Amassing Gold Is The New Popular Trend. Why Is It Earning So Much Fame?
Financial crisis can come knocking at the door of any person, anytime. Especially during a global or national pandemic, like the Covid-19, every economy gets a hard hit. The value of assets falls down drastically, and the financial crisis soars high. At such a point in time, it is the value of gold, be it in jewelry or coins, that comes as a savior.
India is a country of vibrant heritage and culture, where gold can be irresistible. It forms a status symbol. In the present times, this yellow metal has stamped its presence with a gold loan provision.
This article lists the conveniences that this precious yellow metal has over the paper money.
SOURCE OF INSTANT CASH
When you want to get instant cash in hand, the best way is to sell those old ornaments lying at your home. The process is as quick as the snap of your fingers. In case of need of urgent cash, no one likes a time-consuming process. This is the sole reason a lot of people today are in favor of saving gold than money. In terms of physicality also, cash is destructible, but gold is not.
High Liquidity
Selling gold requires one-third of the time for selling shares in the stock market. This metal is recognized by every person and every jewelry store all over the world. There are hardly any barriers to buying or selling them. Even if you go international, you can buy gold at the local price and rate. These precious and valuable goods are highly liquid, and you can carry them easily in your pocket.
UNRUSHED ELIGIBILITY
The main reasons many people are rejected from applying for loans are low income and low credit value. But in the case of gold, there is no such hustle. This valuable metal is a benchmark in itself. If you need to apply for gold loans, there is no income barrier or judgment of credibility. This type of loan has gathered much attention among a plethora of people.
Lower Chances of Going Bankrupt
Gold is probably the only commodity, the value of which has never reached zero. This has never happened in history. The value of this metal might fall or soar high but can never reach zero. It is such a liability that has the least involvement of middlemen, making sure that the final value of this good is adequate. The counterparty risk in the form of forfeiture by banks is also less.
LOW INTEREST RATES FOR LOANS
People only think of mortgaging their precious assets if they are in dire need of money. The lender also has nothing to be blamed for because they charge heavy interest rates as a form of security. However, in the case of such a need, the burden of heavy interests might be huge. In the case of cash against gold, the interest rates are usually less than any other form of personal loans.
LESS PAPERWORK
Possessing gold does not require any form of paperwork, be it gold coins or jewelry. In times of crisis, people try to avoid the hustle of heavy paper works for getting loans. So gold loan is something like the new favorite because no one will ask about your family history or any other minute identification details.
VALUE ALWAYS INCREASES
If you have a car that you have used for three years and plan to sell it, you will surely have to take on depreciation cost. There is hardly any commodity, the value of which increases with time, except gold. This valuable good has the best resale value. The value always increases with inflation and will endow you with loads of benefits.
WHERE TO SELL THIS PRECIOUS YELLOW METAL?
If you want to dodge the hustle of mortgages and sell gold you have, there are several ways to do it. There are online auctions that take place for buying old jewelry. There are jewelry shops that also accept this form of transaction. In Gurgaon, there is Gold For Cash that gives the best resell value. This place serves its customers with urgency, with minimal paper works. Other than Gurgaon, they also have several stores scattered throughout Delhi, like in Green Park or Laxmi Nagar and even Noida.
