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Scrap Gold Blog

Beat Inflation By Selling Scrap Gold

Published Tuesday 31st May 2022

inflation

With the UK Chancellor Rishi Sunak declaring that inflation is causing everyday Britons “acute distress”, it seems like the cost-of-living-crisis isn’t going away any time soon. Sunak confirmed to Reuters that he is waiting for the Bank of England to “take decisive action”, hoping that confidence can be returned to consumers before long.

However, with inflation reaching a 40-year high of 9% in April and with dire warnings from the Bank of England to expect double digit figures by the end of the year, it’s difficult to imagine an imminent resolution. Regulated energy prices are also set to rise by 40% before 2023.

Because of these conditions many scrap gold owners are considering selling gold to ease the pressure of the economic crisis. In this article, we explain why now might be a good time to sell scrap gold.

Gold prices and inflation in step

Inflation rose to 7% in the 12 months to March 2022, this is the highest level since 1992. By comparison, the gold price has risen 9% in 2022. From a point of £43 per gram on January 5th to £47 per gram at the time of writing (May 26th), gold has risen steadily during the economic crisis. Gold investors have long recognised the unique quality of gold to act as a hedge against inflation.

Imagine you had 5 grams of 24 carat gold to sell at the time of writing. By inputting these figures into our scrap gold calculator you would see that you would make £235 from a sale. At the beginning of the year, you would have made £215. Just a few months can make a difference to the profit you could make.

That’s why it can pay to keep an eye on live gold prices to time your sale just right. Our price chart is updated every five seconds.

How to sell scrap gold

To sell your unwanted scrap gold now, simply fill in our sellers’ form. Have you got unwanted jewellery just lying around the house; an old coin collection just gathering dust? Or perhaps you have a silver cutlery set cluttering the living room? If so, try our silver price calculator. To learn more about what you can sell click the link.

In just three steps you can sell your gold and receive payment on the same day.

Calculate the value

Using our scrap calculator, you can easily calculate the value of your precious metal. Simply determine its purity and then weigh it using a set of household scales. Input the values in our easy-to-use calculator and evaluate our price.

1. Securely pack and post your items

After completing our sellers’ form and enclosing a copy with your items, we recommend posting via Royal Mail Special Delivery tamper-proof envelopes. If you either cannot determine the purity or weight of your items or would rather we provide a valuation, we have the capacity to do so at our head office in Wolverhampton. We also accept face-to-face appointments, please call us on 01902 623 253 to make an appointment.

2. Receive your payment within 24 hours

You will receive your payment via bank transfer on the same day we receive your parcel.

If you have any questions about selling scrap gold, please don’t hesitate to give our dedicated team a call on 01902 828 400, or contact us today. Our Customer Service Team is always happy to help.

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