Gold prices have spiked in recent months to the highest they’ve been in years. The price of gold varies greatly, and depending on how the economy is doing you might be able to get more for your gold than you would during other times. Surprisingly, when the economy isn’t doing as well the price of gold generally tends to go up because people seek alternate forms of investing than with banks or the stock market.
Right now, due to the coronavirus crisis, the price of gold has reached a high point once again because the uncertainty of the economy has created a lot of stress for Americans in recent months. Now, as the coronavirus crisis expands to create epicenters in major cities across the United States and not just in places like New York, fears surrounding the virus’ potential impact on the economy grow even greater than ever.
Places like pawn shops are great places to sell things like gold jewelry and other precious metals because they often offer the best prices for used items (or Gems & Loans does, at least). This means that you’ll likely get more for your gold jewelry in a pawn shop than in a resale jewelry store or even online at marketplaces like eBay and Poshmark. Jewelry, especially, is often hard to resell because without the help of a jeweler you may not be able to price your item correctly. If this is the case, you likely won’t be able to get as much for it than you could if you worked with a jeweler that can prove the item holds a certain value.
Luckily, most pawn shops employ certified jewelers for this exact reason. It’s beneficial for pawn shops to employ real jewelers because they can better value their items and their customers generally trust the product more if the shop can explain why something is worth a certain value. When you bring your gold jewelry in to be appraised, though, it’s still a good idea to have done your research to better understand the pricing of your item and what you might be able to get for it.
When you sell jewelry to a pawn shop you have a couple of options for what you can do. You can either sell the item outright for cash which gives the pawn shop the item to own, allowing them to resell it to someone else. The other option you have, if you don’t want to completely get rid of your item but need the money, is to pawn it for a quick cash loan. This type of loan will probably get you less money, but it comes with the freedom to get the item back later on by paying off your loan within the agreed upon period of time.