High Gold Prices Bring Jewelry Sellers ‘Out of the Trenches’

Recyclers and refiners of gold are seeing a surge in people looking to sell old jewelry, Bloomberg reports.

That’s the result of the recent uptick in gold prices, which had for several years stayed below $1,350 an ounce.

Gene Furman, CEO of refiner Empire Gold, told Bloomberg: “People are coming out of the trenches. Cartier, Rolexes, Tiffanys, Van Cleefs: We see an uptick in the luxury market because people need to raise money.”

Gold prices recently crossed $1,400 an ounce to hit their highest levels since 2013. On Monday afternoon, gold was trading at around $1,386 an ounce.

Analysts with Goldman Sachs Group Inc. have said prices count reach $1,600 an ounce.

Tobina Kahn, president of House of Kahn Estate Jewelers, told Bloomberg: “The tides are turning big time. As a gemologist, I’m a buyer, if I can see that gold is continuing to go up, I’m more confident about paying more for it than having it go down.”

Read more at Bloomberg