Saturday, 26 September 2020 06:34

Don’t sell That Gold Just Yet

Many of the visitors to our sites will be struggling to raise funds from mainstream lenders; some are reporting they are tempted to sell their gold jewellery - don’t just yet.

If you have Gold to sell, then can we suggest pawning it rather than selling it? The price of Gold and other precious metals is rising by the day. Over the last month; it has risen by over £100 a week per 100g. By pawning the Gold instead of selling it, you will be able to buy it back next month and still benefit from the rising price.

We aren’t in the Pawn business ourselves, so our advice is completely impartial. We don’t benefit either way, sell or pawn the decision is yours.

The Pound Sterling is collapsing around our eyes. Since 1965, the Pound has lost over 99% of its value to Gold. Its rapid descent into worthlessness has accelerated since the Corona Virus lockdown. It may be that by this time next year, you could need a suitcase full of notes just to travel on the bus.

If the Pound does collapse, you will be in a much better position if you have some gold in your possession, than you would by having some digits in a bank account.

If you Pawn your items, you will also win by borrowing at much lower rates than borrowing without security. Interest rates on pawned items can be as low as 9% APR. Pawnshops can do this because they will lend around 40% of the value of the item. This means that they will be in the strange position of making more money on the exchange if you don’t repay the loan by the due date.

It’s now easier to pawn your items online. Call an online pawnbroker; they will assess your item, they will give you a rough price, if happy – you then send the item, they review it in person and make you a final offer. If you don’t want to accept the offer, they will send you the items back.

Whatever you do, don’t sell your Gold or silver.

Comments (2)

This comment was minimized by the moderator on the site

Surely there can't be any doubt now that gold is going to go through the roof as the value of the pound and dollar falls next year. I'd keep all my gold for as long as possible, pawning is a good idea though.

  Anon
This comment was minimized by the moderator on the site

I don't think you need to be a genius to work out that the government has thrown a load of money away and now it has lost all hope of getting it back. They can keep printing money all they like, but people will soon start to lose faith in the system.

I don't think we are more than a year or two away from being in the same position that the Zimbabweans found themselves in when Robert Mugabe started to print money in the same way.

I hope I am wrong but I think it is time to get your money outside of the UK as fast as possible. Things could accelerate downwards very rapidly in our economy.

  Leanne
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