Wolverhampton Auction Rooms
Catalogue available 15th October
Wolverhampton Auction Rooms
Catalogue available 12th November
Penkridge Auction Rooms
Catalogue available 26th November
Monday, 17 May, 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 means now could be a great time to sell gold items at auction. Dave Eglington, of Cuttlestones Auctioneers & Valuers, explains…
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 which is sought-after by collectors, it sold for £400 plus commission
Back in 2016, we sold two gold broads of twenty shillings in the same auction – one, dated 1656 and hailing from the Cromwellian period, sold for £22,000 while the second, a Charles II 1662 example, fetched £11,000. In scrap weight terms, both of these coins would unlikely have been worth more than £500. There are countless other examples of gold items that have sold for way above their ‘scrap’ value; the most famous of which sold early last year in the form of an ultra-rare Edward VIII coin with his head famously facing the ‘other way’ which he preferred. There are only six known examples and this one achieved a massive £1 million in a privately brokered sale.
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 are now 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. To make your appointment call 01785 714905 or email@example.com with ‘GOLD’ in the subject line. For more information on buying and selling through Cuttlestones, visit www.cuttlestones.co.uk