Gold prices hit $3,200 an ounce — and Americans are cashing in
Americans cash in as gold prices hit record highs
Gold prices are nearing $3,200 an ounce—and Americans are digging through drawers, safes, and jewelry boxes to cash in. From forgotten necklaces to inherited coins, more people are heading to local shops to turn sentimental items into serious cash. But is it the right time to sell? FOX 5’s Jodi Goldberg reports.
NEW YORK - With gold prices soaring to record highs, many Americans are heading to jewelry shops and pawn stores to sell old coins, chains, and keepsakes.
Experts say global economic uncertainty is driving the trend—and urge caution when selling.
What we know:
The price of gold has surged over the past year, now hovering around $3,200 an ounce. That spike has prompted a growing number of Americans to sell whatever gold they have—often in the form of forgotten jewelry or inherited heirlooms.
Tony Cutrone, vice president of Gold Coast Jewelry & Pawn, said prices have jumped $800 in the past six months—and $600 in just the last 60 days.
Cutrone says he’s seen a steady stream of new customers looking to offload their gold. "They’re actually looking for things tucked away in their drawers, some things they inherited that they’re not utilizing—and it’s a lot of money just sitting there," he said.
At The Father & Sons 110 Jewelry Center, owner Eddie Babakhanov noted that Long Islanders are seizing the opportunity.
"Gold is like on the tip of everyone’s tongue," he said.
Why you should care:
Economist Dr. Marty Cantor said gold prices are being driven by market anxiety.
"What it shows is that people are concerned about the economy—the global and current economy—and until the tariff resolves itself, gold will continue going up in price," he said.
His advice? "Just be patient and pay attention to what’s going on. Once you convert it to dollars, then the dollars are a static worth—and if anything, it’ll go down in value."
As the market reminds us: the dollar isn’t always worth its weight in gold.