Or: A Jeweler’s Advice for Navigating One Tiny Portion of the Current Economy, Circa April 2025 

Alanna Greenly. April 23, 2025.

Gold prices tend to go up. It’s a little odd. Most values fluctuate based on—well, whatever they’re based on. Usually supply and demand. Sometimes other currencies. But in the end, no matter how many betters the other futures have, gold is the horse that wins. 

Is now a good time to sell or buy? If you read the news, you’re assured of both (from everywhere: Bloomberg [Lorinc, 2025], Kitco [Roy-Bryne,  2025],  Barron’s [Hough, 2025] ). Due to the volatility of other markets, many investors are currently trading other values into gold bars and coins and advising you do the same. 

The National Mining Association records the value of gold per troy ounce. Stated in records charting from 1833 to 2016,

“The price of gold [has] remained remarkably stable for long periods of time. Sir Isaac Newton, as master of the U.K. Mint, set the gold price in 1717, and it remained effectively the same […] until 1914. The only exception was during the Napoleonic wars from 1797 to 1821. The official U.S. Government gold price has changed only four times from 1792 to the present. Starting at $19.75 per troy ounce, raised to $20.67 in 1834, and $35 in 1934. In 1972, the price was raised to $38 and then to $42.22 in 1973. A two-tiered pricing system was created in 1968, and the market price for gold has been free to fluctuate since then.” (NMA. “Historical Gold Prices 1833 to Present.” Nma.org. 2016.) 

In the past twenty years, Gold Shares (GLD), an exchange-traded fund, has jumped 630%, 85 points more than the S&P 500. However, Barron’s advises, “Resist fleeing stocks for gold. The surprisingly long outperformance of gold is mostly a function of its recent run-up. From 1975 through [2024], gold turned $1 invested into about $16, versus $348 for U.S. stocks.” (Hough, Jack. “Gold Is Beating Everything. How to Get a Piece of the Action.” Barrons.com. 2025)

We’re writing this from a jewelry store, not a table of economists. But here’s what we’re seeing on the ground: 

1. More repairs and restorations. People might be investing in what they already own, but that still generates demand for metals involved the the repair process. Mostly gold. 
2. Alternative metal wedding bands (zirconium, titanium, steel), especially for men. 
3. Platinum! Platinum is now competitively priced against white gold, and we have more and more customers going that direction if white metal is their chosen look. White gold already tends to be more expensive than yellow gold, and less pure, so we’re excited to let platinum be a real alternative. 
4. In general, demand for yellow gold still holds strong, even if shoppers have to double-take. Yellow gold having been in style for many years, most of our customers have built their collections around it. Plated gold (vermeil) is an option, as it has always been, but upkeep and longevity deter customers away from this choice as, while less expensive than solid gold, vermeil is still pricey—and it can’t be repaired if it breaks. 

With gold, price action in its valuation is mostly about demand, since nearly every ounce ever found is still around. And since investor demand is high, and consumer demand is high, the price of gold is very, very high. 

Economic uncertainty makes nothing certain enough to be bet-able, though.

Here’s what we’re genuinely recommending to customers: recycle your metals when you get work done at our shop. Anything in your jewelry box that’s broken or totally unworn and unloved, bring it in. On April 22nd, retail for a single earring back was more than $72. We can occasionally directly recycle your old scraps into a new piece, or we can easily credit your silver heirlooms into an equivalent gold allowance. 

Is now a good time to buy? Or sell? 

Well, if you have to buy—do it now. 

And if you need the cash, it’s a perfect time to sell. 

But if you’re just wanting to know how to move forward in the current market, think simply and environmentally: reduce, reuse, recycle. “Quality over quantity” is of utmost importance in our industry, especially now, because quality products retain value. Not only monetary value, but useful value, in that solid metals can be reused, recycled, redesigned, or turned back into cash. Think smart about what you have and what you want, and be prepared to bring a shoebox of broken chains and earring backs along with you when you come to shop. Don’t worry—everyone’s doing it! 

Check out that gold value chart from the National Mining Association below:

(or click this link if you have trouble viewing)