If you’ve considered pawning gold and using the cash to cover past-due expenses, now is a good time to do so. Economic uncertainty makes the job markets and prices unpredictable, but also increases the reliance on gold. Here is an overview on why this is the case and why you should visit our pawn shop in Olathe, KS to price and pawn or sell your gold.
Gold prices have increased by nearly 30 percent this year. The latest price on gold futures is $1,931 per ounce, and that is expected to increase to $2,000 by September. While we cannot guarantee any price when pawning gold, that is still a very promising trend.
As stated above, investors lean on gold when economies become unstable. Gold is always a certain investment and keeps its value even as the dollar falls. It has always had this opposite relationship with the dollar, which allows it to increase in value.
Two factors contribute to economic uncertainty at this time. One is the pandemic. You do not have to surf the Internet long to see the effects coronavirus has on the markets. Gold is one of the few investments doing well at this time. As the government offers aid in the form of stimulus payments and increased unemployment benefits, the national debt rises and more people buy gold to protect themselves against potential inflation.
The second factor is the trade tensions between the U.S. and China. As trade between our countries decreases, investors face further uncertainty with rising costs and other impacts. This only enhances current uncertainty and makes gold more appealing.
Pawn your gold today
Financial markets are not expected to stabilize until there is a vaccine for COVID-19. That means reliance on gold increases its demand and value. If you have bills to pay and need money, that makes pawning or selling your gold an excellent option to address your own financial distress.
The amount you receive for gold depends on its weight and karats. 24-karat gold is the highest quality and will secure the most money. Most higher-end jewelry is 18-karat gold, with lower-end items usually being 12-karat or 10-karat. You can see what type of gold you have by finding a small stamp on your piece. Gold coins or even gold bars can also bring in badly-needed cash, depending on their quality.
You can bring in the gold now, or see if prices increase in September. It depends on how much money you need and if you have a penchant for gambling. Just know that the current crisis will not last forever, and waiting too long means receiving less for your gold.
The price of gold makes pawning gold a profitable venture at this time. If you wish to secure the fairest price for your gold in Olathe, KS, Harrison Street Pawn is the place to visit. Come see us today to see what we can offer for your gold jewelry and other keepsakes. We look forward to seeing you soon!