You are here
At a Brooklyn pawn shop, customers are flooding in to sell gold
By Yvonne Yue Li, Jack Ryan, and Sybilla Gross
Bloomberg News
Sunday, April 14, 2024
Investors and metals traders can't agree on what exactly is behind gold's recent rally. At King Gold & Pawn in Brooklyn, the customers don't care. They just want to sell.
For some, sky-high values simply mean it's a good time to cash in; It's hard to ignore record prices that climbed above $2,400 an ounce last week. For others, it's a more desperate move to get money for bills and rent. Whatever the need, what's clear is jewelers and pawn shops are seeing a flood of sellers.
... Dispatch continues below ...
... ADVERTISEMENT ...
USA Gold: Coins and Bullion Since 1973
USAGold, well known for its internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.
Please call 1-800-869-5115x100 and ask for the trading desk, or visit:
USAGold: Great prices, quick delivery -- all the time.
"People are using gold as an ATM they never had," said Gene Furman, owner of King Gold & Pawn and Empire Gold Buyers. At Furman's 5th Avenue store, the number of people coming in selling and pawning gold jewelry is more than three times above normal levels since prices started to rally in late February.
Among them is Branden Sabino, a 30-year-old IT specialist, who sold a gold necklace and a gold ring last week.
"Prices are high, and I need cash," he said, adding that with the cost of rent, groceries, and car insurance rising, he doesn't have any savings.
The speed and magnitude of gold's ascent are astonishing -- since the 2024 low in mid-February, it has rallied 17%.
... For the remainder of the report:
https://www.bnnbloomberg.ca/at-a-brooklyn-pawnshop-customers-are-flooding-in-to-sell-gold-1.2058836
* * *
Join GATA here:
Mining Investment Asia
Wednesday-Thursday, May 15-16, 2024
Marriott Tang Plaza Hotel, Singapore
https://www.mininginvestmentasia.com/
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
