Gold rebounds above $1,200 an ounce despite Fed's worries

Gold futures were traded above the $1,200 an ounce threshold on Monday, rebounding from a three-year low of $1,180.57 an ounce seen on Friday, due to worries that the Fed may scale back its monetary stimulus.

London - Prices of gold traded up on Monday, markedly above the $1,200 an ounce mark, after crossing the threshold twice on Friday, driven by worries of the Federal Reserve's potential tapering of its bond purchase program.

Gold futures were trading 1.61% higher at $1,243.50 an ounce as of 5:27pm GMT, while silver hiked 1.1% to $19.685 an ounce as of the same time.

Last week, gold futures tumbled more than 7%, heading for the the worst quarterly performance in 93 years after plunging 25% so far in the second quarter.

After falling to a 3-year low of $1,180.57 an ounce last Friday, prices stabilized back above $1,200. Some technical analysis point to a fall to $1,055 an ounce in the near future.

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I Know What Selling Is But What Does It Mean to "Pawn"?

ealomia: 

When you go into a pawn shop, whats the difference between pawning something and selling something? (I know sell, but pawn?)

 

Jessy_1924: 

Pawn means that you leave a certain item there for a specific time period and they lend you money for the item. Once the specific time period expires, you must pay the money back plus interest or they keep the item.

 

cmnr0912: 

Pawn is like a loan. You leave your item with the pawn shop and he will give you a loan based on the value of that item. He will charge you some amount of interest, and you have a certain amount of time to pay off the loan + interest. If you don't pay off the loan in that allotted time period, the item becomes property of the pawn broker and he will sell it in order to get his money back.

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PAWN TIPS - From Calaveras Coin & Pawn

• Keep in mind: pawnshops are often a great place to pick up bargains on unredeemed goods. If you don't mind used jewelry, video games and movies, it is hard to beat the prices at pawnshops.
• Establish a relationship with a pawnbroker. If he knows you take care of your property, pick up your loans on time, and are generally in a good mood, he may be more generous with his loans. If you take him broken, dirty items, fake jewelry, and try to hurry him, he will not see you as a valuable customer. The pawnbroker has to test everything that comes into his shop. Pawnshops are not repair shops and broken items have little or no value.
• Even if you default on something, it is still OK to do business with that pawnbroker.
• Pawnbrokers have to consider that you may not come back to get the item. You may leave town, win the lottery, have other obligations and will default (don't pay on time)on the item. This uncertainty forces him to hold down the amount he loans on items in the event he has to resell it to recoup his investment. Most people return to redeem their pawned items, but if you look around his store, you will see that most of the things he has for sale are things people promised to come back to redeem but failed to do so.
• If you have an unusual item or collectible, it may be helpful to have a manual and maybe something that would indicate its value such as a certificate of authenticity or original invoice.
• Sometimes if you are unable to redeem the item by the due date, you may be able to extend the loan by paying the interest.

Is Mailing Your Gold Away A Good Idea?

The scoop: Seductive advertising and the lure of easy money have drawn in thousands of eager sellers. You mail in your gold and they mail you back a check. 

The benefit: It's easy -- they send a prepaid envelope, you drop in the gold, and they mail a check.

The drawbacks: You pay a price for convenience. Consumer Reports found that mail-in companies offered between 11 percent and 29 percent of the meltdown value of the gold.

The bottom line: Understand the trade-offs you're making, says Paul Montgomery, president of the Professional Numismatists Guild. "The guys on TV are providing a service, but they've got a very, very high expense rate. They're spending literally millions on advertising -- and that's (part of the reason) you might get just 20 or 25 cents on the dollar."

What Should You Do? - Visit Calaveras Coin & Pawn for a free competitive quote on your gold.

(209)736-COIN