0:00
Meanwhile, the price of gold has been spiking over the past year
0:02
That is leading a whole lot of Americans to sell whatever gold they have
0:06
That's right. Whether it's old coins or forgotten jewelry, many are looking to cash in on their keepsakes
0:11
Jody Goldberg has more. Check your drawers for gold coins or grandma's old chains
0:18
This is all marked 14 carats. And then ask yourself, at around $3,200 an ounce, are they worth more than the sentimental value
0:26
The last six months, it went up $800 an ounce. The last 60 days, it went up $600 an ounce
0:32
Right there, you have about $35 million worth of gold. Tony Cutrone of Gold Coast Jewelry and Pawn is seeing a revolving door of new faces coming in to sell gold
0:41
They're actually looking for things that they have tucked away in ed drawers, some things that they inherited that they're not utilizing, and it's a lot of money just sitting there
0:49
What's this going on? You're about $4,700 here. And over at the Father and Son's 110 Jewelry Center
0:56
Eddie Babakhanov says Long Islanders are taking advantage by buying it or selling it People who bought gold years back are making a whole lot of money right about now Gold is on tip of everybody tongue Now those in the business say if you looking to
1:11
invest in gold, make sure you go to a trusted source. And if you're looking to sell it
1:16
make sure you go to someone who uses tools. And a scale, if they're just eyeballing it
1:21
that's a sign to go elsewhere. Jewelry, as a matter of fact, the last two years became
1:25
the number one gift because people realize at the end of the day it has some kind of value at
1:31
any point of their lives. What's driving the price? Well, economist Dr. Martin Cantor says
1:37
the uncertainty of the market. What it shows is that people are concerned about the economy
1:42
the global economy and the current economy. And until the tariff resolves itself
1:48
gold will continue going up in price. His advice, hang on to what you can
1:52
Just be patient. Pay attention to what goes on. Once you convert it to dollars, then the dollars are a static worth
1:59
And if anything, it will go down in value. As the market shows us, the dollar isn't always worth its weight in gold
2:07
I'm Long Island, Jody Goldberg, Fox 5 News
