PARMA, Ohio — We’ve been talking a lot about oil prices as conflict in the Middle East continues, and for good reason. But there’s another commodity surging — and it could actually help you offset the rising cost of gas, groceries, and utility bills.
Gold is on a historic run.
Inside Ohio Estates Coin and Jewelry in Parma, the phones won’t stop ringing — and the foot traffic keeps growing.
“Customer count is the highest it’s ever been,” said manager Matt Jockers.
What’s driving the rush? Simple: gold prices are soaring.
Right now, investors are pouring money into gold as a “haven” amid global uncertainty — from geopolitical tensions to concerns about the U.S. dollar's strength.
“It’s due to uncertainty — global instability, political instability,” said Brandon Aversano with The Alloy Market.
The result: gold prices hitting record highs, with an ounce now valued at more than $5,000 — and some major banks predicting it could climb even higher by the end of the year.
That surge is dramatically changing the value of your old jewelry.
“If you had an 18-karat bracelet in 2001, it was probably worth $155. Today it’s worth over $2,000,” Aversano said.
It’s not just investors cashing in.
Local shops say every day, people are digging through jewelry boxes — selling broken chains, outdated pieces, and unused gold to help cover everyday expenses.
“Sell a little bit to pay for the overpriced groceries and fuel,” Jockers said.
Before you rush to cash in, there’s a warning.
Not all buyers will give you the same price.
Experts say you should always shop around and get multiple quotes before selling — especially with prices this high and demand surging.
“It doesn’t hurt to get a couple different quotes… make sure you’re getting the most you can,” Jockers said.
There’s another reason gold is so valuable right now — beyond just jewelry.
It’s a critical material used in everyday things: medical equipment like MRI and X-ray machines, electronics, and even electric vehicles.
Unlike some other materials, gold is finite.
It can’t simply be manufactured in a lab, which means as demand increases — and supply stays limited — prices could remain elevated.
If you’ve got old or broken gold sitting in a drawer, now might be the time to take a second look.
In this modern-day gold rush, what you’re not wearing could actually help pay the bills.
