Going for gold: Why now’s a great time to cash in and sell your gold at auction

Going for gold: Why now’s a great time to cash in and sell your gold at auction

Wednesday, 14 April, 2021

Going for gold: Why now’s a great time to cash in and sell your gold at auction

A combination of strong gold prices and bidders actively looking for alternative investments in uncertain economic times, now could be a great time to sell gold items at auction, as Dave Eglington of Cuttlestones Auctioneers & Valuers explains…

Enduring appeal
For thousands of years, gold has been a symbol of wealth and power – today its appeal remains, symbolic as the top prize in sporting events and literally as the foundation of international trade in bullion form. It is perhaps for this reason that, during times of economic uncertainty, investors look to gold as a sound bet that will retain its intrinsic value in the long term, regardless of what happens on the stock market.

During the international turmoil of the COVID-19 pandemic, gold prices rocketed as mining and extraction shut down, with prices reaching a giddy $2,000 an ounce last August. While things are slowing down as vaccines and easing of lockdowns promise some return to normality and the stock market is starting to look elsewhere (gold had dipped just below $1,700 an ounce at the time of writing this article) from the results seen in our sale rooms, now is still a great time to cash in on your gold.

Why sell at auction?
Most gold dealers and pawn brokers will only pay for gold items based on their scrap value – literally the price of their weight in gold. Auction houses, however, have a vested interest in achieving the best possibly price on behalf of their vendors, and will take into account an item’s intrinsic value. For example, a gold sovereign we recently sold would be valued at around £285 scrap, however, due to it being an 1854 shield back example and sought-after by collectors, it sold for £400 plus commission 

Back in 2016, a 1656 gold broad of twenty shillings dating from the Cromwellian period sold for £22,000 and a Charles II 1662 gold brad of twenty shillings, which fetched £11,000 in the same sale – in scrap weight terms both of these coins would unlikely have been worth more than £500 Other examples of gold items that have sold for way above their ‘scrap’ value are many. The most famous of which sold fairly recently - that being the ultra rare Edward VIII with his head famously facing the ‘other way’ which he preferred. There are only six known examples and one sold privately early last year for £1 million. By selling through a reputable auctioneer, your items will be assessed based on their value as an item and marketed as such – you can even set reserves to ensure they don’t sell for any less than you wish to achieve.

So, what’s your gold worth?
With now being such a great time to sell gold items, we’re planning a special Gold, coin and jewellery auction in summer 2021 and we’re offering vendors the chance to sell their items through us for free – basically waiving the vendors’ commission we normally charge.

Whether you are looking to sell gold bars, sovereigns, other coinage or in jewellery form you can take advantage of this great offer – simply make an appointment to bring your items along to one of our gold valuation days at our Penkridge saleroom on Thursday 17th or 24th June or  To make your appointment call 01785 714905 or email valuations@cuttlestones.co.uk with ‘GOLD’ in the subject line. For more information on buying and selling through Cuttlestones, visit www.cuttlestones.co.uk

 

Auction Dates

Antique & Interiors
Wednesday 19th May '21
Penkridge Auction Rooms
Catalogue available 14th May
Antique & Interiors
Wednesday 21st July '21
Wolverhampton Auction Rooms
Catalogue available 16th July
Specialist Collectors'
Friday 11th June '21
Wolverhampton Auction Rooms
Catalogue available 4th June
Summer Antique
Thursday 3rd June '21
Penkridge Auction Rooms
Catalogue available 28th May
View all auction datesView sale results

Latest News

Record-breaking sale marks end of Staffordshire auction house’s lockdown year
Record-breaking sale marks end of Staffordshire auction house’s lockdown year
Read more >>
Going for gold: Why now’s a great time to cash in and sell your gold at auction
Going for gold: Why now’s a great time to cash in and sell your gold at auction
Read more >>
Sale report: Penkridge Antiques & Interiors – Wed 7th April 2021
Sale report: Penkridge Antiques & Interiors – Wed 7th April 2021
Read more >>
“Happy New Haircut” - topical artwork by ‘The Big Yin’ to sell at West Midlands auction
“Happy New Haircut” - topical artwork by ‘The Big Yin’ to sell at West Midlands auction
Read more >>
We use cookies to ensure you get the best experience on our website. Find out more or Close to accept
Our Covid Protocols and Procedures; what you need to know. Close x