At The Miner’s Den in Royal Oak, jewelers carefully filed and polished gold to craft rings and other items. As they worked, tiny gold flakes fell into a special drawer designed to catch every speck.
Tom Schowalter, who owns the store with his older brother Mike, weighed the collected gold dust in a small plastic container. Then, he used a calculator to estimate its value.
“That’s about $25,000,” he said. After a quick mental check, he repeated, “$25,000.”
With gold prices reaching record highs, jewelers are doing everything they can to save even the finest gold particles. In April, gold hit an all-time high of $3,500 per ounce. At The Miner’s Den, even vacuum cleaner bags are saved to recover gold dust.
So if you’re planning to buy your dad a solid gold watch, a flashy chain, or a thick gold ring for Father’s Day, prepare to pay a premium.
Why Gold Is So Expensive
Gold prices have surged due to high inflation, uncertainty in the stock and bond markets, and increased demand from foreign governments—especially China—as they respond to global trade instability.
Although gold prices have dropped slightly since April, they remain high. On Monday, gold was trading at around $3,350 an ounce.
Many jewelers are passing some of the increased cost on to customers. However, shops like The Miner’s Den are willing to shrink their profit margins to keep loyal buyers returning.
On the flip side, people looking to sell old gold—like a worn-out bracelet or a broken pocket watch—might find that now is a good time to cash in.
Is Gold a Good Investment?
Investors are asking if gold is a safe place to put their money. Experts say that gold can help reduce risk because it’s not issued by a government or company like stocks or currencies. While prices do fluctuate, gold has a history of holding long-term value.
A year ago, gold was priced around $2,325 an ounce. That’s a 40% increase. Five years ago, it was about $1,600, and ten years ago, just $1,185—an overall rise of roughly 180%.
Class Rings Hit Hard by Gold Surge
The price spike has caught some jewelers by surprise. Class ring maker Jostens had to revise its price estimates after gold jumped, surprising many parents—especially those buying men’s rings for graduating high school and college students.
At West Point, which started the class ring tradition, the price increase was so steep that cadets were allowed to change their ring orders. West Point graduates are even nicknamed “ring knockers” due to the importance of the tradition.
Raffaele Berlingieri, whose son Michael is a cadet, said the final bill for his son’s ring was much higher than the original quote. Still, he added, others had it worse.
For some, though, the gold boom has been a blessing. Berlingieri said a friend who moved his money from the stock market to gold a few years ago ended up making a smart choice.
Dust in the Carpets, Dollars on the Floor
Saving gold scraps isn’t new for The Miner’s Den.
“We’ve always done this,” said Tom Schowalter, 62. “It’s not just because gold is high.”
The family-run store began in 1971 as a small rock shop started by their father, Frank, and brother Mike. Over time, it grew into a $10 million jewelry business, with more family members joining in—including Tom, their mother Barbara, and the next generation: Michael, 27, and Matt, 30.
Gold recovery is part of the store’s legacy. Years ago, when the store replaced its carpet, they sent the old one out to recover any gold stuck in the fibers. The recovered gold paid for the new flooring—and then some.
Now, with prices so high, they wonder how much gold might be hiding in today’s carpets.
Is Now the Time to Buy?
Whether gold prices will drop further depends on how stable the economy becomes. In mid-May, the Schowalters predicted a decline—which did occur.
The Economic Times, a major business publication in India, recently noted the dip and questioned if it was linked to U.S. tariff decisions. The article called the drop a possible sign of “short-term weakness,” but also a chance for long-term investors to buy in.
The paper said gold still holds value for those concerned about inflation, conflict, or U.S. dollar fluctuations. In short, it could still be a smart investment.
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