Pawning and Selling Gold for Cash

The truth is that there has never been a better time to sell gold for money the high price the metal is fetching on commodities markets and elsewhere has driven up the prices that professional buyers can pay for it. It also driven out the amounts that pawnbrokers can lend against it.

The truth is that pawnbrokers these days are flush with cash, so are gold buyers of all sorts. They’re flush with cash because demand for gold of all sorts has never been higher. People all over the world are buying it as an investment and as jewelry. Part of the reason the prices are up is that people in places like China and India where gold is a traditional investment now have plenty of cash and the ability to buy. Many of the buyers here are actually shipping what they purchase over there.

This means that they can afford to pay you quite a bit more than just a few years ago. It also means that many gold buyers in Oceanside, NY and elsewhere are willing to go the extra length to get your valuables. They’re willing to send their people to your home or your safety deposit box to look over your items. They’re willing to sponsor gold parties and to pay for shipping on items you send to them.They’re even willing to purchase items they might not have touched just a few years ago including old watch cases, broken jewelry, scrap gold, chains and coins. That means any old item that you have could be worth money. They’re also willing to look at just about any item for free.

Why Pawnbrokers are paying more for gold

Pawnshops are willing to loan more against gold items because of the way pawn loan works. Once the value of an item has been assessed the pawnbroker makes a loan of 60% of the item’s value. For example a person who brought in a gold ring worth $500 could borrow $300 against it. Then they would have to pay that amount plus 15% to 20% to get it back.

Since the price of gold is now much higher, pawn lenders can afford to make much larger loans than ever before. That means many people should be able to borrow more money and cover many expenses through such loans. They might even be

able to pay off credit debts and other high interest loans and reduce their future debt burden.