A modern gold rush is on, as people cash in on record-high prices

Whether you have some old jewelry or maybe some coins at home, you could benefit from today’s sky-high gold and silver prices.

For instance, just four small, once-ounce gold coins are now worth almost $10,000.

And people are cashing in.

At buying and selling shops like Main Street Coin, numismatist Clay Wallen is busier than he’s been in years.

“There’s $185.95 there,” he told friends Chris Reynolds and Jim Payne, who came in with a few old gold bracelets they had found.

“I got 200 bucks,” Reynolds said.

Political uncertainly sends prices soaring

The price of spot gold, which is an ounce of gold that can be bought or sold immediately, briefly hit $2,400 per ounce in mid-April — a record high.

The metal is so hot that even Costco is in on the action, selling one-ounce gold bars to members online.

Silver prices are not as high, but are also rising strongly this year.

So what’s behind the recent gold rush?

Gold buyer Tony Davis, of Atlanta Gold & Coin Buyers, said inflation, political uncertainty and international conflict can drive up the price.

“Any time you have concern, uncertainty, there seems to be a rush into precious metals such as gold and silver,” Davis said.

It has cooled since reaching a record high, but Davis said more growth is possible.

“Some folks are a little hesitant to, to buy once they’ve seen a little bit of a run-up in, in prices, but that doesn’t necessarily mean that prices have topped,” Davis said.

For those looking to sell, Davis said do your due diligence by regularly checking buy and sell rates online. And compare vendor prices.

“They’re gonna fluctuate a little bit based on supply and demand,” he said.

Wallen at Main Street Coin said you can make good cash from bringing in unwanted bracelets, rings and old coins. He said there’s no sense in holding out in the hope of higher prices.

“It doesn’t matter what form the gold or silver is in,” he said. “It’s cash, it’s money.”

And it’s a modern-day gold rush, so you don’t waste your money.