It seems like whenever there is a shake-up on Wall Street, a lot of people like to put their money in what they consider “safe bets.”
Since Britain’s vote to leave the European Union, gold prices have been trading at levels analysts haven’t seen in years.
Some say that for the average consumer, this could be a good time to sell unwanted gold jewelry.
“Now is a good time to sell it I think because it will definitely go back down again soon,” said Bruce Hayes, owner of Hayes Jewelers.
Hayes says customers have been keeping up with the stock market and have been interested in what their items are currently worth.
“They’re bringing in their safe deposit boxes asking me to go through them,” he said.
Gold has been trading at around $1,300 an ounce.
“We usually go by grams, say it was $15 a gram two weeks ago where it would be maybe $20 a gram now,” Hayes said.
Gary Simon, owner of Simon Jewelers, has also been watching gold since Britain’s vote.
“This is our 29th year in business and I think the previous 25 years we were not seeing people selling gold like they started doing. It became a new trend, but that has really sort of tapered off. I think people have sold a lot of things they have,” Simon said.
Selling now would bring in some extra money, but Simon says it may not be a huge difference for the average consumer.
“Gold that people will have in their jewelry at home is 14K gold, 58.5 percent pure gold and then it’s mixed with alloys, so the movement in the price of gold has to move a lot to really make a big difference,” Simon said.
For the most part, it comes down to how important the jewelry is to you and what you consider a good deal.
If the jewelry is 18K or 24K gold, it will be worth more money.
Having diamonds in the jewelry could increase its value.