Gold prices in Canada have surged to record highs, and that old jewelry tucked away in your dresser could now be worth hundreds — or even thousands — of dollars.
According to goldprice.org, gold is trading above $5,060 per troy ounce this week, a more than 40% jump compared to last year. The surge has been fueled by central banks and investors stockpiling the metal as a hedge against inflation and global uncertainty.
Your Jewelry Could Be a Hidden Windfall
Brandon Aversano, CEO of The Alloy Market, says gold’s rise has outpaced both stocks and real estate — making it a great time for Canadians to cash in.
- A 10-gram, 14-karat gold chain could fetch over $800.
- A pair of small gold hoop earrings could be worth up to $400.
- Even a single stud earring could bring in $275.
“Most people don’t realize broken necklaces or heirlooms they never wear aren’t just sentimental anymore — they’re hidden assets,” Aversano said. “That jewelry box you haven’t opened in years could hold enough value to pay for a vacation, tuition fees, or even a big bill.”
Selling Smart: Avoiding Costly Mistakes
Experts caution sellers to do their homework before parting with their gold:
- Check the spot price: Research current market rates to know what your gold is worth.
- Understand purity: 24k gold is pure, while most jewelry ranges from 10k (41.6% gold) to 22k (91.6%).
- Get multiple appraisals: Have several reputable buyers weigh and test your items to avoid being underpaid.
- Compare offers: Trusted dealers like Smart Gold publish their payout rates based on purity and weight.
Taxes and Long-Term Thinking
Scotiabank notes that Canadians may owe capital gains tax if profits exceed $1,000 from selling jewelry or collectibles.
And while many are taking advantage of record prices, some investors argue gold remains a strong long-term hedge against inflation — meaning holding onto it could pay off even more in the future.