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Gold Prices Jump to 7 Month High

February 25, 2009 by Administrator 

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The good news keeps coming for people looking to sell their gold in San Diego. Bloomberg reports that gold climbed to the highest level in seven months on demand from investors who want to protect the value of their assets as stocks slump and the global recession deepens.

Gold has jumped 40 percent in almost four months as investor confidence in financial assets erodes and central banks spend trillions of dollars to prop up banks. Bloomberg says that investors are increasing holdings of gold in exchange-traded funds, depository accounts, and coins and bars.

The value of gold held by investors at the Perth Mint in Western Australia is said to have risen to over $2 billion in the past year, with 80 percent from overseas. Sales of the 1-ounce Kangaroo and other gold coins more than doubled to 199,840 ounces in the four months to the end of January from 76,792 ounces in the year-ago period, and sales this month have already exceeded February 2008.

Bullion also climbed on speculation central banks may increase their gold reserves as a store of value. Bloomberg quotes Steven Zhu, trading manager at Shanghai Tonglian Futures Co., as saying “There’s been a lot of talk about central banks buying gold but they are quiet about it because they don’t want to disrupt the market.” Either way, the signs are clear enough that gold prices are going to remain strong for those want to sell their gold.

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San Diego Pawn Shops, Gold Buyers, Gold Refineries, & More

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