Winchester Jewelers React to Soaring Gold Prices

Artie Bennos has been in the industry for 34 years, but over the past 10 months, the longtime jeweler and Winchester native still can’t believe what’s going on with the price of gold.

On Wednesday, August 10, gold prices reached an all-time high of $1,800 an ounce. In the spring, gold prices soared to over $1,500 an ounce, and it continues to go up.

“I’m surprised at how high it’s gone up,” said Bennos, owner of . “I had no idea gold would get this high. If I knew, I would have acted accordingly.”

Fourteen years ago, when Beth Jordan opened the along Thompson Street in Winchester, gold was $270 an ounce and silver was at $5 an ounce. Silver is now $39 an ounce.

“[The price increase] is because of the President,” Jordan said. “Gold’s a commodity. When things are bad the price of gold goes up.”

Bennos said that some experts are predicting the price of gold could go as high as $2,500 an ounce.

But even though the price of gold is $1,800 an ounce now, most of the gold pieces in stores were bought before the prices increased, so they’re selling at a lower rate than the current amount.

“So far it’s only impacted us when we need to reorder something,” Bennos said. “Then those pieces come in more expensive than what they had been. But a lot of the gold sitting in the store was purchased during a lower market, so it’s really a good time to buy gold.”

As far as Jordan is concerned, the increasing price of gold has yet to impact her business.

“The gold rush is on,” Jordan said. “But the price increase is a negative and a positive. As long as people continue to buy gold it’s fine.”