The pandemic has ravaged job security in Canada, forcing thousands out of work due to lockdowns peppered across the country. In September 2020, the unemployment rate skyrocketed to 9%, up from 5.6% in February.
CBC News writes that 1.8 million people in Canada are officially categorized as unemployed, which means they want a job but can't find one. “And there are still 1.3 million workers affected by the COVID-19 economic shutdown, which means they are employed but working less than they'd like to or normally do.”
If you’re among those three million-plus Canadians struggling now, your attention may be turning to ways on how to make extra money on the side. If fewer employers are hiring, your bank account will increasingly depend on what you can do yourself to earn an income.
Look around your house, to start. You may have collectibles and jewellery and coins and paper money attracting dust. Some items might be sentimental, but other heirlooms could be just waiting to help you during a crisis. A crisis such as a pandemic that’s gutted jobs and applied deep pressure on families coast to coast.
The price of gold is your friend
First, a key metric related to how you can make extra money on the side is the price of gold. As the pandemic brought chaos to the stock market, safe haven assets were increasingly compelling to investors, giving the price of gold a major boost: In the past year, it shop up 26%, with the majority of that action taking place between March and October 2020.
The increase doesn’t seem to be abating: The Kitco weekly Gold Survey revealed experts are optimistic about the price of gold, with more than two-thirds of the “Wall Street” side voting in favor of bullish action next week.
On how the pandemic has influenced the price of gold, we wrote in June: “Fear-driven purchases have also inspired some insiders to praise gold’s benefits, and they envision the price soaring even higher. It can’t hurt gold’s value when major players such as Goldman Sachs tell media: ‘Both the near-term and long-term gold outlook are looking far more constructive, and we are increasingly confident in our 12-month target of $1,800/toz.’”
But don’t wait too long to sell your gold and silver
The bullish price of gold these days means you can trade in your gold or silver or paper money items around the house and enjoy a decent return. While it may have been savvy to be patient when silver and gold weren’t on a big crest, now is the time to act.
“Collectors need to realize they shouldn’t wait to sell their items to a reputable gold buyer,” says Daniel Ilmer, Muzeum’s VP of operations. “Get what you can now, even if you notice the price of gold is up. You just never know when it’ll start moving downward.”
He adds that a trend he’s noticing is older collectors aren’t as keen on selling as they once did. After all, the Antiques Roadshow had its moment in the sun, but younger generations aren’t swayed by a TV show craze that is fading into the horizon. Rather, they’re investing more in gold and silver bullion, Ilmer says.
What that means for anyone looking to make extra money on the side with their collectibles is a smaller amount of bidders on your items. “We used to get, say, eight bids on a really valuable item, but now it may be down to two or so,” Ilmer says.
And who knows when that figure may be down to 1 or 0? He stresses that gold buyers such as Muzeum should be transparent about what they pay for the amount of precious-metals in your items, which is displayed clearly on the Muzeum site, for example:
As for what Muzeum is looking for from collectors, Ilmer breaks it down into three categories: gold and silver jewellery, paper money and coins. He adds they may also be in the market for pocket watches and antique toys, as well.
For jewellery with precious metals, Ilmer is looking for anything with precious metal content, whether gold, silver or platinum. Most items are usually marked with a stamping that indicates its purity (18k gold for example, is 75% pure gold). If you are unsure whether or not its made of precious metal – take advantage of the FREE evaluation services we offer at our storefront Muzeum Gold and Silver.
When it comes to gold and silver coins, you might be shocked on the value in just the precious metals. For example, each silver dollar from Canada (dated 1967 and earlier) will be worth a minimum of $14 a piece, with potential to get much more per coin if you have something more collectible ( for example, silver dollars dated 1946, 1947, 1948 will always be worth more than their silver).
For gold coins, we have seen a tremendous increase in the following:
Gold Maple Leaf Coins
Royal Canadian Mint Gold coins, such as the 1976 Olympic gold coin
Gold Krugerrands from South Africa
Gold Sovereign Coins from the UK
Gold American Eagles and other gold coins from all over the world.
Most of these coins end up being worth just the gold value (unless you have a rare year / rare mintage coin) – but it can very quickly add up and help in paying off rent, mortgage, and much more!
Paper money can also be enticing for buyers, especially when the bill is a rare print and may have an error or two on it, as we saw in our post on the Canadian Devil’s Face $1 note of 1954. Ilmer says Muzeum is interested in paper money such as
So start to hunt around your garage, attic and basement to dig out those collectibles that you can trade in for much-needed cash. The pandemic isn’t going anywhere; it doesn’t mean you have to wave the white flag of defeat when it comes to money-making ideas that could affect real change for you and your family.
Muzeum offers a free assessment of your items, which can be done via photos, even. Book an appointment with our precious-metals specialists through our contact form or give us a call at 1 800 746 0902 and speak to our stellar customer service team
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