Gold and silver prices have surged to fresh all-time highs, prompting experts to urge ordinary Britons to take a closer look at what they already own, including forgotten jewellery tucked away in drawers and boxes at home.
Gold climbed to $4,603.87 while silver reached $84.69, as investors piled into traditional safe-haven assets amid rising geopolitical tension involving Iran, fears of potential US military action, and fresh instability in Washington following the launch of a criminal probe into US Federal Reserve chair Jerome Powell.
While the rally has captured the attention of global markets, industry specialists say the price spike is creating tangible opportunities for everyday individuals, not just professional investors.
Jim Tannahill, managing director of London-based jewellers Suttons and Robertsons, said the current market presents genuine options for people who already hold gold or silver, whether knowingly or not.
“These all-time highs are creating real opportunities for everyday people,” he said. “If you already own gold or silver, whether physical or digital, these levels give you choices. You can sell and lock in a profit, or even use what you own as security for a short-term loan without having to part with it permanently.
“It’s also well worth checking drawers and jewellery boxes. Old, broken or unwanted jewellery can be worth far more than people expect at today’s prices. And if you’re unsure whether something is real gold, it can usually be tested and valued by carat at no cost.”
Tannahill added that exposure to precious metals does not have to mean buying bullion or financial instruments. Well-bought second-hand gold or platinum jewellery, he said, is often overlooked but can combine enjoyment with long-term value. In the UK, many jewellery items sold for under £6,000 are free from capital gains tax, while UK legal-tender gold coins such as Sovereigns are exempt altogether.
However, financial advisers have urged caution for those tempted to chase the rally by investing directly in metals at record prices.
Samuel Mather-Holgate, managing director at Swindon-based Mather and Murray Financial, warned that gold and silver do not generate income in the way traditional investments do.
“With precious metal prices at all-time highs it’s tempting to jump straight in,” he said. “But unlike shares or bonds, these assets don’t compound or generate returns beyond capital growth. The risk is buying at the top.”
Instead, he suggested that investors consider funds or companies operating within the sector. “Gold and silver miners, for example, can offer exposure while still benefiting from business fundamentals. In an increasingly dangerous world, precious metals remain a useful hedge – but how you access them matters.”
David Belle, founder and trader at Fink Money, echoed that view, saying he prefers to invest in companies rather than commodities themselves.
“When you buy a commodity, you’re entirely at the mercy of macro forces,” he said. “With a company, you have management, cash flow and balance sheets working to create value. That provides a more structured way to express a view on the market.”
Others cautioned that strong momentum can reverse quickly. Anita Wright, a chartered financial planner at Ribble Wealth Management, said record highs often encourage emotional decisions.
“Gold and silver making new highs is exciting, but this is exactly when people need to keep their heads,” she said. “Prices can overshoot and then snap back sharply on profit-taking.
“Checking jewellery boxes can be worthwhile, but do it carefully. Separate items by hallmark, weigh them, and get more than one quote from reputable buyers. Be clear whether you’re selling for scrap value or as a collectable, and remember that sentimental value can’t be recovered once an item is gone.”
Rob Mansfield, an independent financial adviser at Rootes Wealth Management, added that chasing recent gains is rarely a sound long-term strategy.
“Before buying something that has already risen sharply, people should think carefully about their objectives and what they can afford to lose,” he said. “There’s no guarantee today’s rally continues. If you do want exposure, funds or ETFs linked to miners or metals may offer a more balanced route.”
As global uncertainty continues to drive demand for safe havens, the gold and silver rally shows little sign of fading. But experts agree that while opportunity exists, discipline and perspective remain essential.
Read more:
Gold and silver hit record highs as experts urge Britons to check drawers and jewellery boxes