Rollercoaster for gold creates havoc in Hatton Garden

Core Insights - The jewelry industry in London's Hatton Garden quarter has experienced a surge in second-hand jewelry sales due to record high gold and silver prices, prompting families to consider melting down heirlooms [2][3][5] - Recently, gold prices have dropped approximately 13% and silver prices have fallen about 33% following the announcement of a new Federal Reserve chairman, leading to a chaotic environment for jewelers and precious metal traders [4][9] - The fluctuations in metal prices have created financial instability for jewelers, pawnbrokers, scrap merchants, and refiners in the UK's precious metal recycling sector [10] Industry Trends - Families have been actively searching through inherited collections and jewelry, motivated by high metal prices, to sell items they no longer use [8] - The period leading up to the price drop was marked by unprecedented business activity for refiners, with January being described as the busiest month ever for some companies [9] - The recent price volatility has caused disappointment among those who were waiting for further price increases before selling their precious items [5][6]