As of writing, the value of gold per ounce is $1269.40. Everyone knows that the price of gold can swing up and down in a few minutes, just slightly around this value, unless there will be a major event which can cause the value to change quite significantly. Otherwise, gold’s value is assumed to only change a bit.
So, When Is The Best Time To Sell Your Gold?
It depends on your circumstances. If you’re in dire need of cash at the moment, this time might be the best time for you to sell your gold.
However, all you get from it is equivalent to the current value stated above, multiplied by the number of ounces of gold you have. If you can wait for a later time to sell, say another year, the cash you can get might be significantly higher.
Now, the value is still subject to the kind of gold you have (karat value) and factors other than the gold content of your items. If you have Rolex watches and American eagle coins, you will receive more, because these are collector’s items.
Getting the Best Value
It’s advisable that you spend time researching. Don’t go rushing to sell right away just because you need the money. The challenge is for you to find other means of getting money in the meantime rather than selling to the first gold trader that you meet.
You will find that the value per ounce in shops is lower than the current value announced in the Internet or some trading market TV show. That’s because of the cuts and commissions for services rendered by local shops.
Another thing you will discover is the differences in prices offered by various buyers. Be wary of those who take advantage of customers who are inexperienced or in desperate need of cash. Unscrupulous businessmen thrive in instances where it is easy to manipulate customers and they are common in the gold business.
Sell Locally
That’s why you should go local. You will find that the first advice you will get is to try it out first with nearby buy-and-sell gold businesses. To locate the nearest shops in St. Paul and other places in Minnesota and in the United States, go to the website of the National Pawnbrokers Association.
Selling locally gives you the following benefits:
- With shops around, you can easily have a base price on hand after asking them to give you estimates of your gold. Then, go compare these prices with what you can see from Internet buyers.
- Local buyers have brick-and-mortar shops and they are usually the ones with more experience dealing with the people in the community. It is not advisable for you to go to some hotel events that are held only once or twice in a year or group events hosted by a family. They usually have the lowest appraisals for participants’ gold.
- The local shops are the ones that are patient in the business and that is because they are more experienced and are not interested in fast turnover and quick profits. They wait until it’s the best time to sell what they have. Since they tend to sell their gold at the highest possible price, they are in a better position to give higher estimates to their customers.
Remember: Gold that has been sitting in your home has a value — which is subject to market fluctuations. However, until you sell it at a good price, it won’t be much of a help to you other than the aesthetic aspect. Be a smart seller, do your research diligently, and consider selling your gold locally.