Want to buy or sell gold bars or gold bullion in SoCal? Be sure you visit your local pawn shop first. Although it would be irresponsible to say that all SoCal pawn shops buy and sell gold bars and bullion, at Central Mega Pawn in Ontario, we do buy and sell both gold bars, and gold bullion near Pomona and Upland. Here’s what to know about buying or selling gold at our SoCal pawn shop.
Gold Bars and Gold Bullion: What to Know
Gold bars are a type of bullion. In essence, gold bullion simply refers to any type of very pure gold. The term bullion applies to any gold bar that is stamped with both the size and purity of the bar. This stamp makes the gold tradeable as a currency. Also known as gold ingot, gold bars are available in a variety of sizes including:
1 Gram Gold Bar
This is the smallest investment size gold bar. It is.032 Troy oz, and measures 8 mm X 15 mm.
10 Gram Gold Bar
At less than .33 Troy oz, a 10-gram gold bar measures 18 mm X 31 mm.
20 Gram Gold Bar
At .64 Troy oz, a 20-gram gold bar measures 22 mm X 39 mm.
1 Troy Oz Gold Bar
This is the most commonly traded size of gold bars. It equals 31.1 Troy oz, and measures 24 mm X 42 mm.
50 Gram Gold Bar
A 50-gram gold bar is 1.61 Troy oz and measures 25 mm X 45 mm.
100 Gram Gold Bar
A 100-gram bar of gold measures 31 mm X 55 mm and weighs 3.2 Troy oz.
10 Troy Oz Gold Bar
A 10 Troy oz gold bar is equivalent to 311 grams. It measures 33 mm X 57 mm.
1 Kilo Gold Bar
This is the largest commonly available gold bar. It weighs 2.2lbs ad measures 40 mm X 80 mm.
Why Buy Gold Bars and Bullion
Gold bars and bullion help you to protect yourself financially in a variety of ways. Gold offers unique benefits that differ from paper currency and other investments. That’s why many experts suggest buying some gold as part of your overall financial strategy.
1. Protection during Inflation
Inflation is at levels that haven’t been seen in 40 years. Inflation is a term that describes rising costs of goods and living. In 2022, inflation soared more than 8%. When inflation increases, the price of gold also increases, so it’s a good commodity to own.
2. Safeguard against a weakening U.S. dollar
When the cost of living and goods increases, the dollar becomes less valuable. That means paper currency doesn’t go as far as it used to. Current sky-high gas prices, the price of groceries, and escalating rents and mortgage rates are all the hallmarks of inflation. When the dollar becomes less valuable, the value of gold tends to increase. Therefore, owning gold can help protect you financially.
3. The value of gold tends to be steady
Historically speaking, when the dollar loses value, the stock markets react negatively. Gold isn’t linked to the stock market and tends to hold its value. Gold also doesn’t corrode so it can be used to make jewelry, irrespective of the stock market. This makes it a stable commodity to own.
4. Demand for Gold
Gold is virtually always in demand. In fact, in many countries people intentionally buy gold bars as a retirement and financial planning strategy. Because people are constantly buying gold and gold bars, the demand remains high even during volatile economic markets.
5. Protection From Geopolitical Issues
Geopolitical uncertainties, such as a nuclear threat, or war in Europe, often lead people to buy gold bars. That’s why it is sometimes referred to as a crisis commodity.
Gold Bullion Available at Pawn Shops
Pawn shops can yield a treasure trove of gold bullion. You may find a variety of gold bullion in a pawnshop in SoCal, such as:
- Gold Nuggets
- Gold Bars
- Gold Ingot
Other types of gold are bought and sold at many SoCal pawnshops. Though not as easily tradeable as bars, gold in any form has value. Other gold items that you may be able to buy or sell at a pawnshop in SoCal include:
- Gold jewelry (chains, earrings, watches, bracelets, rings, anklets, necklaces, brooches)
- Gold flake
- Gold coins
- Gold charms
- Gold teeth
What to Know About Selling Gold Bullion to a Pawnshop
If you’re in need of immediate cash, gold bullion can be turned into money at some pawn shops in SoCal. But, before you pick just any pawn shop, and accept their first offer, follow these tips.
1. Find a Reputable SoCal Pawn ShopLook for a pawn shop’s history in the area. Established pawn shops will have been in business for a while because of their ethical practices. Check to see if they belong to organizations such as the California Pawnbrokers Association (CAPA). Membership in an organization such as this will indicate that a pawn shop abides by all federal, state, and local laws and regulations.
Established pawn shops will also likely have a staff of pawnbrokers who are experienced and follow the current precious metals markets. This can get you the best offer on your gold bullion. Likewise, top-rated and top-reviewed pawnshops will know their customers, and know what they can sell quickly, so you may get a better offer from them.
2. Do Your Research Before Taking Your Gold to a SoCal PawnshopMake sure you know the current price of gold before you take in bullion to sell. You can check current prices online anytime.
Buys and Sell Gold Bars and Bullion in Ontario
Central Mega Pawn in Ontario, near Pomona and Upland, buys and sells gold bars and bullion every day. At our SoCal pawnshop you can expect to find a large variety of gold items for sale. Likewise, we are always interested in looking at your gold items. If it is an item such as bullion, we are likely to make you an offer.
As a leading pawn shop in the Inland Empire, our knowledgeable, friendly, and professional staff is here to serve you seven days a week. We’re conveniently located on S. Central Avenue in Ontario, easily accessible from Upland, Pomona, Claremont, Chino, Chino Hills, Rancho Cucamonga, Alta Loma and Montclair.