Gold Volatility Empties Jewelry Boxes in Wild Selling Spree
- ‘Never seen surge like this,’ jeweler says, citing virus fear
- Scrap gold now accounts for about 30% of global supply
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Over the last few weeks, gold buyers have seen a frantic push by individuals racing to sell their little-used jewelry in the U.S. and Europe amid worries that the extraordinary price rally fueled by the coronavirus since the start of the year may soon run its course.
Old gold sales always jump when prices rise, but “we’ve never seen a surge like this,” said Tobina Kahn, the president of House of Kahn Estate Jewelers in Chicago, where jewelry assessment bookings this week alone were up 12% over the average.