As the price of gold inches closer to the $3,000 mark, both analysts and consumers are closely watching the market. According to Tobina Kahn, President of House of Kahn Estate Jewelers, there’s been a noticeable uptick in clients becoming aware of the gold rally as it grabs the attention of mainstream media.
Kahn shared in an interview with Kitco News that until recently, many customers were unaware of the value of their unwanted jewelry. However, this is changing as gold’s rising value becomes more widely known.
“Most people still don’t know the exact price of gold, but they are starting to recognize that something significant is happening,” Kahn explained. A lot of people are surprised when they learn how much Grandma’s charm bracelet is worth. In fact, about 8 out of 10 clients end up selling their jewelry after finding out its value.”
With gold prices expected to easily hit $3,000 per ounce, Kahn noted that some consumers are hesitant to sell their broken or unwanted jewelry, hoping for even higher prices in the future. She mentioned that some people are even holding out for gold prices to reach $4,000 or $6,000, though their expectations may be a bit too optimistic.
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