Gold prices took their largest hit in more than 30 years on Monday. Gold futures closed at $1,361 an ounce, a drop of more than $200 in two trading sessions. It was the largest two-session decline since 1980.
Although the price of gold regained $11 an ounce to close at $1,372 on Tuesday, prices have plummeted close to 13 percent since last week.
National numbers aside, what does this mean for you and your jewelry box?
If you're looking to sell your unwanted jewelry for extra cash, your ship may have sailed, said Brian Brookman, owner of the West Michigan Pawn store in downtown Grand Haven.
“It's simply not worth as much now as it was a week ago,” he said. “I think if you have gold, you should have sold it a week ago.”
Brookman estimates a gold ring that was worth $100 last week will sell for less than $85 now.
Although he doesn't have a crystal ball, Brookman predicts prices will continue to drop throughout the year. He said gold prices have been high for so long, they were due to take a tumble.
If you're in the market to buy, deals may glisten well into the future.
“My personal feeling is, it's just like the housing bubble,” Brookman said. “It's finally starting to stabilize. I felt gold prices had gotten out of control and would eventually start stabilizing. A drop like we had (Monday) is indicative of something happening in the market that very, very few people know the details of."
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