Precious metals can be found in many forms. Gold, silver and platinum are used extensively in jewelry and also in coins from all over the world, past and present. These metals are also efficient conductors of electricity and are used in many electronic applications ranging from computers to medical equipment. Even artwork and ornamentation is no stranger to precious metals. The scarcity of these metals makes them valuable, and this value has always increased over time relative to other commodities.
Throughout history, during economic downturn, precious metals (like gold and silver) not only retain their value, but appreciate at an accelerated rate. Seen as a secure investment by many, gold, silver and platinum coins and bullion are always in high demand. As stock markets rise and fall, the dollar strengthens and weakens, and the economy continues to scare us straight, you may start seeking a more comfortable rainy day “fund”. Investing in precious metals may spark your interest .
If we look at the performance of gold from the year 2000 to the present day, gold continued to rise in value from around $300 per ounce in the year 2000 to nearly $1900 per ounce in 2011, coinciding with a peak in global financial uncertainty and insecurity. As the world stabilized, so did the price of gold. At $1,742 per ounce as of July 27 2022, your $300 per ounce investment in 2001 has definitely paid off!
Advantages of Purchasing Precious Metals at a Pawn Shop
When purchasing gold coins, bullion or jewelry, pawn shops are an excellent option. If you go to a jewelry store, you are most certainly paying peak prices for whatever you buy there, even if it is advertised as “on sale”. Another factor to consider is that the variety of inventory at a pawn shop is much more diverse. Retail stores often have a fairly set inventory – they carry certain products and then reorder them once they sell out. A pawn shop may not have two of the same item, or an item that is there today might not be there tomorrow. Many customers will visit their favorite pawn shop frequently so as not to miss that ‘special’ item.
If you prefer to invest in gold jewelry rather than coins or bullion bars, a pawn shop is among the best places to buy it. When a piece of jewelry falls into disuse, it will most frequently end up at a pawn shop.
Another great benefit of purchasing your gold from a pawn shop is the immediate gratification and extra security of having the purchase in your hand as you leave the store. Many investors choose to conduct their gold purchases face-to-face with pawn shops for this reason.
Advantages of Selling Precious Metals to a Pawn Shop
The convenience of selling gold, silver, and other precious metals including jewelry and coins is a big advantage of your local pawnshop. Reputable pawn shops specialize in these items already, and have an interested customer base, so they're often eager to buy on the spot.
Additionally, pawn shops have been the go-to destination for fast cash for decades. If you don’t have time to put up an ad on the internet and wait for interested buyers, a pawn broker can offer you a deal on the spot. Just know the value of your gold or silver item can vary based on the current market price and the fineness - the gold or silver content - of the piece. As the pawn shop will have to resell the metal, you should expect a slightly lower rate that allows them to retain a profit margin.
Arguably the biggest advantage is pawn shops are staffed with experienced professionals who understand the value of the items they appraise. Brokers have to stay on top of market trends and keep an eye out for unique pieces they know their future buyers will want.
This means pawnbrokers are trained to offer fair prices to everyone who walks in the door with something to sell. Though the price will necessarily be less than 100% of the full value, you may still make more than if you tried to evaluate and sell the pieces on your own.
Looking to buy or sell precious metals like gold, silver, or platinum pieces? Remember the Alamo, on Transmitter Road in Panama City! Selling, buying or even pawning your valuable items with us is safe, easy and faster than doing it yourself. We are always looking for new stock and our staff is knowledgeable in a wide variety of items!
To see what kinds of precious metals we have available at Alamo Pawn Shop, visit our store on Transmitter Road or shop online! We're always getting new items in and will be happy to help you find what you are looking for at an affordable price.
If you are interested in a loan, we provide quick, confidential loans on just about anything of value. Remember when you sell your item to us you can not pick it up later like a pawn loan.