The gold price climbed to a staggering $3,322 per ounce. This recent boom didn’t just shock gem enraged buyers, it made waves among sellers on New York’s Diamond District. With inflation driving prices higher, many individuals are seizing the opportunity to sell old jewelry or invest in new gold items. With the market explosion, experts have been advising tips for purchasing and unloading gold to help you get the most bang for your buck.
Alon Mirzaev, a gold dealer at U.S. Gold Refinery on 47th Street, dropped a trillion-dollar penny. He stressed that inflation is the greatest factor in gold price. “Times are tough and gold prices don’t ever stay down — they will always go up and, with inflation, it will go up more,” he stated. Most sellers are ready to make money off their unused jewelry. They understandably sense this mood, especially with prices still high.
Current Market Trends
At the same time, gold prices last week went through the roof hitting an all-time high of $3,500 per ounce. That’s an incredible annual growth of nearly 35%. This is a major departure from the usual 5-10% increase per year on average. Mark Kandinov, yet another expert in the field, stressed the need for selling gold at the right time. “I always recommend that people sell things they never wear,” he advised. He further advised that people shop offers from multiple dealers to get the best deal.
“Go to a few people on the street and get a few price quotes,” – Mark Kandinov
Kandinov further explained the value of shopping around: “If one guy says he’ll give you $1 and the other says he’ll give you $10, go to a third guy.” This bit of wisdom is a clear nod to just how competitive the gold market is, where the price of gold can vary widely from dealer to dealer.
Buying Gold Safely
Kandinov’s advice is to buy certified gold from well-known, trustworthy jurisdictions. Think of buying US/Swiss gold online. “The safest bet is to buy a country’s gold, such as official gold from the US or Switzerland,” he asserted. This pattern offers great security for the uninitiated. It further ensures that consumers will be able to return to the point of sale should any problems occur.
Mirzaev gave us a peek behind the curtain on how his shop assesses gold pieces. “We have machines that test the percentage of gold in each item,” he explained. This requires weighing each item and calculating the amount of gold against any stones or incidental materials.
“When we put your piece in our machine, we’ll get a readout that it’s 58.5% gold or officially 14K,” – Alon Mirzaev
Such ingredient-specific assessments are indispensable to buyers looking for clarity and confidence about what they’re buying.
Personal Stories from the Diamond District
These recent experiences in the Diamond District have shown us how insatiable the pleasure to sell gold. When David Kleinman heard stories of the skyrocketing prices, he chose to cash out his wife’s unused jewelry with U.S. Gold Refinery. He was paid $659 for three gold rings and two gold necklaces. Reflecting on his experience, he admitted, “I’m not really a jewelry buyer and I had no idea how much gold was in these items.” His lack of awareness at the fluctuating value of his jewelry rounds out the picture to reveal what’s taking place in today’s marketplace.
“I’m a little surprised that this small bag of jewelry was worth this much.” – David Kleinman
Photographer Stefano Giovannini captured the essence of the bustling Diamond District, where shoppers can be seen gazing at gold chains and bars in store windows. His photographs capture the charm of gold as an asset and a trendy adornment.
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