Star Of ‘Pawn Stars’ Wants To Cash In On His Own Gold
Rick Harrison, co-owner of the “pawn star from the History Channel’s “Pawn Stars” is cashing in on his own gold. Harrison spoke with CNBC on Friday about his decision, claiming the price of gold has seen a steady decline and he came up with a personal solution, for now.
Harrison is considering selling his own gold, taking a loss on his holdings to get a tax benefit, and buying it back next month. “I think a lot of people should consider doing that — you’ll save a little money on your capital gains,” he said.
Prices of gold plummeted last Thursday to a three-year low. Gold has lost 23 percent this year and is on pace for its biggest annual drop since 1981, reports Money Morning. The drop comes after comments during a FOMC meeting from Ben Nernanke, chairman of the Federal Reserve, that “the current $85 billion worth of monthly bond purchases could slow near the end of this year.”
“I retail a lot of gold and silver and I’m having a real difficult time right now getting physical metal. “It’s the crazy world about gold and silver: Sometimes the paper market is going down but you can’t find actual physical items.”
He says he has a hard time finding it because there’s a shortage of physical metal. He still pays around the same for gold because he doesn’t think the value will go much lower. Despite the price of gold dropping over the past few weeks, Harrison still sees a demand for it.
“I think gold is still a good thing to have around,” he said. “It’s an insurance policy—hopefully you don’t need to cash it in right away. It’s a long-term investment. Governments have a tendency to screw up currencies.”