It can be hard to know when to sell your gold jewelry or valuables. You don’t want to sell too soon and leave money on the table, but you also don’t want the price to fall while you wait.
Often, people hold onto their gold thinking it will always appreciate. This of course is not always the case. While there are certainly situations that warrant holding onto your gold, there are many that require selling before it’s too late.
In this month’s post, we’ve outlined situations when it’s a good time to sell your gold. We’ll also go over tips if you’re trying to find the perfect time to sell.
You’ve Recently Gone Through A Breakup or Divorce
After a breakup or divorce, it can be hard to know what to do with the gold jewelry you received from your ex.
Wearing it often might not be an option if it reminds you of the person. It also may represent a point in your life you don’t wish to revisit. At the same time, selling gold jewelry can be hard as it signals the end of a cherished time in your life.
Despite these concerns, selling any gold jewelry from a previous relationship can be good for your wellbeing after a breakup. Selling can help you….
- Move on from a relationship you no longer wish to have as part of your life.
- Offset costs associated with your new living situation if you were previously living with your partner.
- Finance new gold jewelry that won’t remind you of your former partner. You could even go on a trip that can help you mark the start of a new chapter of your life!
Holding onto your gold jewelry could make you resent your former partner even more, eliminating any possibility of closure.
You’ve Inherited Jewelry From Family
Similarly, many people feel conflicted after inheriting gold jewelry or collectibles from their family, particularly if it’s following a death.
In most situations, the family member left you the items for your enjoyment and for you to decide what to do with it. If you don’t find any use for them and don’t think you ever will, you should sell.
Your family member would likely be happy you found a better use for the gold’s value. These reasons could include…
- Paying off debt
- Contributing to retirement
- Investing in your families future, such as education expenses
- A fulfilling life experience such as a vacation or family trip
You’re Approaching Your Retirement
As you’re approaching retirement, it’s important to consider your finances for the coming years.
While hopefully you have planned for this moment, every dollar counts towards ensuring your financial security as you age.
If you’ve been holding onto any gold bullion, gold jewelry, or gold collectibles, now is a good time to think about selling them to add to your retirement fund. Not only will this add some capital to your retirement fund, it will also leave you with fewer items to store in your home. This will be helpful if you’re downsizing into a condo or assisted living facility.
You’re Too Invested In Gold
No matter how well gold is doing, owning too much of it could cause you to be overexposed to one investment.
Diversification is the act of spreading out your investment funds into different avenues so that your entire portfolio isn’t overly dependant on the fortunes of one investment.
Having too much invested in one thing can cause massive losses with a turn in fortunes. This could lead to a complete loss of your savings or your retirement fund.
While gold is hot right now and you may feel like you don’t want to lessen your investment, market dynamics can change quickly.
Selling some of your gold will allow you to invest in other investment vehicles and hedge against any change in gold’s fortunes.
You’ve Been Waiting To Sell Your Gold And The Market Is Hot
Often, people want to sell their gold but are waiting for the perfect time. For a savvy investor, this is a great idea. The one key to this strategy? Knowing when to sell.
Understand Gold’s Value
There are many reasons gold is valuable. Some dynamics have existed for ages, while others are unique to today’s market. These include the fact that gold is:
- A stable metal that doesn’t rust or corrode
- Malleable, lending itself to being shaped into items like jewelry or coins
- Rare, but still available around the world
- A useful material, as it is used in everything from jewelry and collectibles to electronics
- Known as backing currency (though it no longer does in the US and most developed nations)
- A beautiful material people all over the world cherish
Know The Market
Much like the stock market in general, the gold market is a hard to accurately predict.
The general price you should be concerned with when selling your gold is the gold spot price. The gold spot price can vary wildly day-to-day, and can change quickly depending on factors as varied as:
- The approval of mines in various countries
- Demand concerns based on the state of the overall economy
- Interest rates set by federal governments in the US and abroad
- Global financial markets
When Is A Good Time To Sell If You Are Waiting For The Right Time?
Put simply, there is no sure-fire way to know when the market will turn. The best thing you can do is make a good approximation and hope for the best.
One that everyday people and investment professionals take their best bets are by indicators. Some tried and true, some wonky. Example of indicators include:
- The gold to decent-suit ratio: An old rule of thumb gold market evaluators have used is that an ounce of gold should be the same price as a decent suit. Right now, using this metric gold might be overvalued by over 15%.
- When gold’s value has been rising for too long: Gold has been increasing steadily for 11 years. Historically this is an extremely rare amount of time for a metal’s value to be increasing and suggests a correction may come soon.
- When gold is more expensive than other, rarer metals. Right now, gold is significantly more expensive than both platinum and rhodium, two rarer metals.
These points indicate that now is the time to sell your gold.
Sell Your Gold to a Reputable Gold Buyer
Sell your gold to a trusted gold buying expert. Samuelson’s Buyers will treat both you and your gold valuables with the respect you deserve. Our consultations are always secure and you will never feel pressured to sell until you’re ready.
Contact us online or give us a call (301) 718-4825 to set up an appointment today.
Read The Latest News From Samuelson's
Engagement Season & Oval Diamond Rings
Engagement Season An engagement ring is a symbol of forever, of finding love and your happily ever after. While engagements happen year-round, we’ve found that May tends to be a popular month for our customers. And though ring shopping can be overwhelming…
Samuelson’s Mother’s Day Gift Guide 2021
Mother’s Day Gift Guide For the first time in more than a year, Mother’s Day might feel almost normal! Whether you choose to celebrate in person or from afar, we’ve put together a handy gift guide for you. With 20% off everything on our Etsy…
How to tell which period your Estate Jewelry is from
Selling Your Estate Jewelry Estate jewelry is a term used for any jewelry given to you or passed on through generations. More often than not, we’ve found that estate jewelry holds sentimental meaning but isn’t quite right for your personal style.…