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Velvet-rope security lines and grandpa’s heirlooms: Inside the rush to sell gold and silver
Gold prices doubled to $5,000 an ounce and silver tripled above $100, driving pawn shops to handle millions in sales and see customer visits multiply.
- Earlier this week, pawn and coin shop owners and dealers saw a rush as New York spot gold hit a record of more than $5,418 per troy ounce, driving sales and purchases.
- Analysts say metals act as 'safe havens' when investors grow anxious, boosting demand amid market uncertainty linked to geopolitical tensions and a weakening U.S. dollar.
- Dealers point to sharp metal gains and large transactions, with silver soaring above $100 an ounce and shops handling $6,000 set sales and occasionally $1 million deals, Witter Coin owner Seth Chandler said.
- Merchants have expanded staff and operations to handle surging customers and high-value deals, with local pawn and coin shops disassembling jewelry and sending raw metal to refineries while everyday Americans cash in on lucrative sales amid cost pressures.
- With markets choppy, Goldman Sachs and Bank of America project gold could reach $5,400 to $6,000 this year, but futures fell below $5,000 by Friday, prompting experts to urge longer holding periods.
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15 Articles
Coverage Details
Total News Sources15
Leaning Left3Leaning Right0Center10Last UpdatedBias Distribution77% Center
Bias Distribution
- 77% of the sources are Center
77% Center
L 23%
C 77%
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