Gold prices have soared past $3,000 an ounce—more than double their value just a few years ago. For many people, that could mean quick cash for unused gold jewelry.
In recent months, gold buying shops and jewelry stores have seen a surge in activity. Many people are taking advantage of the high prices to sell items they no longer wear.
Kurt Shearer is one of many who recently stopped by a local gold shop to cash in.
“I brought in some pieces I don’t wear anymore,” Shearer said. “So why not bring them here?”
Another customer, a woman named Becky, brought in old rings and bracelets that had been sitting untouched for years.
“Even if I only get a few dollars,” she said, “it’s better than nothing.”
Although gold has dipped slightly from its peak of $3,400 an ounce in April, prices remain high.
Shop owner Adam Andrus says people can still get a good deal.
“It all depends on the weight and the carat,” he explained. “Whether it’s 14 carat or 18 carat.”
For example, an 18-carat gold bracelet can be worth around $15,000. A typical 14-carat gold necklace weighs about 10 grams and also holds decent value.
Should you sell now or wait? Gold buyers say if the item has been sitting unused for years and you have no plans to gift it, now is a great time to sell.
“If you’re not going to wear it, and no one else wants it, it doesn’t help anyone by sitting in a drawer,” Andrus said.
Shearer agrees. “It went very well,” he said. “Glad I came in.”
As long as it’s real gold and not costume jewelry, you could be sitting on something valuable.
So it might be worth checking your drawers and closets for forgotten jewelry. It could turn into extra money you didn’t know you had.
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