If you have invested in gold or inherited some, you’ve probably found yourself wondering if you should sell your gold now or wait. At $1,970 an ounce it probably sounds like you should. It’s the highest price that gold has ever been in 9 years. But gold has reached record highs before and gold could probably break the $2,000 level as many pundits has been predicting since last year already. If you are really itching to cash out or you need the money now, then you should weigh your options carefully.
First of all, what kind of gold do you have? Is it gold jewellery, gold coins or bullion? Knowing your gold is the first step to finding Brisbane gold brokerswho will give you a competitive price for your gold.
What is your gold worth?
Gold has been a way to store wealth for thousands of years, however it can be volatile.
You need to understand the value of gold right now and to know what is pushing the price up or down.
Gold is traded in different financial markets. What you need tokeep an eye on is the spot-price.This price can change from one day to the next, it can even fluctuate from hour to hour.
This price is affected by whether the supply of gold meets the demand, inflation or deflation, geopolitical crises, economic recessions, wars, global pandemics, etc. Basically, whenever there is something happening in the world that could lead to some sort of instability, the price of gold will react. The shift can be from a dollar to hundreds of dollars.
When should you sell?
Since the spot price fluctuates so much over a variety of factors, it can be tricky to predict with certainty what the price of gold will be in the future.
A lot of people try to time and speculate on the best time to sell gold but the truth is – there is no better time to sell your gold than when you need the cash.
If you have gold stashed somewhere in your house and you are worried about its safety, it is better to sell it and get cash for it rather to keep it in your house and risk having it stolen. You could invest in a high security safe or keep your gold at a depository. These options will cost you money.
The truth is, holding on to gold when you need cash won’t do you any good. There are plenty of Brisbane gold brokers you can sell your gold to and get the cash you need to pay off your bills, buy a new car, renovate your home, pay school fees or take that vacation. You can use the money to do other things too like start your own small business or use the cash to invest in something else that will give you high returns. Remember that gold by itself, does not generate an income but you can sell gold and use that cash on something that will generate a steady income for you. There are lots of reasons why you would want to sell fold, what you’ll get from that sale will depend on the type of gold you have, the quantity and the spot price.
The bottom line: You should sell gold when you need to; when you have a plan for the cash you will get from the sale.