If you’re sitting on gold, it’s time to take a move and get the money you need. Here’s how you know that it’s the perfect time to sell your gold.
For generations, we’ve been told that gold is a great investment. It retains its value even when the dollar is weak and is a more reliable investment than the stock market. Many people decide to invest in gold instead of starting a retirement account. As banking tycoon J.P. Morgan once said, “Gold is money. Everything else is just credit.”
However, gold’s value is all theoretical until you sell it for cash.
But with the value of gold against the dollar constantly in flux, how do find the perfect time to sell your gold?
In this article, we’ll walk you through how you can identify the best opportunity to sell your gold.
Watch Foreign Events
Nothing affects currency prices like geopolitical unrest. As political uncertainty rises, economic confidence wanes, bringing down the price of the currency.
And when confidence in that currency is weak, demand for gold is high. When demand is high, so are prices.
Keep on eye on the world news. Watch for certain countries in unrest. For instance, in November when the UK failed again to make a Brexit plan, gold prices spiked.
Now, there probably won’t always be a Brexit-level event on the global stage. But similar spikes happen somewhat regularly. And when they do, that’s a great time to sell your gold.
Keep An Eye On the Market
Just like the stock market, the price of gold has its own rises and falls. And just like the stock market, the old advice holds: buy low, sell high.
So if you’re looking for the right time to sell gold, you have to watch the market. Keep an eye on trends. If gold prices are on a downward trajectory, hold off for a little while.
Track the market in real time here.
When it comes to selling gold, there’s a sort of paralyzing optimism that sometimes comes over sellers.
The market is trending upwards. The price of gold is showing steady growth. And yet, they don’t sell because they think that it’s going to rise even further.
Before you know it, the market takes a turn, and you miss out on a good price.
Don’t let the hope of a slightly higher payout keep you from getting a good price for your gold. Sell when the price is right, and don’t hesitate.
Know Your Personal Situation
Everyone wants to get the best price possible for your gold.
But we all know that sometimes, you’re not in a position to wait.
Be realistic about your personal situation. If you’re in a tight spot financially, a quick sale might be more important than a good price.
However, if you do end up in a situation like that, don’t sell more gold than you need to get ground beneath your feet.
Want to Sell Your Gold?
If you’re looking to sell your gold, why not come to us? We’re the premiere buyer and seller of precious metals and rare coins in the Chicagoland area. Stop into one of our retail locations, or contact us online!