Silver Lining: Prices of precious metals soar during COVID-19 pandemic
You may be sitting on a gold mine.
With prices for the precious metal soaring to near record highs, that old chain or single earring collecting dust in your jewelry box is worth more than ever
Golden oldies you no longer wear are seeing a significant swell in value.
Nathan Anderson is with Anderson Gold and Silver Exchange, where consumers are coming to cash in.
“A lot of people are really surprised,” he said.
Why the jump in gold prices? Call it the ‘silver lining’ of the COVID pandemic.
Daniel Oliver Jr. is the president of the Committee for Monetary Research and Education. He says shutdowns and stay at home orders caused by the coronavirus pandemic have devalued the dollar.
“Work stopped. But we don’t want you to suffer, so we’re gonna help you by printing money and handing it out,” he said.
Now, reserve assets like gold are seeing a surge. And consumers are ready to sell, but be careful.
Anderson says shop your gold.
“Have several offers. Don't just take the first offer,” he said.
It may be hard for you to know exactly what you have. You can get a hint of value by looking for an item’s karat purity stamp.
“Anything that's gold is going to be stamped,” Anderson said.
And make sure your gold is weighed and tested in front of you.
“Gold is right around $1,850 an ounce, which is really close to the top that it has ever been,” Anderson said.
Expect deductions for lower karat purity and up to a 20% profit margin.
But experts say also consider this nugget: While you will get top dollar for your gold now, the price is expected to climb even more.