Your Guide to Gold
For over 20 years, Yankee Peddler and Pawn has been Connecticut’s most trustworthy pawn shop, especially when it comes to buying and selling gold at each of our locations in Groton, New London, and East Hartford. Our friendly and honest staff is committed to providing you with a great experience by quickly appraising your items to get you cash fast. We pride ourselves on offering our customers honest and discreet transactions.
Gold, Our Favorite Metal
If you’ve ever google searched what is gold, I am sure you have come across many technical answers as to what gold is. Some common answers are that gold is the atomic number 79 and has a yellowish coloring. Although this is true, gold is so much more than an atomic number we learned about in 8th grade science, it is a commodity used to back the value of currency around the world. Gold is unique because of all that it can be; a rare metal, beautiful jewelry and of course money!
The Value of our Favorite Metal
According to Monex, much of the value that comes from gold is due to the scarcity of the metal. Research has suggested that the world’s holding of gold throughout history adds up to about 120,000 metric tons. Due to its uniqueness, gold investors place value on the metal for different reasons such as:
- Scarcity,
- Tradability
- Investment/ Savings
Depending on the reason for acquiring or selling gold, investors see gold a precious metal.
Pricing Factors
Like other precious metals, the value of gold fluctuates throughout the day while reacting to economic events. Around the world gold is directly affected by the relationship between the number of sellers and the number of buyers.
Pawning Gold
One of the major benefits to pawning gold is the fast cash! If you need money quickly but also want to keep your precious coin or jewelry you can. Another perspective is, if you’re selling gold, you have something that people want so selling is to your advantage. Here are a few things to consider before selling:
- Know the CURRENT Value of Gold:
As we mentioned before, the value of gold fluctuates. Your best bet is to use a baseline to determine the price of your gold
- Know the Karat of Your Gold:
The karate of your gold is how purity is measured. 24 Karate, pure gold is so soft it can be bitten into. If you’re selling a gold ring, the karat is typically engraved on the inside of the band.
- Don’t Mix Karats:
When pawning gold, it is imperative to keep all gold pieces separated specifically by karat. Be 100% certain to how much each karat of gold is in your collection. If you need help determining Karats, have your back, just call and ask!
Our Process:
With over 20 years of experience in the gold buying industry, we quickly evaluate the karat weight and value of your gold and present you with a competitive price based on current market conditions on the spot. We pay you the MOST for your Gold, guaranteed! Don’t be taken advantage of at other places. The price of gold is at an all-time high, and we accept gold rings, coins, jewelry, and more! Get in touch with us today!
