measured by calls to Classic Coins Hawaii, where there was a jump in calls from people looking to buy gold and other precious metals.

"The volume of calls has kind of picked up but today (Monday) more so, because the stock market took a hit," said Doug Ho, Classic Coins Hawaii president.

"There's kind of a run on gold and silver coins and things like that."

Ho and other precious metal dealers in Honolulu report that sales and inquiries have risen, given worries over the nation's financial crisis and potential for inflation if a $700 billion rescue package is enacted on Capitol Hill. Gold has been a traditional haven for investors in times of uncertainty, and local dealers report an increase in calls in recent weeks.

Yesterday, the spot price for a troy ounce of gold jumped $30.75 to $909.50 as the Dow Jones Industrial Average tumbled 777 points in what was its worst point drop ever. The price is up by more than one-fifth since Sept. 11 amid concern about Wall Street, congressional wrangling over rescue legislation and other worries brought on by the credit crisis.

Hawai'i stocks fared slightly better than the broader market, with The Honolulu Advertiser-Bloomberg Index of 11 local companies falling 2.9 percent, or less than the 7 percent plunge in the Dow.

But ongoing concern over the economy has filtered down to some investors who think gold may be a way to hedge against losses in turbulent times. That's produced a 30 percent to 40 percent increase in calls over the past month to Ali'i Coins in Downtown Honolulu.

"They're watching the news, they're watching the stock pages and it's troubling to them," said Vince Vento, proprietor of Ali'i Coins.

Many financial advisers are recommending people with a long-term investment horizon sit tight and not partake in any panicked selling of their portfolio at the current prices. Kailua-based certified financial planner Mel Hertz said people need to remember the U.S. economy will do well over the long haul and that up to a certain amount their bank accounts are insured by the Federal Deposit Insurance Corp.

"There's no reason to be selling except if you need the money right now," said Hertz, who noted he believes there exists a stock-buying opportunity for people who have the money.

"As long as you're well-diversified over time, you'll do fine."

The possibility that people may panic and jettison their portfolios also prompted Tung Chan, Hawai'i Commissioner of Securities, to caution against making "sudden and uninformed financial decisions." She is advising people to seek the advice of a trusted investment adviser or financial planner before making any abrupt financial decisions.

But that hasn't stopped the increasing calls to gold dealers in recent weeks, just as they had earlier this year when they reached $1,002.95, as worries about the credit crunch flared when Bear Stearns & Cos. teetered toward collapse and emergency funding from the Federal Reserve.

"I've been getting more calls for people to buy," said Craig Watanabe, president of Captain Cook Coin Co. of Honolulu. He said the spike in demand here and nationally has made it hard to get gold and silver coins because buyers and sellers have increased the premium they charge for coins.

"Everybody is getting on the bandwagon. There's a lot of people calling that we've never heard from."

Hertz said he still doesn't believe gold is the place to be for long-term investors and that people might consider stocks in gold mining companies if they really want to invest. That way, they may avoid paying markups for gold bullion at coin stores.

While people should realize that prices will move up and down, Watanabe said he still believes people should own at least a little bit of precious metals, especially for times such as these.

Even at that, Ali'i's Vento recommended that people buy from a reputable dealer and put gold in a safe deposit box. He said investors should avoid buying from precious metals telemarketers who offer cheap prices and "holding" on to the coins for them in a vault somewhere.

Chan also warned that people should be wary in the current environment of unsolicited financial advice or investment opportunities.

"In times of confusion, fear and uncertainty, there are always those who will try to prey on the investing public," Chan said in a news statement.

Ho said he thinks the interest in gold, silver and other metals will continue as worries about the economy linger.

"They're going into cash, they're going into Treasury bills, and they're looking at gold as an area where they could not only control some of the risk, but have a safe haven," he said.

"People are gravitating to this area. It's interesting times we live in."