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Scrap Gold Blog

Scrap Gold And The Political Turmoil In Ukraine

Published Thursday 10th March 2022

Scrap Gold and the Political Turmoil in Ukraine

There is deep global uncertainty surrounding Russian President Vladimir Putin’s decision to invade Ukraine, and this means it could be the right time to sell scrap gold.

Why is the price of gold rising?

The situation in Ukraine is getting worse and worse. The UN has noted that there are now more than 2 million refugees. The human suffering associated with this conflict has been enormous over the past weeks.

Historically, this kind of political uncertainty causes the price of gold to rise. This is because it is a tangible asset and a safe-haven metal, unlike stocks and bonds that lose their value during periods of economic and political uncertainty.

Existing economic uncertainty surrounding global supply chains and increasing evidence of price inflation were key drivers as Gold rose in value by 8 per cent last month. And it looks like there is a strong possibility it will continue to rise even further unless things change rapidly for the better in Ukraine. Russian President Vladimir Putin is being investigated for war crimes which is not a good sign that things will let up. As of 10th March, gold was trading at around £1,527 per troy ounce.

The right time to sell?

If you are in the market to sell your old scrap gold, you may be in for a treat. If you have old gold objects that you no longer want, we can convert your gold into cash. And we take virtually anything, as long as it’s gold! Examples include jewellery, trinkets, coins, and even gold fillings.

Gold is increasing in value in response to existing economic uncertainty and to the Ukraine crisis. In response to Putin threatening to terminate gas supplies to Europe, gas prices have risen by a third. Another event that caused further uncertainty and acted as a catalyst in pushing up the price of gold was the attack on the nuclear power plant in Zaporizhzhia, south-eastern Ukraine. After this, gold prices reached a six-day high at above £1,485.

How to sell your gold

If you’re looking to sell scrap gold, why not try our simple to use gold calculator. Make sure you have the weight and carat information of the piece you want to sell, and we will use this information to tell you how much you can make. For example, today our price for just one gram of scrap 9ct gold is £17.61.

Once you have a valuation that you are happy with, complete the sell your gold form. We will generate a reference slip for your parcel which you can attach before posting to us. We recommend that our customers pack their items in a jiffy bag or similar, with the sell your gold form and items together in a Royal Mail Special Delivery tamper-proof envelope (available for free from your nearest Post Office).

Contact us with any questions

At Scrap Gold UK we can offer a competitive price, which high street organisations are, on the whole, less able to offer. Get in touch with our team on 01902 828 400 to find out more about selling scrap gold.

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