Gold hits Record highs - Online Pawnbroker sees 300% rise in Gold loans

With gold prices on the stock exchange hitting record highs, the soaring prices are beginning to have an effect well beyond the confines of the Bank of England.



Gold has traditionally been seen as a safe haven in times of uncertainty, Pawnbrokers too have seen a big expansion in their gold loans as people hedge their bets as to whether prices will rise further.



Online pawnbroker Borro.com saw a 300% rise in Gold loans in 2010. That is due to the fact that a new loan applicant would receive a 22% larger loan offer now than they would have received than at the start of the year for the same items or gold weight. 2011 is going much the same way.



Furthermore savvy customers are making the most out of the rises as people can release money from their gold without having to sell their items.



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."



Individuals that have gold in their possession posses a wealth of options and can get value in the current marketplace. Will the price of gold rise further? It’s a distinct prospect and will closely follow the economic trends and the fortunes of the larger global economies.



borro is the leading short term asset lender in the UK, lending two times more money and at better rates than competitors. borro offer short term loans of £100 to £1,000,000 against assets of value including Jewellery, Luxury Watches, Fine Art, Antiques, Sculptures, Luxury Cars, Light Aircraft and other high value items.



All of borro’s valuation experts have worked for the leading auction houses including Sotheby’s, Christie’s, and Bonhams. This means borro has the best understanding of the underlying value of each asset and as such lends more than anyone else. borro use only the best, specialist storage facilities, so you can be safe in the knowledge that your assets are safe. Most assets are stored thirty feet underground under time lock at a prestigious 120 year old storage facility in central London. Fine art, sculptures and Antiques are stored at fine art storage specialists Ward Thomas. Luxury cars are stored in luxury air conditioned car storage and delivered back with a full valet. borro’s classic and luxury car specialists will even service and run the vehicle whilst in storage.