Many large and impressive investment portfolios include commodities such as gold. And as with any investment, knowing when to buy and sell is a matter of understanding the ebb and flow of the current market. The good news is, if you are looking to sell your gold jewelry pieces or scrap gold that you own, you most likely do not need to drown yourself in quite so much knowledge. However, knowing when it’s a good time to scrap your gold for cash is in your best interest.
How to Know When to Sell your Gold
An easy way to determine when might be a good market time to part with your unwanted gold jewelry is when the American dollar is strong. The American dollar has been consistently strong in 2016 and is expected to continue to trend upwards. The reason that this is important is likely somewhat obvious: when you trade in your unwanted gold for cash, you are basically trading gold for dollars with the buyer. If you sell your gold when the dollar is strong, the dollars you receive from the trade will go farther than if you sell your gold when the dollar is weak.
A big temptation for a lot of sellers is holding onto their gold until the “optimal time”. Unfortunately, recognizing the optimal time is about as difficult as predicting the future for most anyone, and especially for amateur commodity dealers. The best tip for those of you tempted by this train of thought is to look at what the market trends have been over the last 12 months. If the dollar has been strong and the price of gold has been positive consistently, take the jump and sell. Don’t overthink it or wait too long and miss out on a positive situation.
If you decide it is the right time for you to sell your unwanted gold, shop around for the best buyer and highest bid. Also, make sure you know the current value of gold by checking a reputable source like www.goldprice.org. We here at Lambert Pawn are one of the leading gold buyers in the Whittier, CA area. Have questions about buying or selling gold? Contact us or stop in and see us with your gold pieces.