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30 W 47th St, Suite 906 · New York, NY 10036 Mon–Fri 10am–6pm
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Precious Metals

Is Your Jewelry Drawer Sitting on a Gold Mine?

2 min read Updated May 13, 2026

FOR IMMEDIATE RELEASE
📅 March 7, 2026 · New York, NY
Contact: Avi Kessler, CEO · (212) 840-0415

With Gold Up More Than 100% in Two Years, The Precious Metals Group Is Helping New Yorkers Turn Forgotten Jewelry, Old Coins, and Scrap Gold Into Cash

Somewhere in the average New York City apartment, there is probably gold. A tangled chain in a jewelry box. A college ring in a sock drawer. A set of earrings with a missing match. Dental crowns sitting in an envelope after a dental procedure. Old coins from a grandparent that nobody knows what to do with.

Most of it sits there for years, forgotten. That is a costly habit in 2026.

Gold recently hit an all-time high of $5,595 per ounce — more than double what it traded for just two years ago. The Precious Metals Group, a licensed gold buyer with over 15 years of experience serving New York City, is urging residents to take five minutes to understand what they might actually be holding.

The Gold Most New Yorkers Are Sitting On Without Knowing It

You do not need a vault full of bullion to benefit from today’s gold prices. The most common items people bring into The Precious Metals Group are completely ordinary:

  • Old or broken gold jewelry — rings, necklaces, bracelets, and earrings in any condition
  • Single earrings whose partner was lost years ago
  • Outdated jewelry that is no longer your style
  • Gold coins — American Eagles, Canadian Maple Leafs, Krugerrands, or foreign coins
  • Dental gold — crowns and bridges are often 16- to 20-karat, making them surprisingly valuable
  • Inherited pieces that have sentimental value but no practical use
  • Class rings and medals
  • Scrap gold or gold-filled items

Understanding the Math: Why Today’s Prices Change Everything

KaratGold ContentCommon ItemsApprox. Value per 10g (2026)
24K99.9%Coins, bullion, bars~$1,600+
22K91.6%Krugerrands, some coins~$1,470+
18K75%Fine jewelry~$1,200+
14K58.3%Most jewelry~$935+
10K41.7%Budget jewelry, class rings~$670+

A handful of 14-karat gold items that might have netted $300 to $400 at 2022 prices could now realistically yield $700 to $900 or more depending on total weight.

“Every week, someone comes in here genuinely shocked by what their gold is worth. They bring in a bag of old jewelry they’ve been meaning to get rid of for years, and they walk out with cash they had no idea they were sitting on. At the prices gold is trading right now, that drawer full of forgotten jewelry isn’t just clutter — it might be the best financial move you make this year.” — Avi Kessler, CEO, The Precious Metals Group

About The Precious Metals Group

The Precious Metals Group is a licensed and insured precious metals dealer based in Midtown Manhattan. Since 2010, we have provided New York City residents with transparent, fair-market pricing for gold, silver, platinum, diamonds, and luxury watches. Located at 30 West 47th Street, Suite 906. (212) 840-0415

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    30 W 47th St, Suite 906

    Ninth floor, between Fifth and Sixth Avenue, in the middle of the Diamond District block. Walk-ins welcome Monday to Friday, 10am to 6pm.

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    Subway

    B, D, F, M to 47–50 Sts–Rockefeller Center — exit at 47th Street and walk half a block east. Closest stop, under two minutes.
    N, Q, R, W to 49 St, then two blocks south.
    7 to Fifth Ave–Bryant Park, then five blocks north.
    4, 5, 6 to 51 St, or to Grand Central–42 St and west on 47th.
    1 to 50 St, then east toward Sixth Avenue.

    Commuter rail

    Metro-North into Grand Central Terminal — roughly a ten-minute walk west along 47th Street, no transfer needed.
    LIRR, NJ Transit and Amtrak into Penn Station — take the B, D, F or M uptown one stop to Rockefeller Center, or walk about fifteen minutes.
    PATH to 33rd Street, then the B, D, F or M uptown.

    Bus

    M1, M2, M3, M4 run along Fifth and Madison Avenues and stop within a block.
    M5, M7 run on Sixth and Seventh Avenues.
    M50 crosstown covers 49th and 50th Streets.

    Driving & parking

    There is effectively no street parking on this block. Several garages sit on 47th and 46th Street between Fifth and Sixth, and more along Sixth Avenue — booking ahead through a parking app is usually cheaper than the drive-up rate. From the FDR, exit at 49th Street and head west. From the West Side Highway, exit at 56th Street and head south and east.

    Coming in with a large lot

    If you're bringing a significant quantity, call before you come. We'll have the right person at the counter and can arrange for you to come up without waiting. For estates and bulk lots we can also discuss secure transport.

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