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

Prices are up 8.4% this year.

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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.

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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

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When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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