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Car title loan businesses buy gold. Grocery stores buy gold. Check cashing businesses buy gold. Network TV commercials announce, “We buy gold,” “We pay top dollar” and “gold-buying parties.” We ask ourselves, “What in the world is going on?”
So what is all the hype and buzz about selling our gold for cash? To put it in a nutshell, gold is at an all-time high, the economy is bad and well, simply put, people need money.
To have a better understanding of the current value of gold and why it’s a good time to sell now, let’s go back a few years.
Gold goes up 700 percent in 10 years
About 11 years ago, in the year 2000, gold was around $272 an ounce. In 2005, it was $513 an ounce. This year, gold hit $1,900 an ounce. It doesn’t take a rocket scientist to do the math.
If you bought an ounce of pure, 24-karat gold bullion coin in the year 2000 and sold it when it was $1,900 an ounce, your profit would be about $1,628. (Please note: Most gold buyers charge a percentage, so profit may vary.)
I know a man from Rockport who bought a kilo of pure gold in the year 2000 and paid under $11,000 for the bar. He recently cashed it in and received $56,000 for the bar after gold brokers percentage. He made a $45,000 profit in 10 years. Not bad. He used the money to buy real estate property.
Gold bars and gold coins aren’t the only commodities people are cashing in right now. Silver bars and coins have been up on the market, as well. Since silver is less expensive to invest in, people buy coins by the troy ounces or even by the kilo.
Gold comes to the rescue
The depressed economy has invited many people to sell their personal jewelry items. It only makes sense. Gold has gone up, and along with that, oil prices have risen, causing gasoline to go up, as well.
An interesting fact many people are not aware of is that selling gold and silver jewelry or coins to gold brokers, jewelers or gold buyers for money to help pay personal bills and expenses actually helps balance out the economy.
How so? Customers selling their precious metals to businesses that offer money in exchange for these metals spend this money on groceries, fuel, home improvements, etc. By doing this, local businesses get a little breathing room, so to speak, in this cloudy economy.
Gold buyers, jewelry stores and gold brokers also help in this economical food chain. They profit from these gold and silver buys, and they put the money earned right back into the economy.
Thus, everyone benefits from today’s gold rush.
To what type of business should you sell your gold?
As previously mentioned, many businesses are introducing gold buying as a service to their customers. So, where is the best place to sell your precious metals? Let’s start with pawnshops.
It’s true that pawnbrokers have not had the best limelight. However, many pawnshop companies are very competitive with other gold-buying businesses.
The best advice is to shop around like you would any other time you are looking for a best offer for a product. Most people like to deal with friendly people, so look for people you feel comfortable with. How is the ambiance? Usually, that will let you know whether you feel comfortable or not.
One thing to keep in mind is that pawnshops hold items bought from customers for 21 days under a state compliance. Gold-buying businesses, jewelry stores and brokers are usually under city ordinance and only have to hold gold and silver items for 14 days.
This shorter time span usually allows for a higher payout since the risk of the precious metals market dropping is shortened compared to the 21-day hold that pawnshops have to comply with.
In simple terms, the longer the hold on gold and silver items, the less payout that has to be made in order to protect the business if any commodities fall within that time period.
As far as other businesses that buy gold and silver are concerned, always be aware of the knowledge of the staff from that particular business. Do they have experience? Are they knowledgeable in buying gold and silver jewelry?
How about gold and silver coins? One thing I always ask myself: Would I buy a hamburger from a Chinese restaurant? That probably wouldn’t be the best hamburger, but the Chinese food would probably be great!
The same applies to businesses. Go with someone reputable who knows the business.
With my 28 years of working with jewelry and purchasing precious metals, I hope I can help you better understand today’s buzz about selling your gold and silver.
For more information, feel free to call us at 361-452-2505 or 361-334-2396. You may also visit our website at www.goldbuyersoftexas.webs.com.
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