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Do SoCal Pawn Shops Buy and Sell Gold Bars and Bullion?

Do SoCal Pawn Shops Buy and Sell Gold Bars and Bullion?

by | Jun 22, 2022 | Blog

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.

Getting a Cash Loan From So Cal Pawn Shops (What You Need to Know)

Getting a Cash Loan From So Cal Pawn Shops (What You Need to Know)

by | Jun 5, 2022 | Blog

Getting a small cash loan hassle-free isn’t as far-fetched as it seems. As long as there’s something of value in your home, and almost everyone has something, you have the tools you need to get cash fast. In this guide, you’ll learn everything you need to know about getting a cash loan from So Cal pawn shops.

The Benefits of a Pawn Loan

Why get a pawn loan over any other small cash loan? The most attractive thing about pawn loans is most likely the fact that you don’t need to tie it to your credit report. It’s really as simple as putting a piece of jewelry or collector coin on the line which is way easier than damaging your credit and any future opportunities that could have been available to you with a decent score.

Perfect for Small Amounts of Cash

If you only need to borrow a small amount of cash anywhere from twenty bucks to a couple hundred, it may not seem worth it to deal with all of the paperwork at the bank. Unless someone close to you is willing to lend you the money, it may seem impractical to go seeking out a loan. Cash loans from So Cal pawn shops, however, are a great way to get you the cash you need in a matter of minutes, and it won’t require complicated and lengthy agreements.

No Risk to Your Credit Score

Most cash loans, big or small, are tied to your credit. Even if the lender doesn’t make a hard pull when transacting your loan, missing a payment can severely damage your credit score. Any unpaid amounts will go to your collections, and it’ll become that much harder to get approved for anything else down the line. With a pawn loan, you can ask for an extension on your payment deadline or allow the shop to permanently claim your collateral item without it touching your credit score at all.

Zero Waiting Periods

When we need cash, we need it sooner than later. Taking out a traditional loan can take an entire day or longer to process, and you may not have the time to spare. When you go to a pawn shop, the process is so simple that in the time it takes for you to walk into the store and come out with cash in your hand, it would have felt like only a moment.

Reliable Source

Applying for a loan online, you risk the chance of the lender either being a scammer or they could disappear off the face of the earth when you run into any issues. People online can be difficult to track which could leave you in a tight spot. Pawn shops that have been established in the area for years are not likely to up and leave overnight. Before you go to a store, you can check the store’s reputation by reading online reviews to get an idea of whether the shop is trustworthy or not.

The Pawning Process

Dealing with pawn shops is incredibly simple and easy once you know how a pawnbroker does things. Broken down into simple steps, all it takes to take out a pawn loan is to:

1. Find an item of value

This can range from a piece of jewelry to a collectible trading card and everything in-between. You’d be surprised to find out how many things in your home are worth a bit of cash, so now is the time to scrounge around to see what you can find.

2. Negotiate the loan terms

When you bring your valuables to a pawn shop, the pawnbroker will carefully examine each piece to gauge the value. Many brokers are trained and/or licensed to appraise certain things like jewelry or coins. However, this doesn’t mean that you need to take their word for it. If you feel like your item is worth more, pawnbrokers are no stranger to negotiations.

3. Receive your cash

Once you and the pawnbroker agree on a price, you settle on terms and make your exchange. Each pawn shop has their own way of calculating the terms of a loan. After that, the broker keeps your item, you take the cash, and that’s it!

4. Repay your loan

Many shops will give you a decent amount of time to repay your loan no matter how small. If you can’t repay your loan for whatever reason, the broker gains permanent possession of your item. Nothing else happens, it’s really as simple as that.

5. Complete the terms of the loan

If you do end up repaying your loan in full, the broker will give back your collateral item. From there, you can choose to renew the loan or walk away.

Tips for Pawning in So Cal

What can you expect from a So Cal pawn shop? There are so many choices in So Cal when it comes to pawn shops but few of them are friendly, fair, and easy to work with. It’s worth looking into which businesses are deserving of your time.

Find a Reputable Pawn Shop

Which So Cal pawn shops can you rely on? It’s as easy as pulling up the name of a nearby shop to look at online reviews and star ratings. The more reviews, the better you’ll be able to judge the legitimacy of those reviews.

Collect What You Need

Once you find the item you want to pawn, make sure you gather every single little piece that came with it. Having the original packaging could significantly increase the value of your item as opposed to bringing it in loose.

Check Out California Regulations

So Cal pawn shops need to follow certain regulations set in place by the state. You can take a look at the California Pawnbrokers Association website to get an idea of how pawn shops in California should operate.

What do So Cal Pawn Shops Accept as Collateral?

Depending on the pawn shop, there may be no limit to what a broker will accept as collateral. A few common examples include:

  • Designer watches
  • Jewelry
  • Antiques
  • Trading cards
  • Coins
  • Electronics
  • Power tools
  • And much, much more

The Best Pawn Shop in So Cal

How can you find the best pawn shop in So Cal? Central Mega Pawn already has a large and established customer base due to having the most caring staff, diverse inventory, and fair loan terms. When you get a cash loan from here, you’ll want to come back for more after seeing how simple and easy the process is. Come bring your valuables to 11031 South Central Avenue in Ontario or call ahead of time at (909) 627-9622 for more information.