As the cost of living continues to rise in France, more households are turning to selling family jewelry and collectibles to manage their finances, reports indicate. Stores that specialize in buying and selling gold have seen a noticeable increase in customers looking to convert their valuables into cash. This trend is largely driven by the sharp rise in the prices of essential goods, including fuel at gas stations and groceries in supermarkets.
Alain and Martine, a retired couple from France, recently visited a gold store in Versailles to sell a ring, a bracelet, and three 10-franc collectibles. They explained how the purchasing power of money has decreased over time, noting that 20 francs used to cover a week's worth of groceries, but now 100 euros only fills the bottom of a shopping trolley. The couple is selling their gold to afford a weekend trip to the center of France, as their pensions are not enough to cover more expensive travel options. They received 956 euros for their items, which they described as unexpectedly good.
Martine highlighted the financial pressure faced by retirees, noting that while some may assume retirees are wealthy, this is not true for everyone. The couple has also had to cut back on expenses, such as limiting car trips, due to the high cost of their mother's retirement home, which exceeds 3,800 euros per month. Alain criticized the "monstrous prices," pointing out that his mother's pension is based solely on her status as a caregiver rather than on formal employment.
Alexandre Bastos, a precious metals broker, noted that the increase in customer traffic reflects a broader trend, with people from both the middle and working classes seeking to sell their gold. He mentioned that the clientele includes individuals in more difficult financial situations, including elderly people. Among the most commonly sold items are earrings and bracelets.
Rising Cost of Living Drives Increase in Gold Sales Among French Households
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