As gold prices continue to soar to record highs, it's sending ripples through everything from Wall Street to local jewelry shops, and investors say it's not too late to cash in.
It's a gold rush in 2025: the price of gold is going over $4,000 per ounce for the first time, and every day, people are looking to capitalize.
"Non-stop all day, yesterday and today, buying and selling," said Randy Cole. He is the co-owner of the Diamond Vault of Troy, and said he's seen a surge in traffic with people coming into their store to see what they can turn their old jewelry into.
"We actually get some people now who are bringing in old gold jewelry and turning that in and using the cash from the old jewelry to buy silver and gold bars," Cole said.
Experts said this gold rush is being driven by economic uncertainty, inflation concerns and geopolitical tensions.
Investors are seeking a safe haven, financial expert Steve Cotton explained.
"What's driving the price of gold right now is several things, one is increased demand, and the second is that finance ministries and central banks are buying more and more gold," Cotton said.
He also said that there's still time to invest.
"It's not too late to get in as long as you keep it a modest part of your portfolio," Cotton said.
This can include tangled and broken necklaces, to forgotten gold pieces.
"Nothing that I brought is difficult to part with, and most of it, I won't even remember when I leave," Rebecca Nowak, who was selling some old jewelry, said.
People like Nowak are digging through their drawers and heading to gold buyers like Tappers in West Bloomfield.
"The high price of gold is very enticing," she told me. "So that is what really motivated me to gather all of that stuff that has been crowding up my jewelry box."
But if you're thinking about selling, experts advise you to do your homework.
"People are unaware of the fact that 24 karat gold is really the only pure gold there is," said metal expert Lance Sharpiro. "So when they hold a whole bunch of material in their hands, they don't understand pretty much it's only going to be half the weight or half the value."
And Randy added that if you're looking to buy gold coins or bars, make sure to buy from a reputable source.
"If it's too good to be true, it's not true," Cole said.
This story was originally published by Peter Maxwell with the Scripps News Group station in Detroit.
