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Gold prices have been hovering around $2,000 per ounce after almost hitting the record high in early March and are expected to stay robust through much of 2022.
Which means this is a good time to sell your gold jewelry if you’re looking for some extra cash. That tangle of chains in the back of the jewelry box or the heavy gold earrings you never wear could be worth something, especially when assessed together . Keep in mind that gold buyers aren’t necessarily looking for the jewelry pieces themselves, it’s the gold content that’s bringing the value.
What’s Driving Up Gold Prices?
In times of crisis people turn to gold for stability, said gold buyer Tony Davis of Atlanta, and that in turn increases the value. The Russia-Ukraine war, global supply chain issues caused by the pandemic and inflation are all fueling the price spike. The 2022 prices are about $300 more than spring of 2021.
“Even if things settle down here shortly in Ukraine, you still have a number of other contributing factors that are likely to continue,” Davis said.
Davis, who owns Atlanta Gold and Coin Buyers, said there are people on the sidelines waiting for gold to hit $2,000 per ounce before selling, and buyers who see gold as a good investment against a possibly weakening economy.
Act Now to Sell Your Gold
If you’re looking to make some quick money, turning gold bullion bars or rounds — commemorative gold pieces usually — into cash will yield more right now than it did even at the end of 2021. Even gold jewelry, coins or other antiques, which usually have less gold content, could net a good payout.
Patience may be even more important right now though, said Patrick Yip, the business development director for major gold seller APMEX. He and other experts are predicting the value of gold will more than double in the coming years.
“I think that gold could make a move that’s multiples of what we see today, if history repeats,” he said, adding that in…
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