Rishi Sunak announced on May 26th that inflation was causing “acute distress” to Britons. Speaking to Reuters the Chancellor commented that he expects the Bank of England to “take decisive action” to ease the pressure on consumers who are facing ever increasing prices.
This seemingly positive statement might go some way to providing hope to those struggling to pay the bills, but a politician’s promise doesn’t put food on the table in these trying times.
Instead, many owners of gold are considering selling unwanted items to ease the effect of the cost-of-living crisis on their household bills. In this article, we will discuss whether now is a good time to sell gold to get some relief from increasing costs.
Gold price rises as cost-of-living crisis deepens
Gold started 2022 on January 5th at £43 per gram. As of the time of writing (March 26th), its price has risen to £47 per gram, so, the price of gold has increased 9% since the beginning of the year.
If you had 5 grams of 24 carat gold to sell at the beginning of the year, you could have made a profit of £215. However, if you made the same sale at the time of writing, you could net £235. By waiting until the gold price increased, savvy sellers could realise a £20 profit, and the more gold you have to sell when the price is high the more you can stand to make.
How to sell scrap gold
Selling scrap gold with Cash For Your Gold is a simple process, whether you have some old unwanted jewellery gathering dust, or recently found a collection of gold coins when spring cleaning the attic.
We accept most forms of gold including jewellery, gold coins and bars as well as dental gold. And we don’t stop at gold, we also accept silver, platinum and palladium, perhaps you have an unused silver cutlery set in the back of your living room cupboard? For a full summary of what we buy click the link.
The first step to selling your unwanted scrap gold is to input its weight and purity into our simple to use scrap gold calculator. As an example, if you have 5 grams of 9 carat gold you’re willing to part with at the time of writing you would be able to collect £84.10 for your sale.
We also accept face to face appointments in our head office in Wolverhampton. However, we do require a confirmed appointment before welcoming you to our office. Simply call us on 01902 623 253 to make an appointment.
Sell scrap gold in 3 simple steps
- 1. Weigh and value your precious metals
Start by locating the purity of your gold, which should be easily visible from the hallmark. If you are unsure of the purity of your gold, feel free to send it to us and we will determine its purity using special grading techniques.
Once you know the purity of your gold calculate its value using our precious metals calculator.
- 2. Post your metal securely
You can either choose to post your metal securely through the Royal Mail or organise a home collection by Royal Mail, if you’d rather not leave the house. We recommend you select Insured Special Delivery to ensure your items reach us securely if you choose to post your precious metals.
- 3. Receive payment in 24 hours
As soon as we have evaluated your items, we will make a payment to your chosen bank account, usually within two hours.
If you have any questions about selling to us, please don’t hesitate to get in touch, we’ll be more than happy to help.