<b>Gold Price</b> Hits Record High

Gold Price Hits Record High - Image via Wikipedia

It is not just on the stock exchanges off the world that gold prices have hit record highs in the last two weeks. Online pawnbroker Boro.com have seen a 300% rise in gold loans compared to the first quarter of 2010.

Canny customers at the pawnbrokers are taking advantage of the fact that they do not have to sell their gold when they pawn it. Therefore they can retain the asset and get the use of the cash at the same time.

The rise in the price of gold means that they can now obtain 22% more cash for their gold they could’ve done at the beginning of the year.

A recent survey, the Which report, showed that pawnbroker loans represent better value for the borrower than the gold buying services advertised on television.

Paul Aitken, CEO of Borro, comments, “As gold prices have risen we have seen a huge increase in gold related loans coming into our offices. There’s trinkets, engagement rings, antique bullion, there was even a jeweller who took advantage of our prices needing a loan against a large amount of his own goods.”

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