Selling Gold Online Vs. Pawn Shop

As quoted from...

Sell Gold Online vs. Pawn Shop - Sell Gold Facts

"In the old days, pawn shops used to be your only hope for selling your gold for instant cash but not anymore, not with online websites like www.WantYourGold.com doing great business buying scrap or broken gold from private individuals.
The Advantage and significant major advantage to selling gold to a pawn shop and that’s the opportunity to reclaim your jewelry, even if it means paying more than you originally received. This option would certainly be important if you are selling a prized item such as your high school championship ring, your wedding ring, or the necklace you inherited from a beloved ancestor.
But if you don’t need such conditions then selling your gold to a pawn shop would be more disadvantageous than beneficial.
Firstly, pawning your gold is not convenient. There are not as many pawn shops online so you might feel it’s better to visit its actual store. When you do that, you are more likely to suffer long queues during peak hours and you’ll have to be adept as well at face-to-face negotiations to ensure the best price for your gold. Of course, let’s not forget the fact that there’s always a risk of robberies when you go to a pawn shop and instead of earning cash, you lose your gold instead.
Also, pawn shops are not likely to give you a better price than what you’ll get from the aforementioned websites. Remember: pawn shops will be interested in reselling your items as they are so they will have to consider the condition of your item as well.
But with online gold buyers, their interest primarily relies in the actual content and weight of your gold. They don’t care if its surface is heavily scratched as this has little impact on the factors they’re most concerned. Thus, they are more likely to give you a better price than what you’d get from online shops.
In relation to that, online gold buyers are interested in any object that has gold in it. Pawn shops are likely to refuse objects you are selling if they do not believe they have buyers for it. Consider, for instance, badly chipped and broken vases with gold etching. A pawn shop might not be interested in it but online gold buyers are sure to find it worthy of their notice.
The moral lesson: when you have to gold to sell, it won’t hurt to compare prices between pawn shops and gold buying websites. "


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"Bust may follow as gold hits $1500"

Quoted from ARTICLE

GOLD hit a record $1500/oz yesterday, but analysts are already warning that the price could crash.

Gold’s decade-long rally to breach $1500 has been mirrored by silver’s rise to 1980 highs.

But both metals, historically regarded as safe-haven bets, experienced a sharp correction after the 1980s. Some investors are wondering whether the circumstances are the same now.

When the 1980s crash in the gold price happened, there was an "unsustainable rise" just before the peak was reached, Nick Goodwin, a retired gold analyst who has followed the metal since 1980, said yesterday.

This time the increase to $1500 and beyond had been steady. But in 1980 there had been a steep increase before a sudden and sharp downward turn, Mr Goodwin said.

"The crash is still coming, we are still in the first phase, there’s a second phase to come," he warned.

Gold had gained more than five-fold from the beginning of 2000 to yesterday’s 5pm price of $1504,05/oz.

Over the same period, silver climbed almost tenfold from $5,38/oz to $45,08/oz.

Gold was on course for 11 successive annual increases, its longest run of gains since 1920. It gained 5,5% this year after a 30% jump last year.

"When we reach the second phase, we’ll be seeing gold jump $100 a day and then crash," Mr Goodwin said.

At the end of the 1960s, gold traded at $35,17/oz and rose to a then record of $850 on January 21 1980. After reaching its peak, the metal slumped to a low of $284,25 in the decade that followed.

On January 18 1980, silver was valued at $49,40/oz before it plunged to a decade low of $4,85/oz.

"We are not at 1980s levels yet," Paul Walker, GFMS CEO, said yesterday. "In real terms we are not at the same point, but the market is sending a clear signal that they don’t trust monetary authorities."

In adjusted dollars, the $850 gold sold for in 1980 would be worth about $2248/oz now, Mr Walker said.

The downside risks to a continued rise in the gold price are central banks hiking rates to stem inflation.

Investors place money into gold and silver to hedge against inflation, rather than letting it erode in banks. The oil price rose 2% yesterday on inflation concerns, spurring the rush to gold.


Bullion is "where it is, cause there’s nowhere else to go", David Shapiro, Sasfin Securities director, said. "As long as uncertainty persists, gold will keep going up."



Summary of the Story: Sell your gold, and sell it soon, because history tends to repeat itself.

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