Gold and silver are hot as experts urge Britons to check their jewelery drawers

Gold and silver prices have soared, prompting experts to urge ordinary Britons to take a hard look at what they already own, including forgotten jewelery tucked away in drawers and boxes at home.

Gold rose to $4,603.87 while silver reached $84.69, as investors piled into traditional safe-haven assets amid tensions in the country involving Iran, fears of a potential U.S. military presence, and renewed instability in Washington following the launch of a criminal investigation into U.S. Federal Reserve chairman Jerome Powell.

While the rally has caught the attention of global markets, industry experts say the price hike creates tangible opportunities for everyday people, not just professional investors.

Jim Tannahill, managing director of London-based Suttons and Robertsons, said the current market offers real options for people who already own gold or silver, whether they know it or not.

“This all-time rise creates real opportunities for everyday people,” he said. “If you already own gold or silver, whether physical or digital, these rates give you a choice. You can sell and lock in the profit, or use what you have as collateral for a short-term loan without having to part with it forever.

“It’s also worth checking jewelry drawers and boxes. Old, broken or unwanted jewelry can cost more than people expect at today’s prices. And if you’re not sure if something is real gold, it can often be tested and valued by carat at no charge.”

Tannahill added that exposure to precious metals does not mean buying bullion or financial instruments. He said well-priced gold or platinum jewelry is often overlooked but can add fun and long-term value. In the UK, most jewelery sold for less than £6,000 is exempt from capital gains tax, while official UK gold coins such as Sovereigns are completely exempt.

However, financial advisors have urged caution against those tempted to rush the rally by investing directly in metals at record-breaking rates.

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 an all-time high it’s tempting to jump in,” he said. “But unlike stocks or bonds, these assets do not compound or generate returns beyond capital growth. The risk is buying high.”

Instead, he suggested that investors consider funds or companies operating within the sector. “For example, gold and silver miners can provide exposure while benefiting from business fundamentals. In an increasingly risky world, precious metals are always a useful hedge – but how you access them is important.”

David Belle, founder and trader of Fink Money, agreed with this view, saying that he prefers to invest in companies rather than investing in themselves.

“If you buy property, you are in the power of large 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 present a vision to the market.”

Others warned that the strong momentum could quickly reverse. Anita Wright, chartered financial planner at Ribble Wealth Management, said record highs often spur emotional decisions.

“Gold and silver making new highs is exciting, but that’s when people need to keep their heads down,” he said. “The prices are not too high and they go back too far in taking profits.

“Exploring jewelry boxes can be rewarding, but do it carefully. Sort items by brand, weigh them, and get more than one quote from reputable buyers. Be clear about whether you’re selling for a bargain or collectible, and remember that sentimental value won’t be available once the item is gone.”

Rob Mansfield, independent financial adviser at Rootes Wealth Management, added that chasing the latest gains is rarely a sound long-term strategy.

“Before buying something that has gone up a lot, people should think carefully about their goals and what they might lose,” he said. “There is no guarantee that today’s rally will continue. If you want exposure, funds or ETFs linked to miners or metals may provide a more balanced route.”

As global uncertainty continues to drive demand for safe havens, gold and silver’s rally shows little sign of fading. But experts agree that while the opportunity is there, discipline and vision are still important.