Demand for Gold Coins Spikes During Pandemic

The COVID-19 pandemic has been a literal goldmine in the last year for those with an interest in gold itself. Prices famously touched an all-time high in the summer, as COVID-19 cases mounted and the prospect of profound economic damage was weighing heavily on the financial decisions of millions worldwide. 

Physical markets squeezed 

One of the biggest observations we have made at UK Scrap Gold, beyond the clear rally in gold prices last year, was a noticeable squeeze in supply of gold coins. They come in all kinds of varieties: Gold Sovereigns, Krugerrands, Britannias and American Eagles, to name a few. As mints all over the world can agree, they simply can’t mint quick enough, as demand has clearly outpaced supply. 

The US Mint admitted earlier this year that sales of gold bullion coins had jumped 258 per cent in the past year, and this higher-than-expected demand across the gold coin markets has persisted in 2021. This all comes despite mass disruption of minting operations due to the pandemic. The effect is simple: unless large quantities of gold can be magically discovered in the next few months, gold coins will become harder to come by. 

This could have a profound impact on prices, and could potentially make last summer’s rally look like the taster of something far greater to come. In other words, it could be the perfect set of ingredients to convince anyone to consider selling gold coins in their possession sooner rather than later. 

Selling gold coins today 

With this high demand for physical gold, the secondary market has been a thriving place, as sellers cash in on old coins which may have seen their values increase massively since they were originally minted. Gold Sovereigns, for example, used to be spent as much as any coin today, but were discontinued for a number of years, gaining great prestige over time. At UK Scrap Gold, we know how much of a difference the price rally in gold has made, and could be in a position to help you realise those gains. 

Check out our Gold Scrap Calculator to see exactly what your gold coin or other gold items could be worth today. 

Subject to condition, UK Scrap Gold is willing to offer 100% of a gold coin’s spot value, if you decide to sell with us. How can this be possible, you may ask. Demand is simply so high in the gold coin markets that even a single coin could fetch a hefty price if sold in the right place at the right time. If you have even just one Gold Sovereign which you’re thinking of selling, now could be precisely the right time. 

UK Scrap Gold are specialists in buying gold coins, having been a part of the gold markets for many years. We have the knowledge and insight to serve as experienced gold buyers, and offer attractive prices for gold items, as we operate mostly in a digital sense, reducing the need for overheads which is often an issue with other buyers. If you wish to make a sale of a gold coin today, call us on 01902 623 254. 

Copyright: alliedcomputergraphics / 123RF Stock Photo