Gold futures pushed past $2,950 an ounce this week, another record in a run that has stretched through most of the past year.
If you have been meaning to clean out a jewelry box or a safe deposit box, this is the kind of price that makes a phone call worth your time.
Investors tend to pile into gold when they are nervous about inflation, interest rates, or the wider economy, and there has been plenty of all three lately.
Central banks around the world have also been buying heavily, which puts a floor under prices even when ordinary buyers pull back.
For households, the practical effect shows up in two places: what you can get for scrap gold, and what you will pay if you actually want to buy a coin or a bar.
Those two numbers have drifted apart, and that gap is where people get hurt.
A "we buy gold" shop might quote a percentage of spot price, sometimes as low as 60 to 70 percent, then subtract fees for testing and refining.
Mall kiosks and mail-in envelopes tend to be worse.
A local jeweler or a coin dealer who belongs to a recognized trade group usually pays closer to 80 to 90 percent, but you have to ask directly what percentage of spot they pay before you hand anything over.
Weigh your items first, at home, on a kitchen scale that reads grams.
Gold jewelry is usually stamped 10K, 14K, or 18K, and that number matters enormously.
A 14K piece is roughly 58 percent pure gold, so an ounce of 14K jewelry is worth about 58 percent of the spot price, not the full amount.
Sellers who do not know this routinely accept offers that are far below fair value.
This is the single step most people skip, and it is the one that changes the outcome.
Prices vary more than you would expect between shops in the same town on the same afternoon.
Retail premiums on small gold coins and bars have widened, and some online dealers are charging 8 to 12 percent over spot on one-ounce pieces.
That means gold has to rise meaningfully just for you to break even.
If your goal is long-term storage of value, a low-cost gold ETF or a plain bullion coin from a reputable dealer will usually beat a slickly marketed "collectible" that carries a hefty markup.
Gold rallies always bring out the scams, and this one is no exception.
Fake buyers offering to "lock in today's price" if you ship first, bogus online storefronts with prices that look too good, and cold calls from outfits claiming to be affiliated with the U.S.
The Mint does not call households to sell coins.
Never let anyone take your items into a back room alone.
Get the weight and the payout in writing, and keep a photo of everything you hand over.
Gold at a record is a good moment to convert things you never wear into cash, but it is a poor moment to chase the rally as an investment.
The people who do best in these cycles are the ones who sell into strength and buy when nobody is talking about it.
If you have been putting off that drawer cleanout, this week is a reasonable excuse to finally do it.
Final Thoughts
Just bring a scale, know your karats, and make the first offer you hear the one you walk away from.