Cash for Gold at Florida Pawn in South Florida
Since the Egyptian empire and into the Yukon Gold Rush, gold has been one of the world’s most desired materials. It still holds its value today, like in investing blogs and finance columns where it recommends gold as a substantial long-term investment. It’s correct to assume that this commodity retains its high value and selling price even in the midst of what happens with the stock market, real estate, and currency inflation. As a tangible asset, it’s a treasure of high value that you can form into jewelry and coins, which adds historical or antique value to it. This also raises the value of your gold in some instances. To turn your gold into cash, come to either of our pawn shops where we can give you an estimate of its total value. We are a reputable source for the community and have been since 2010 in Hollywood and Margate, FL.
Understanding the Value of Gold When Selling or Pawning
There is much to consider when deciding to invest in buying gold. To begin, you need to decide whether to buy gold bullion bars, rounds, or coins. All are valued by their melt value alone, but each offers a different amount of gold within their build. Bars will hold the most value because of their size and also allow for easy stacking when storing and safeguarding. Rounds get struck by a private mint and will carry their logo or design on them, while coins become struck by a government mint and will hold legal tender value such as the South African Krugerrand. Most investors buy a mix of all three shapes, but portion them out based on stack-ability, smallest premiums over the current spot price in the market, highest producing brand recognition, and which has the lowest susceptibility to being counterfeited. The experienced staff at Florida Pawn can help answer any questions and will help you decide which version of gold bullion you should be buying for proper investing. We will also help if you have any questions about gold you have already purchased by offering an estimation of value and authenticity at our Hollywood or Margate, FL location. Here are some other considerations when investing with gold:
Monetary: Since gold is not a fiat currency, it cannot get printed by a government and given a stable value. Its monetary value is flexible and able to change daily, which it does. This is why it is essential to understand and follow the gold fix.
Commercial: Outside factors such as supply and demand, price to monetary value ratio, and monetary value determine the commercial value of gold. Due to fluctuations in the market and other current currency values, it problematic when trying to present an actual commercial value for gold.
Cultural: Every culture has a different value for gold based on how it can be used in manufacturing, art, or even in sentimental value. On top of that, gold items that are considered antique or were used by culturally significant people add more value than the gold fix to the cost of it.
Numismatic Value: As mentioned, if the gold piece belonged to a famous athlete or member of a royal family that can add value to the gold used than if you were to melt it down for the spot price currently in the market. Third parties will help determine this value and not the buyer or seller for accuracy.
What is the Spot Price for Gold?
The value of gold is secured or “fixed” at two times of the day. Professionals in the industry also refer to this as the “spot price.” There are currently six participating companies that determine these prices at 10:30 am and 3:00 pm British Summer Time (GMT +1). Goldman Sachs, Barclays, Bank of China, Bank of Communications, HSBC Bank USA, JP Morgan Chase, Morgan Stanley, UBS, Standard Chartered, ScotiaMocatta, and Toronto-Dominion Bank. These representatives work together for a satisfactory conclusion for both sellers and buyers. When choosing gold as a grounded investment option, it is vital that you keep yourself up-to-date on the trend of the spot prices throughout the year. Your friends at Florida Pawn will also be happy to help get you the answers you need about spot prices and trends.
Assessing Fair Value for Your Gold
Not all dealers will buy gold from you if they sold it to you in the past; and if they do, their offer could be at a much lower rate than what they priced it at when you bought it. The difference between the amount you paid and the amount someone will repurchase it gets referred to as “the spread” by professional gold dealers. The majority of dealers try to sell you gold at a price that’s a little higher than its value, and then they’ll buy it back at a little lower price per ounce than the going rate. The spread can be small, but sometimes when the financial markets are falling sharply, the spread can get bigger. This puts you at a disadvantage at that time if you try to sell it. The professionals at Florida Gold will help keep you safe by closing the spread as close as we can manage to be able to get you the most amount of money possible. Many other shops in Florida will use the spread to their advantage under purchase or oversell gold.
Take the time to research how the gold prices have been moving over a long period of time, instead of just today for this month. If the price has been going up for several months it’s good if you want to sell, and if it’s been dropping you’ll get less back than you could, or possibly not even at the price you paid. With a little research, you can analyze the trends of gold and decide if you want to sell now or wait.
Come to Florida Pawn for a Fair Offer on Gold
If you’re interested in learning more or you feel prepared to sell your gold for cash now, stop by either Florida Pawn location in Hollywood or Margate. We can give you an estimate for your gold items based on the current spot prices. If you agree to our offer, we’ll provide you with cash on the spot for your jewelry or other gold and silver goods. Our brokers have fairly assessed gold, silver, jewelry, and a variety of other items here in Florida since 2010, and we’ll give you a fair offer. Come in today and turn your clutter into cash!