Gold is at the highest price it’s been since 2013. At $1,650 per ounce, you could make bank off one piece of jewelry you never wear.
But with everything else going on in the world right now – the coronavirus spreading, a contentious presidential race, global warming, etc. – searching for gold jewelry and watches in your dresser drawers probably doesn’t make your priority list. However, if you sell your gold today, you might walk away with a bunch of cash.
A lot of factors are driving up the price of gold. For one, the worldwide coronavirus is wreaking havoc on the global economy, and the U.S. markets are spiraling downward with uncertainty (because when markets have high volatility, the price of an asset can change dramatically over a short time period of time in either direction.) As awful as it sounds, COVID-19 makes now an ideal time to sell your gold.
This advice doesn’t only apply to collectors and millionaires. Here’s an example: you find a gold chain bracelet in your bedroom drawer. You vaguely remember getting it as a Christmas gift 20-plus years ago from an aunt you barely remember. Sentimentality aside, you make an appointment to have it appraised and are shocked by its value: over $1,200 for the piece. Of course, that’s when you continue digging around in every drawer in the house looking for more long-forgotten jewelry.
Basically what to look for is a “stamp” on the jewelry or watch, which lets you know the gold is real. If it’s stamped with a name like Tiffany & Co, your gold piece will be worth even more. This includes coins, gold pieces and Rolex watches – the older the better.
The most important thing to remember is now is the best time to scour your jewelry drawers for disregarded pieces. SELL THAT GOLD!