Commodities
At a Brooklyn Pawnshop, Customers Are Flooding In to Sell Gold
Record prices pushing toward $2,500 an ounce are proving hard to resist
Gold at Refined Precious Metal Ltd., London
Source: Bloomberg
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Investors and metals traders can’t agree on what exactly is behind gold’s recent rally. At King Gold & Pawn in Brooklyn, the customers don’t care. They just want to sell.
For some, sky-high values simply mean it’s a good time to cash in; It’s hard to ignore record prices that climbed above $2,400 an ounce last week. For others, it’s a more desperate move to get money for bills and rent. Whatever the need, what’s clear is jewelers and pawn shops are seeing a flood of sellers.