Gold and silver price boom: What to know before you sell

CHERRY HILL, N.J. (WPVI) -- Gold prices have now crossed beyond the $5,000 per ounce mark for the first time. So far this year, the price has risen 15%.

That's a historic rally, building on a record-breaking year in 2025 when prices skyrocketed 65%.

And the price of silver has more than doubled in the last couple of months.

The price increases have created a surge of people to cash in.

That includes Linda Jacobs of Mount Laurel, New Jersey. She gathered some old jewelry and coins from her mom's house that she said were in a "big box of junk."

She told the Troubleshooters she first went to three different places to see who would give her the most money.

We caught up with her at Cherry Hill Coins, Jewelry and Gold.

"And these guys gave me a way better price," she says.

In fact, she was offered a whopping $700 more than the place down the road.

Linda said she came back to Cherry Hill Coins and Currency to sell more stuff and made $5,782.

The owners at the store said the last four months, business has been booming.

They said foot traffic used to be about 20 people a day but now they get about 50 or more people inquiring about selling gold, silver and coins.

The owner cautioned no matter where you go, first do some homework before selling.

"You've gotta make sure they're trustworthy. Know what you have," the owner Mike said.

Mike said an honest dealer will be upfront about what kind of gold you have and what it is worth.

He said first they weigh and analyze the items.

Mike said a dealer should use a device called an XRF, which analyzes the metals instantly to determine karat, grade, and purity.

Mike also said to be suspicious if a retailer takes your items to the back instead of checking them out right in front of you.

And experts also said to be wary of traveling gold dealers. It's always better to work with an established business with a good track record.