MCLENNAN COUNTY, Texas (KXXV) — Remember that old gold watch tucked away in your jewelry box or the class ring you bought in the 1980s? Those forgotten treasures have nearly doubled in value over the past two years as precious metals reach unprecedented price levels.
- Gold prices have nearly doubled from $2,200 per ounce in March 2024 to over $4,000 per ounce currently.
- Silver has also doubled from $25 per ounce to $50 per ounce in the same timeframe.
- Growing distrust in the U.S. dollar and central bank purchases by countries like China and Russia are driving the surge.
- Old jewelry has significantly increased in value - a gold watch worth $500 two years ago could now be worth $1,000.
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Shane Pack, owner of Reliable Coins in Woodway, has witnessed the dramatic surge firsthand. His business has seen increased activity on both sides of the market.
"I think that we have seen an increase in selling. But I can also tell you with 100% certainty, we've also had just as many buyers even at these high prices," Pack said.
The numbers tell a striking story.
In March 2024, gold was trading at $2,200 per ounce and silver at $25 per ounce. Now, a year and a half later, for the first time ever, gold has surpassed $4,000 per ounce while silver has reached $50 per ounce.
The dramatic price increases stem from multiple factors, according to Pack. While some might point to government uncertainty, he believes inflation and growing distrust in the U.S. dollar are the primary drivers.
"Centralized banks, China, Russia and America, other countries as well, buying a lot of gold for reservoirs. And it is de-dollarizing The US. Dollar, is what's happening," Pack said.
Basic supply and demand economics also play a role. With less gold and silver available on the market, prices continue climbing.
To test the current market value, 25News Reporter Dominique Leh brought her own pieces to Pack's shop for evaluation. Using a specialized testing device, he determined a bracelet contained 14-karat gold with 58% gold content.
"I would imagine this piece would be worth $250 to $300 dollars," Pack said.
But it was an old gold watch that really demonstrated the market's dramatic shift.
"This piece is probably going to upwards of the thousand dollar range, and what's crazy enough if you came across this piece say two years ago, it would be half that price," Pack said.
Pack suggests now is an excellent time to sell if you're planning a major expense like a vacation.
For those who don't need immediate cash, holding onto gold and silver remains a solid strategy. According to Pack, it's also still a good time to buy despite the high prices.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
