Gold opened this week at $5,408 an ounce. By Thursday it was at $5,105. That's a $300 swing in four days.
If you've been watching prices and waiting for the "right time" to sell, welcome to why that strategy is hard to execute. The market moves fast and the reasons aren't always obvious until after the fact.
Here's what happened this week and what it means for the stuff sitting in your jewelry box.
Gold: still historically high, just off Monday's peak
Monday's $5,408 close was near recent all-time highs. Then a stronger dollar and some unwinding of geopolitical safe-haven buying pulled it back to the $5,100 range by midweek.
To be clear: $5,100 is still extraordinary. A year ago gold was trading around $2,900. Even after this week's pullback, you're looking at a metal that's up about 76% in 12 months.
What drove the spike Monday? Geopolitical tension around Iran and supply chain disruptions in global bullion markets. What pulled it back? Investors decided inflation risk from a prolonged conflict outweighed the safe-haven appeal, at least for now. Reuters called it a combination of a stronger dollar and "dimming prospects for rate cuts."
Whether gold climbs back toward $5,400 or settles lower for a while depends on things none of us can predict. What we can tell you is what your gold is worth at today's prices.
At $5,100 spot, a 20-gram 14K gold chain is worth roughly $1,220 to a buyer offering fair market value. A year ago that same chain was worth about $690.
Silver: up more than $50 from this time last year
Silver hit $85.69 on Wednesday before pulling back to around $83 on Thursday. A year ago silver was in the low $30s.
That's a gain of more than $50 per ounce in 12 months.
Most people thinking about selling precious metals are focused on their gold. But if you have silver sitting around — flatware, coins, sterling jewelry, old trays — the math has changed dramatically. Silver has more than doubled in price over the past year.
Sterling flatware (92.5% silver) is worth actual money right now. If you've been holding onto a set that hasn't seen the table in years, it's worth getting it weighed.
Platinum: quietly up $1,180 in the past year
This one surprises people.
Platinum is trading around $2,130 to $2,150 this week. A year ago it was closer to $970. That's a gain of more than $1,180 per ounce.
Platinum jewelry is less common than gold, but it exists. Older engagement rings, men's watches, some estate jewelry. Platinum is denser than gold, so a piece that doesn't look particularly heavy can still have significant weight. It also stamps differently: look for "Plat," "PT950," or "PT900" on the inside of a ring.
If you're not sure what metal a piece is, bring it in. We test everything and tell you what you have.
What this week's volatility actually means for sellers
Short-term swings don't change the bigger picture. All three metals are at or near multi-year highs. If you've been sitting on unwanted jewelry, coins, or flatware, the window is still wide open.
You don't have to sell at the absolute peak to get a good deal. You just have to sell at a time that's significantly better than average. We're in that time right now.
Cash 4 Gold Trading Post buys gold, silver, and platinum at all six Central Jersey locations. Walk in any time Monday through Saturday.
- East Brunswick: (732) 898-6565
- Middlesex: (732) 629-7600
- Millstone: (732) 444-2022
- Brick: (732) 444-2094
- New Brunswick: (732) 543-1313
- Manalapan: (732) 444-2022
Bring what you have. We'll weigh it, test it, and tell you what it's worth at today's prices. No obligation.
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