As jewelers learned in the last few years, with recent economic instability and the continued uncertainty over the debt ceiling in Washington D.C., gold prices have been rising almost continually. Despite the worrying reasons behind this spike in gold prices, the results have been great for jewelers and other gold scrap businesses.

Today, the price of gold reached $1,621 an ounce, turning gold buying into one of the most lucrative aspects of the jewelry business in a time when small jewelry businesses have been struggling to find a new niche in the ever-changing jewelry markets. And, even better news for jewelers, and hobbyists who have old gold jewelry and scrap they want to get rid of: gold prices are predicted to reach $1,900 an ounce by October, according to John Taylor, founder of FX Concepts. Read more about the rising gold prices here.

Jewelers, if you haven’t jumped on the scrap gold business yet, now might be a good time to consider it. To learn more about testing gold and setting up your business to start buying gold, visit our Learning Center.