Connect with us

Headlines

There’s a ‘Frantic Push’ to Sell Gold Amid Coronavirus Headlines, Bloomberg Reports

Prices are up 8.4% this year.

mm

Published

on

Gold prices have risen sharply in the midst of the coronavirus epidemic, and individuals are looking to cash in by selling their old jewelry, Bloomberg reports.

As of Thursday, prices had risen 8.4% since the beginning of the year, according to the report. But given uncertainty about how Covid-19 will play out, people with gold sitting around the house aren’t confident the surge will last.

Digital Clarity – Your Jewelry Store’s Website: The Foundation of Your Online Presence
Digital Clarity

Digital Clarity – Your Jewelry Store’s Website: The Foundation of Your Online Presence

Unlocking Team Potential: Elevate Before Expanding
Slow Growth Business

Unlocking Team Potential: Elevate Before Expanding

Mastering Business Improvement: Engage Your Team for Lasting Success
Slow Growth Business

Mastering Business Improvement: Engage Your Team for Lasting Success

So they’re looking to unload the precious metal in what Bloomberg describes as a “frantic push.”

At House of Kahn Estate Jewelers in Chicago, jewelry assessment bookings have been 12 percent above average lately, according to Tobina Kahn, the firm’s president.

“No one is saying, ‘I want to wait because I think gold will go up even more,'” she was quoted saying.

Ash Kundra, co-owner of J Blundell & Sons Ltd. in London, told Bloomberg: “People have started to clean out their safes.”

A Reuters poll predicted that gold prices will average more than $1,500 an ounce this year, compared to $1,394 last year.

Read more at Bloomberg

Advertisement

SPONSORED VIDEO

Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success

After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone. Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently. The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.

Promoted Headlines

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular