Record high prices for gold have North Shore residents hawking their old jewelry like never before.
As of Thursday afternoon, pure 24-karat gold was selling at US$1,828 per ounce.
The dramatic uptrend over the past few weeks means that jewelry stores and kiosks that buy gold have been busier than usual.
There are lots of people trying to get rid of all the rings and necklaces that they dont wear anymore, said Lucia Gray, a sales associate at Trio Diamond and Gold Jewellery in Central Lonsdale.
While some people bring in their items for a straight cash exchange, others are willing to let Trio try to sell them in-store. Gray said people should consider the fact the prices theyll get for their gold wont necessarily match up with what they hear about on the news.
The amount they see on TV is per ounce and it is also pure gold, but jewelry . . . is usually 10-, 14- or 18-karat gold, she said.
You have to calculate how much it is per gram and it changes a lot.
People interested in more jewelry should consider recycling their gold, and having it made into something new, added Trios owner David Robertson.
Gold is expensive. If people have old gold, I tell them to use their gold, theyll save a lot of money that way because theyll just pay for labour, he said, explaining that a gold bangle might cost $1,000 to purchase but only $150 to make.
Gold Buyers, an international company that specializes in appraising and purchasing gold, recently set up two kiosks on the North Shore, one in Capilano Mall and another at Park Royal Shopping Centre.
We predominantly buy broken, used, damaged, out of date and unwanted jewelry, said Lee Horton, Canadian western regional manager for Gold Buyers.
It can be items that were passed down from one generation to another. Quite often in todays world, there are people who have separated and theres no emotional attachment to items.
North Vancouver resident Stephanie Sarin can relate to that. She recently turned in her husbands engagement ring and his grandfathers ring for appraisal at Gold Buyers Park Royal location.
My husband just said, Gold went up last night, lets see what theyre worth, she said.
She ended up trading the engagement ring a 10-karat piece that weighed about 5.5 grams for $52 and keeping the other ring, which at 14-karat gold was worth $132.
As for the value of gold, West Vancouver stock coach Henry Huber believes it will continue to rise, possibly even up to $3,000 per ounce within the next year. But if youre looking to invest, his advice is to hold off for a couple of months. If anyone hasnt gotten involved in gold stocks at all and wants to do it now, I would wait because the gold price needs to settle and come down, he said.
Between now and this time next year, that run past $2,000 will occur and theyll be very, very happy.
