The relentless rise in gold prices has sparked what some describe as a 21st-century gold rush across the United States. With the precious metal surpassing $4,000 an ounce—a 55% increase since early 2025—Americans are scouring their attics, closets, and jewelry boxes in search of items to sell. From inherited necklaces to outdated accessories, consumers are increasingly liquidating their personal gold holdings to capitalize on record valuations and offset financial pressures amid a cooling economy.

A Nationwide Rush to Sell

Jewelry stores and refineries across the country are witnessing a surge in activity unseen in years. “People are coming in that weren’t thinking about it before,” said David Iskhakov, co-owner of Exclusive Jewelers in New York. “They’re bringing in their grandparents’ stuff, inherited pieces, even broken jewelry.” His shop, he noted, is now buying twice the amount of gold it did a year ago.

The trend extends far beyond New York. In St. Paul, Minnesota, Craig Hirschey, general manager of W.E. Mowrey Refining Co., said both new and returning customers are flooding in to offload gold coins and jewelry. “Everyone’s selling me more,” he said. Refiners such as Cascade Refining in Utah are also reporting similar patterns, with intake up roughly 25% to 30% year over year.

Economic uncertainty is driving the momentum. Persistently high inflation, weakening labor markets, and political instability—especially concerns over federal debt and central bank independence—have shaken investor confidence. As a result, households are turning to tangible assets like gold both as a hedge and as a source of ready cash.

Inflation, Dollar Fears, and Investor Psychology

Historically, gold has been viewed as a safe haven during times of economic stress, but today’s rush carries a distinctly modern twist. Beyond inflation fears, anxiety about the stability of the U.S. dollar and potential policy paralysis in Washington has intensified demand.

Many analysts point to behavioral finance dynamics: investors and households, weary from volatile markets and the memory of recent banking stress, are acting out of risk aversion rather than speculation. The surge in gold sales reflects a classic defensive response—realizing gains while prices remain high, rather than waiting for another market correction.

However, the demand surge also raises concerns about counterfeiting and fraud. Buyers and refiners are increasingly wary of fake or low-quality items entering circulation as consumers attempt to cash in on the boom.

The Jewelry Market Adjusts

While high gold prices have been a boon for sellers, they are weighing heavily on jewelry retailers and designers. Exclusive Jewelers reports a 20% decline in jewelry sales compared to last year, as consumers balk at steep price tags. To adapt, jewelers are introducing smaller, hollow, or lower-carat designs that mimic luxury aesthetics at lower costs.

But not all cost-cutting measures are successful. “Thin or hollow hoops might be affordable, but they’re easier to dent and bend,” said co-owner Eli Itskhakov. Many jewelers are liquidating unsold or outdated stock, selling it for melt value to keep cash flowing amid reduced consumer demand.

Refiners like W.E. Mowrey, meanwhile, are adjusting to a supply-demand mismatch. “My demand is gone,” Hirschey said. “I have to sell upstream to a larger refiner with overseas connections,” highlighting how supply gluts are now moving through the refining chain.

What Comes Next for Gold

With gold near historic highs, analysts remain divided on whether the rally can sustain its momentum. Continued macroeconomic instability and potential rate cuts by the Federal Reserve could push prices higher, but profit-taking and reduced jewelry demand might cap gains.

For now, Americans are treating gold less as a luxury and more as a lifeline—converting heirlooms into cash as a hedge against uncertainty. Whether this gold rush signals confidence in the metal or a lack of faith in traditional markets will be the defining question heading into 2026.