H&T pawnbroker is profiting from the new gold rush, as an increase in consumers cash in their old jewellery to benefit from record gold prices.
H&T has opened 56 “
Gold Bars” retail outlets and plans another 20 by the year end. Customers can exchange their gold for cash at gold bar outlets across the country.
The
price of gold has increased from $700 an ounce last year to more than $1,000 in 2009 as investors looked for alternative investment to shares and property in the recession. Gold is considered a "safe haven" asset and its popularity has risen since the recent financial crises.
Based on the strength of the increased gold price and the mass media attention on buying and selling gold, H&T identified the opportunity and has opened a number of retail shop units. These units are branded as H&T but operate separately from the pawnbroking store network.
Boss John Nichols said: “With everyone talking about the high
price of gold and customers getting used to recycling, the timing is perfect.”
H&T Group said that the spiralling price of the precious metal would help it beat profit forecasts this year.