As gold prices rise, Americans are looking to cash in on their family heirlooms

The price of gold has Americans rushing to their attics and closets in hopes of profiting from it.

It’s a form of 21st century gold rush, as consumers rummage through their family heirlooms, pulling gold items from boxes. More Americans are trading gold for cash as the price of the precious metal rises to record levels, according to managers of jewelry stores and refineries that refine and recast gold for reuse or sale on commodity markets.

“People are coming in who never thought about it before,” said David Iskhakov, who owns Exclusive Jewelry in midtown Manhattan with his brother. “They bring in their grandparents’ things, heirloom things, Christmas things, their ex-boyfriends’ things… and weird things, broken jewelry.”

Iskhakov, whose company buys, sells, repairs and designs jewelry, said Exclusive Jewelry is buying twice as much gold as it did a year ago. Coin dealers and people with gold goods frequently come to WE Mowrey Refining Co., a precious metals dealer and refinery in St. Paul, Minnesota, said Craig Hershey, general manager.

Some, according to Hershey, are relatively new customers who are selling their purchases again. “Everyone is selling me more,” he said.

Gold prices, which topped $4,000 an ounce last week, have reached a series of record highs recently and are up nearly 60% since the start of 2025. Investors are pouring money into gold amid concern about a potential stock market decline, economic slowdown or renewed inflation.

Generations of investors have treated gold as a hedge against such conditions, but the current enthusiasm may also reflect concerns about the stability of the US dollar. A federal government shutdown, rising government debt, and concerns about how independent the Federal Reserve is may weigh on the dollar. Those who doubt the stability of the US currency may focus on cryptocurrencies and precious metals.

It’s a particularly profitable time to sell jewelry, but that’s not the only reason there’s increased traffic at jewelry stores and pawn shops, said Chris Wright, vice president of Utah-based Cascade Refining. He said some people seem to be ditching items earlier than planned because they need money in a tough job market.

Iskhakov said consumers are buying less gold jewelry partly because prices are alarmingly high. It is estimated that exclusive jewelry stores sell approximately 20% fewer accessories than a year ago.

Some shoppers are drawn to smaller pieces or lower-carat items to stay within their budget, he said. Jewelry makers are embracing more affordable designs, such as pieces that incorporate less expensive materials, hollow or thin accessories, and chains with larger gaps between links. This trend is likely to accelerate, Iskhakov said.

It is not easy to sell all the new designs. Thin or hollow earrings may be affordable, but they can put pressure on the wearer’s ears and are easier to bend or bend, said David’s brother Eli, who spells the family surname “Itzhakoff.” Old collars don’t leave the store either, he said.

“You can try to sell small earrings, worth $300 or $400,” Itshakoff said. “Years ago, you’d get that for $100, $150…people would say, ‘I’m not going to pay $400 for that.’”

Refiners say they are pulling more material from jewelers and other commercial operators, including dental labs. Exclusive Jewelers liquidated hoop earrings and other items that were difficult to sell because of their price or outdated style, the brothers said.

The amount of gold, silver and other precious metals being brought into Cascade Refining is up about 25% to 30% this month compared to a year ago, Wright said. This has been the pattern over the past five or six months, he said.

WE Mowrey spent 75% more on gold, silver, palladium and other precious metals in 2025 compared to this time last year, requiring the company to shift from its standard operating model, Hershey said. The refinery has more materials ready to sell, but many of its regular customers don’t need the supplies, so WE Mowrey has been selling on the wholesale market, which is less profitable, Hershey said.

“My order is finished,” Hershey said. “I have to sell the upstream to a larger refinery that has connections abroad.”

Update: This article has been updated to include additional information on the price of gold.