Use your gold if you are in a financial crisis

Have you been in a money crunch or desperate to raise some cash to get out of a personal financial crisis? If you own some gold, this might be an opportunity when you can actually realize the glittering quality of gold. Did you know that you can use... Read More

Use your gold if you are in a financial crisis

How can you use gold if you are financially strained?

Loans against gold:
Did you know that you can take a loan against your gold jewellery and ornaments. Many banks and non-banking companies like Muthoot and Mannapuram can offer you loans almost instantaneously if you take a loan from them and offer your gold as a security... Read More

Sell your physical gold or gold ETFs:

Many families buy gold as a store of value that they can encash on a rainy day. Whether you own gold in physical form (jewellery, bars) or in paper form (ETFs), if you need to raise cash, you can consider selling your gold. The advantage of selling gold is that its a market that is very liquid, which is... Read More

Gold deposit schemes:

Just like you can deposit cash into a Fixed Deposit and earn interest on it, you can also deposit your gold coins, jewellery into a gold deposit and earn interest income on it. Some banks like SBI offer this service. Your gold will be converted into bars and you will get a certificate to the effect... Read More

Leasing your gold jewellery:

Leasing your gold jewellery is not yet done in the organised market, but there are certain places where you can lease out your gold jewellery for other people's wedding. This is often practiced by retailers and beauty shops who provide wedding dresses. You can earn "rent" on your jewellery... Read More

So the next time you are in a tight financial situation, be creative and see if you can use your existing gold. Rather than it sitting idle in a locker somewhere, use it to get out of your financial crisis.