Fritid
Record High Gold and Silver Prices Prompt Sales of Family Heirlooms. Consumer Council Issues Warning.
News of record-high gold and silver prices is prompting individuals across the country to unearth forgotten treasures.
Rings, bracelets, and silver cutlery are being retrieved from drawers and cabinets. Several gold dealers have reported a surge in inquiries from people looking to assess the value of their possessions, with many planning to sell.
Gold Prices Have Risen Sharply This Year
Since the start of the year, the value of gold has increased by just over 18 percent, from around 4,317 to 5,100 USD for the same quantity of gold. Looking back one year, the price has increased by a full 75 percent, from 2,907 to 5,100 USD.
Silver prices have also surged. So far this year, silver has grow more than 20 percent more expensive, from 71.4 to nearly 86 USD for approximately 31 grams. Over the past year, the price of silver has actually more than doubled, from 32 to almost 86 USD, an increase of 168 percent.
“There has been a tremendous influx, both from people who want to sell and those who want to buy,” says Eirik Myge, department manager at Oslo Myntgalleri, Haugesund branch.
He notes that people are coming in with everything from jewelry to silverware that has been unused for many years.
“For some, it’s an investment, for others just clearing out. Many are surprised by how much their items are actually worth,” Myge told DinSide.
David-Andersen is seeing the same trend.
“Many are taking the opportunity to exchange gold for cash when prices are so high,” says Managing Director, Inge Nygaard, to DinSide.
“Some are using the opportunity to buy a new piece of jewelry, but most want cash.”
Consumer Council: – Shop Around
The high prices have prompted the Consumer Council to remind people to be vigilant.
“Get multiple offers and ask for a clear assessment of weight, karat, and price. Prices vary greatly between players,” says legal senior advisor, Nora E. Wennberg Gløersen, to DinSide.
“Don’t feel pressured to sell on the spot. It may be wise to think carefully.”
She recommends:
- Checking that the buyer is authorized and has a police permit
- Comparing prices and not going for the first offer
- Reading the terms and conditions carefully
- Documenting the goods if they are sent by mail
- Thinking carefully before selling heirlooms or jewelry with sentimental value
“And don’t be blinded by advertisements promising ‘today’s highest price.’ See what the spot price actually is,” she urges.
Market Volatility
Inge Nygaard at David Andersen says you should be aware.
“Some offer a higher price for the first gram, and then a lower price for the rest.”
Both Nygaard, Thomas Remmem, and Eirik Myge believe the interest will remain high going forward.
“Prices are very high now, so those who sell get a lot for what they have,” says Myge.
He stresses that no one can predict the development. “Probably it will travel up this year, but no one knows 100 percent for sure. If I knew that, I would be a billionaire,” he says with a smile.
