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A modern gold rush is on as people cash in on record high prices

With gold and silver prices near record highs, people everywhere are grabbing old coins and jewelry and cashing in on the boom.
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Posted at 7:16 AM, Apr 29, 2024

Whether you have old jewelry or some coins at home, you could benefit from today's sky-high gold and silver prices. For instance, four small 1-ounce gold coins are now worth almost $10,000.

And people are cashing in.

At buying and selling shops like Main Street Coin, numismatist Clay Wallen is busier than he's been in years.

"There's $185.95 there," he told his friends Chris Reynolds and Jim Payne, who had come in with a few old gold bracelets they had found.

"I got 200 bucks," Reynolds said.

Political uncertainty sends prices soaring

The price of spot gold, an ounce of gold that can be bought or sold immediately, briefly hit $2,400 per ounce in mid-April, a record high.

The metal is so hot that even Costco is in on the action, selling 1-ounce gold bars to members online. Silver prices are not as high but are also rising strongly this year.

So, what's behind the recent gold rush?

Gold buyer Tony Davis of Atlanta Gold & Coin Buyers says inflation, political uncertainty and international conflict can all drive up the price.

"Any time you have concern, uncertainty, there seems to be a rush into precious metals such as gold and silver," Davis said.

It has cooled since reaching a record high, but Davis says more growth is possible.

"Some folks are a little hesitant to buy once they've seen a little bit of a run-up in prices, but that doesn't necessarily mean that prices have topped," he said.

For those looking to sell, Davis says to do your due diligence by regularly checking buy and sell rates online and comparing vendor prices.

"They're going to fluctuate a little bit based on supply and demand," he said.

Wallen says you can make good cash from bringing in unwanted bracelets, rings and old coins, and there's no sense holding out in the hope of higher prices.

"It doesn't matter what form the gold or silver is in," he said. "It's cash; it's money."

And it's a modern-day gold rush, so you don't waste your money.

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