STRUTHERS, Ohio (WKBN) – Gold always shines, and right now it is extremely valuable too.
“I would say our business has tripled since Christmas because the price of gold has shot up $300. Silver has climbed almost $5,” said Mike Miller, a coin dealer from the Coin Shop in Struthers.
Silver is worth $18 per ounce, which is triple the price from 15 years ago. Historically, it has approached $50 twice.
The price of gold is $1,600 per ounce — the highest it’s been in seven years.
“We’ve seen gold prices spike, which has brought out the old jewelry. It’s brought out the old coins. It’s brought out a lot of stuff the people thought they’d just hang onto. Now they bring it in and find out it’s worth a lot of money,” Miller said.
People get excited when the prices of metals are high. They want to cash in while the markets are up and now is that time again.
You don’t have to spend days polishing jewelry. Miller said it does not change the value at all.
“We don’t really care about if it’s old, if it’s broken, if it’s new, if it’s outdated, what it looks like because it’s going to be melted and refined back to pure gold and at one point it will look like this instead of the old ring or old necklace.”
Silver is equally as popular right now. Silverware that says sterling is worth more. Even if it doesn’t, it’s still worth $1 per pound, which is much better than tossing it in the garbage can.
While some people are selling, there are also investors buying even at these prices for fear of missing out.
“There’s a renewed excitement in the industry. It is virtually a physical stock. When you buy a bar of silver from me, you have bought stock that you can hold in your hand, unlike a piece of paper or a stock certificate is,” Miller said.
Metal and coin prices can go up or fall down just as easily. What Miller likes is that the higher metal prices are creating buzz. The metals are glittering and creating treasure for some, and he believes there is more to come.
“The excitement generates volume. Volume generates people to free up collections that have been sitting in closets for 50 years and that’s when we see the gold coins.”
Miller would like to see Carson City silver dollars, Mercury dimes or even a 1916 D penny.
Miller said he will look at anything you bring in to the Coin Shop and tell you what it’s worth.