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Is Gold Finally Losing Its Shine

Is Gold Finally Losing Its Shine

September 18, 2009

With adverts requesting gold in return for cash, it doesn’t take long to realise this is a product of our economic climate.

If there’s one thing that satellite television is good for, it’s to allow you to become quick witted at channel hopping. On one such occasion, I stumbled across an advert to send in gold in return for cash. It didn’t take a moment to realise that this advert is a product of our current economic climate. Happy shiny people offered testimonials as to how much money they never knew they had.

The world in the advertisement seemed like a distant one. I can’t think of anyone realistically routing around for gold in their house to sell. It’s not like searching down the back of the sofa for loose change. What’s more, we’re then expected to trust our valuable gold in a tiny little plastic bag and send via mail? Aside from me thinking it was a dodgy operation, I began to think about the wider implication of the advert. Not necessarily the desire to make the most of unwanted gold, but about our personal relationship to it.

Gold is indeed big business globally, and has been traded more prominently in times of economic unbalance. However, I sensed that it had a bigger, perhaps more sacred relationship in the east. They say Lanka was paved with it, and its references are embedded throughout Indian myth and history. It’s an important part of rites, rituals and ceremonies, so surely it would be the last thing to part with? Imagine then, my surprise, when I heard the same advert in Punjabi on a Punjabi radio station. Had the sentimental relationship to gold simply been a subjective assessment on my part? It’s certainly possible - but I think before we come to giving up our gold, we’ll have a wealth of skills, assets and moneymaking initiatives to exhaust before hand. Mind you, it might be a good opportunity to part with unwanted gifts from Argos.

4 Comments

  • Taneem Sarwar
    By
    Taneem Sarwar
    14.02.10 01:30 AM
    I have been writing on the content side of things and I always notice a high demand for gold jewelry items. The USP of this is that people always want very detailed information, which is good for me as I know the market. Also there are alot of fraudulent companies on the internet and articles based on telling people how to be wary always works.
  • Akash Gupta
    By
    Akash Gupta
    12.02.10 07:42 AM
    Gold is an important hedging tool with currencies and oil...but unlike their value (which appreciates and depreciates depending on the state of public finances) gold is a tangible asset and will NEVER lose it sheen. It is after all a 'precious' commodity! Whether it is losing 'flavour' among NRIs is a different question...but back home in India, gold is still a huge safety net for many people! That's why we are the biggest consumers of it...
  • Sandeep Sandhu
    By
    Sandeep Sandhu
    11.02.10 08:29 PM
    Hi Taneem,

    I'd agree with you. Families do tend to build close relationships to local independent businesses. So there is a greater level of trust between them.

    Style is also another important feature. I think people forget how quickly things can date. I'm sticking to biscuits next time.
  • Taneem Sarwar
    By
    Taneem Sarwar
    11.02.10 07:44 PM
    Well it's all true what you say. There seems to have been a lot of adverse publicity for this sort of venture. But not all companies operate that way, there are some reputable ones also. But being Asian I think just sticking to traditional style of jewellery shop is best, because of the special nature of Indian jewellery, the fact that in the UK you will get a good price and sometimes you can even exchange items for new styles.

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