The sharp rise in gold prices throughout 2024 has prompted a surge in buying and selling, with many people choosing to cash in on their jewellery, according to local jewellers and the Royal Mint.
Linda Emery, a 71-year-old resident from Neath, recently sold a collection of old jewellery, including earrings, broken chains, and rings, for £345. This is just one example of the growing trend, as an increasing number of customers visit Swansea’s Gold Reserves Ltd to take advantage of the elevated prices. The business has reported a 25% rise in people wanting to sell their gold.
The Royal Mint, known for producing UK coins and dealing in precious metals, also reported a “record year” in 2024, with more customers participating in the buying and selling of gold bullion bars and coins.
Mrs. Emery, who has sold jewellery before, explained that timing is key when it comes to selling gold. “Gold prices are high at the moment, and it’s just sitting in a drawer, so why waste broken jewellery?” she said.
In Swansea, Alyson, who buys jewellery in bulk from car boot sales and auctions to resell, has made around £500 this year. One of her most lucrative deals involved buying two bracelets for £35 and selling them for £185. While she doesn’t actively monitor gold prices, she remains opportunistic, saying, “I just think I’ve got a few bits together, so I’ll fetch them down and see if I can get anything for them.”
Gold prices reached record highs in October 2024, although they have since fallen slightly. However, prices remained considerably higher at the close of the year compared to the start of 2024.
The Royal Mint, based in Llantrisant, Rhondda Cynon Taf, has been producing the UK’s coins for over a thousand years. In recent years, it has expanded into the precious metals market, offering investors gold and silver bullion coins and bars. Additionally, the Mint has introduced digital price tracking options for gold buyers.
Andrew Dickey, divisional director of precious metals at the Royal Mint, noted that the business saw a nearly 10% increase in customers purchasing gold and other precious metals in 2024. There was also a 6% increase in people selling back gold bullion bars and coins. According to Dickey, factors such as global political uncertainty, ongoing conflicts, and central banks’ increasing gold reserves have all contributed to the rising prices.
Peter Middleton, Director of Gold Reserves Ltd, which operates branches in Llanelli, Swansea, and Cardiff, also observed a significant rise in customer activity. His business saw a 30% increase in people purchasing gold and a 25% increase in customers selling their gold in 2024.
Despite the fluctuations in gold prices, experts caution that high gold prices do not guarantee future gains. Russ Mould, Investment Director at stockbroker AJ Bell, pointed out that while some investors view gold as a safe haven for their money, it has experienced periods of poor performance. “Gold doesn’t provide income like interest or dividends from other investments,” he said. “There are plenty of people who won’t touch it at all.”
However, Peter Middleton believes that the enduring appeal of gold transcends market trends. “There’s something special about gold,” he remarked. “Since Cleopatra’s time, it’s been revered as a store of wealth, and people have always liked to wear jewellery. I don’t see that changing anytime soon.”
Related topics:
- India Surpasses China in Gold Purchases, Buying 51% More in Three Months
- Gold Rates Skyrocket in Chennai on Diwali, 24K Gold Exceeds Rs. 81,000 Per 10 Grams
- Gold (XAU) Daily Forecast: Double-Top at $2,790 May Limit Further Gains
