Unwanted jewelry in high demand as gold price soars
Wed June 12 2024
The price of precious metals, particularly gold, has risen significant in recent years. So far, 2024 has been a good year when it comes to the value of gold. In late May, prices hit a record high above $2,400 per troy ounce.
Though the price has seen a drop in the short term (currently valued just over $2,310), some experts anticipate that the value of the precious metal will continue to rise to $2,651 by the end of this year. One such expert is Eric Gerner, owner of Gold and Silver of Joplin, LLC..
“Gold has increased substantially over the last 50 years, but with the current state of our economy, the price has really taken off, really in the last 3 to 5 years,” said Gerner.
Another precious metal, silver, has also seen its value rise recently. An ounce of silver is currently sitting just over $29.00, up from $24.00 from one year ago. As the price of gold and silver continues an upward trend, many are taking notice, buying and selling both precious metals.
“Business is very good because people want that hard asset — something to hold on to rather than the stock market and the problems that, at times, are associated with the stock market,” said Gerner.
Now that the price of gold reached a recent all-time high, a nugget of opportunity is available for not just investors, but people who may have unwanted or broken gold jewelry.
“It’s a good time to be selling off scrap jewelry, broken chains, single earrings, things like that,” claims Gerner. “We sell everything we get our hands on in here. People are more or less using it like a hedge against inflation. As times get tougher, gold will always hold it its value,” said Gerner.
Despite gold prices reaching record highs last month, Gerner says now is still a good time to invest in the precious metal.
“It’s not too late for people who want to get in and invest. It’s an important layer of diversification in any investment port portfolio. It’s a good layer of protection,” said Gerner.
Source: https://www.fourstateshomepage.com