Record-high gold prices trigger a flood of selling at jewelers and pawn shops

Record-high gold prices trigger a flood of selling at jewelers and pawn shops. “People are using gold as an ATM they never had.”

Transcript

00:00 Gold prices climbed above $2,400 an ounce last week, and jewelers and pawn shops are

00:05 feeling the rush from sellers. People are using gold as an ATM they never had, said Gene Furman,

00:11 owner of King Golden Pawn and Empire Gold Buyers. At Furman's Fifth Avenue store,

00:16 the number of people coming in and selling in pawn and gold jewelry is more than three

00:20 times above normal levels. The speed and magnitude of gold's ascent is astonishing.

00:25 Since the 2024 low in mid-February, it has rallied 17%. Investors usually seek safety in

00:31 gold for fear of political, economic, and financial crises. And escalating tensions

00:36 in the Middle East, the war in Ukraine, and an upcoming U.S. election are now

00:41 underlining its traditional role as a haven asset once again.