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Scrap Gold Blog

Gold Prices Climb While The Economy Freefalls

Published Wednesday 9th September 2020

When the Chancellor announced the UK was entering a recession in early August he predicted “tough times ahead” for the UK. While the UK is in the early days of what could prove its most damaging recession ever, gold prices are going through the roof and have been trending close to record prices for the last few months. 

This means that those with the ability to sell scrap gold that’s gathering dust in an old drawer, or on a vanity table, could be missing out on a potential windfall, which could tide you over during these tough times.

Gold prices and economy move in opposite directions

Gold prices have been trending generally upward for a long time. The price of gold has almost doubled over the last decade, and prices have exploded this year, rising by as much as 30 per cent. This is good news for the seller in an otherwise tough economy. 

2020 has been a strange year to put it particularly mildly. Britons have had their freedom of movement limited for the first time since the world wars of the 20th Century, and the ensuing global pandemic triggered recession has left many jobs at risk.

Meanwhile in the first week of August gold prices reached their highest ever mark. Precious metal commentators have long awaited the day that gold would eclipse the $2,000 per troy ounce – or £1,500 in sterling – price point, as prices consistently surged higher and higher. Gold is currently trending in the high $1,900s. Today, 2nd September, gold prices are £1,464.23 per troy ounce, while at the beginning of August they were at a record high of £1,508

Check the current gold price with our Live Gold Prices Chart, here you can see the how the gold price is trending over a timespan of your choice from 10 minutes to 5 years

Could gold prices continue to reach new heights? 

It is quite possible that gold prices will continue to rise. Gold often holds its value or increases in value during times of crisis and poor economic performance, but for investors, there is no guarantee. 

Some analysts are making bold predictions at the present time. Frank Holmes, CEO at investment firm U.S Global Investors thinks, “It’s quite easy to see gold going to $4,000.” Analysts point to prices rising to this level in the next three years, however, factors like the development of a COVID-19 vaccine and the US 2020 Presidential Election could change forecasts quickly.

Sell your scrap gold in 2020

As gold prices are at historic highs, it’s a seller’s market right now. Should you have any unwanted gold items at home you could stand to make a not inconsiderable sum from selling your scrap gold. You might think that you don’t have any valuable gold at home, especially unwanted gold, but did you know that just one gram of 9 Carat gold will currently fetch you £16.53? For instance, at current prices, we could offer £49.59 for a 3 gram necklace.

Discover how much your gold could be worth with our easy to use gold calculator.

How to sell scrap gold

In just three quick steps you can sell your scrap gold to Scrap Gold UK. You’ll receive your sale proceeds on the same day we receive your gold.

  • Value your gold

Use our Scrap Gold Calculator to value your gold items. We accept jewellery, bars, and coins in gold, silver, platinum, and palladium.

  • Post by special delivery

If you are satisfied with your estimated gold price, complete the Sell Your Gold Form, and package your items and form in a secure jiffy bag. We recommend our clients use a Royal Mail Special Delivery tamper-proof envelope. See our full delivery details for safety precautions and our address.

  • Get your money

We pay out via bank transfer or cheque. You’ll receive your funds on the day we receive your items.

Selling with Scrap Gold UK

To learn more about selling your unwanted scrap gold, contact us. You can call our team on 01902 828 400 today.

We’ll also happily invite you to meet us face-to-face in our Wolverhampton offices to discuss your items. 

Call us on 01902 828 400 to book an appointment.

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