Surging gold prices have driven more UK consumers to sell or pawn gold items, with pawnbrokers reporting a sharp rise in customers and transactions, reports Claer Barrett of the Financial Times. Collectible coins and scrap jewellery are especially popular, and some items now fetch more as scrap than for their collectible value. Branded pieces in good condition, however, still command premiums. They write:
The surging gold price has brightened the financial prospects for those considering selling scrap gold or collectable coins, as UK high street pawnbrokers report a new wave of customers.
Gold hit a record $3,500 per troy ounce at the end of April as investors piled into safe haven assets amid the market volatility unleashed by President Trump’s trade war. While the price has now retreated from recent highs, pawnbrokers say it has prompted more people to inquire about the value of gold items that could be sold or pawned. […]
One potential downside of gold’s dramatic rise is that the intrinsic value of many items, like antique pocket watches, has been overtaken by the scrap value of the gold they are made from.
Tannahill said that Art Deco pieces and gold jewellery from brands such as Cartier and Tiffany still had a value “beyond their weight in gold” so long as they were in good condition.
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