Gold futures pushed past $2,400 an ounce this week, a level the metal hasn't touched in more than a decade.
Spot prices have climbed roughly 15% since January, outpacing the S&P 500 for the year so far.
For anyone who owns a gold ETF, a few coins in a drawer, or a wedding band they never think about, this rally is worth a second look.
The surge isn't coming from the usual places.
Normally gold jumps when the dollar weakens or when inflation spikes.
This time, central banks are doing the heavy lifting.
China, India, Turkey, and Poland have been buying record amounts of bullion, reportedly to reduce reliance on dollar-denominated reserves.
That kind of buying doesn't reverse overnight, which is one reason analysts keep raising their targets.
Costco has been selling out of one-ounce gold bars priced around $2,400, often within hours of restocking.
Coin dealers report waiting lists for American Gold Eagles.
Even pawn shops say more customers are asking about selling old jewelry, though buyback offers tend to lag the spot price by 5% to 15%.
If you're thinking about cashing in, the math matters more than the headline.
A coin shop might offer 90% of spot for a common bullion coin, while an online refinery could pay 95% but charge shipping and assay fees.
Jewelry almost always fetches less because it has to be melted down.
Get two or three quotes before you commit, and never mail anything to a buyer you haven't verified.
Buying at these levels carries its own risks.
Gold pays no dividend, no interest, and no rent.
Storage costs money, and physical coins can be hard to sell in a hurry without taking a haircut.
Financial advisors typically suggest keeping precious metals to 5% to 10% of a portfolio at most, not treating them as a savings account.
Physical gold held for more than a year is taxed as a collectible, with a top rate of 28%, higher than the 20% long-term capital gains rate on stocks.
Gold ETFs are treated differently depending on structure.
If you're sitting on a big gain, a quick call to a tax professional could save you more than timing the market ever would.
Where prices go from here depends largely on interest rates.
If the Federal Reserve cuts later this year, gold often benefits because bonds become less attractive by comparison.
If rate cuts get pushed back, the rally could stall.
Either way, the metal has already done something it hasn't managed in thirteen years.
My take: gold is a hedge, not a get-rich plan.
If you already own some, this is a reasonable moment to check what it's actually worth and whether your allocation has drifted too high.
Final Thoughts
If you don't own any, chasing a thirteen-year high is rarely the move that builds wealth.