Gold is hovering near record territory again, and the ripple effects are showing up in places you wouldn't expect: pawn shop counters, jewelry store buyback windows, and even the checkout line at Costco.
Spot gold has been trading above $2,300 an ounce for much of this year, a level that would have sounded absurd when it was under $1,300 in 2018.
The move has pushed the price of a basic 1-ounce American Gold Eagle coin well north of $2,400 at many dealers, once you add the typical premium.
For anyone who inherited Grandma's jewelry or has a drawer of mismatched earrings, that math is suddenly interesting.
A 14-karat gold ring weighing 5 grams contains roughly 2.9 grams of pure gold.
At today's prices, the raw metal alone is worth somewhere around $215, before any dealer takes their cut.
Buyback offers typically run 60% to 80% of melt value at pawn shops and mall kiosks, and online refiners might pay 85% to 95%.
The difference on a small pile of jewelry can easily be $100 or more, which is why comparing at least three quotes is worth an afternoon.
On the buying side, Costco has become an unlikely gold retailer.
The warehouse club has sold 1-ounce gold bars in the low $2,000s during past promotions, and they routinely sell out within hours.
Members have learned to watch for restocks the way they once tracked rotisserie chickens.
But buying physical gold at a warehouse store comes with its own friction.
Costco bars typically aren't graded or sealed the way coins from the U.S.
Mint are, which can matter if you ever try to resell.
And the company has reportedly limited purchases to a few bars per member, partly to deter resellers.
The bigger question for most households is whether gold belongs in the budget at all.
Financial planners generally suggest keeping precious metals to a small slice of a portfolio, often 5% or less, because gold pays no dividend and can sit flat for a decade.
Meanwhile, the same high prices that make selling tempting are squeezing a different group: couples shopping for wedding bands.
A plain 14-karat gold band that cost $200 a few years ago can now run $350 or more at mainstream jewelers, and some buyers are switching to white gold, palladium, or plain sterling silver to stay under budget.
For anyone thinking about cashing in, the practical checklist is simple.
Weigh your items on a kitchen scale first, check the karat stamp, look up today's spot price, and get written quotes before handing anything over.
Never mail jewelry to a company you found through a random ad, and be wary of any buyer who won't put an offer in writing.
If you're buying instead, know that premiums at coin shops and online dealers vary wildly.
Government-minted coins like Eagles and Buffalos carry higher premiums than generic bars, but they're also easier to sell later.
Buying during a price spike is rarely the smart move, no matter how good the display case looks.
The gold rush always brings out both opportunity and opportunism, and this cycle is no different.
Final Thoughts
What's changed is how many people suddenly remember there's a jewelry box in the closet.