Should You Sell Your Gold Before Prices Drop?
If you’re thinking on selling your gold in Boca Raton, Florida, you may have heard negative news come from the markets and gold experts. Recently we’ve seen gold prices take a dive in the markets as investors have sold off their gold. A strong US Dollar combined with alleged manipulation in the gold markets have left gold investors scrambling and trying to decide whether to hang onto their gold or sell and cut their losses. For the person looking to sell scrap jewelry for cash, it may be a confusing time. Should you sell your gold now in Boca Raton with the concern that the market could plummet and make your gold less valuable or should you wait and hopefully get a better price for your gold down the line? Let’s look at the possible reasons for selling your old unwanted gold and see if perhaps there’s a logical reason to sell now.
Get Cash Fast
People sell gold here in Boca Raton for all sorts of reasons including getting cash fast. Emergencies do happen and sometimes people need liquid cash now, especially if their emergency fund doesn’t cover all their expenses. You never expect to be in an accident, have a sudden illness, have to suddenly repair your plumbing, heater, or air conditioner. Sometimes even when we save to prepare for serious problems, sometimes we get more than one emergency that siphons our reserves. Gold can be a quick way to get that much needed money now.
Even if you don’t have an emergency, you may still looking at selling your gold when faced with unexpected life change such as a new baby on the way, loss of a job, kids going to college, marriage, or divorce. If you’re down on cash, selling gold can make the difference in paying bills. Hanging onto gold right now doesn’t make a lot of sense especially when it has taken a nosedive in the past few months.
Splurging for a Big Purchase Item
Some people may decide to cash in their investment for something they need now. Having extra cash so you can take that well-earned vacation of a lifetime or purchasing a new car can make a difference. Buying a house and need a down payment? If you have enough old gold jewelry, you may be able to get enough money to put down on that house you’ve been eyeing. Want that great high definition TV to watch the games on? What about that vacation you’ve been promising your spouse? If the gold isn’t doing anything for you, then why hang onto it when you can put that money to good use? Liquidating your gold for cash now to pay for the big expenditure makes sense. The price of goods and commodities like gold fluctuate all the time. The only thing you can be sure of is the price of those items today. If selling your gold now makes the difference between getting the thing you want and not getting it, you risk not being able to buy the item you want or go on the vacation you want if gold drops in price again.
Concern Over Prices
Since December 2013 gold has dropped and the prices have bounced up and down continuously since then. Gold experts believe that gold will average around $1219 an ounce this year, which suggests that the price of gold isn’t likely to trend toward its high price anytime soon. In fact, gold dropped almost 30 percent in 2013, plummeting from around $1700 an ounce down to around $1200 an ounce. Gold analysts cite an oversupply of gold, a strengthening US dollar, and potential gold-backed exchange traded funds being sold off as reasons why the gold prices are likely to stay low or even drop. US interest rates are expected to go up, making money loans a more solid investment. Of course, the experts could be wrong, but they are the experts and second-guessing them and hanging onto your gold may prove disastrous if gold dips further.
The London Bullion Market Association (LBMA) is predicting pretty grim news for gold. Gold could drop as low as $950 an ounce even though the average hovers around $1219. That means gold could drop a total of 14 percent this year, making the total drop in gold prices being close to 50 percent. That is enough to make anyone nervous about hanging onto gold as an investment.
Hang On or Sell?
For the gold investor, the plummeting gold prices have been a colossal nightmare. For the gold sellers who has a few pieces of gold to sell, it should serve as a warning to not wait too long to get rid of their unwanted gold. You could expect lower prices for your gold if the market continues to drop. Unless we see a spike of inflation, gold prices will probably continue to drop, so selling now makes the most sense. Even Great Britain’s newspaper, The Telegraph, recommends gold investors cutting their losses and selling their gold funds. The experts just don’t consider gold a good investment any more.
Selling your gold now is still a good return, especially if you’ve inherited some jewelry or have some jewelry that is broken or out of fashion. The gold is still good and will still bring you money, but it’s no longer a good gamble to hang onto. Why lose a fair amount of potential money in the hopes of gaining a bigger profit? That’s why you should be looking to sell your gold here in Boca Raton. Get the most money you can and invest in other things, whether it’s things you want or need, a new home, a car, or put the money away for a rainy day.
You’ve probably heard ads on TV and the radio recommending you mail your gold to some place out of state. You won’t get top dollar and the place you’re sending it to may not be legitimate. What’s more, you have to wait for the out of state company to cut and mail you a check. Not so with a local buyer!
Selling gold is simple and very easy here in Boca Raton, but be sure to go to a gold buyer you can trust. When you bring your gold into a local gold buyer, you can watch the appraisal and you don’t have to sell your gold to them. Gold buyers will appraise your gold and give you an idea how much it is worth. They will then give you money right there for you gold. It’s a win-win for both the buyer and the seller.