When is the Best Time to Sell Your Scrap Gold and Jewelry?
You hear about the price of gold changing everyday. One day it’s up, and one day it’s down. Sometimes it’s up a whole lot, than over the next week the price drops down to normal levels. Knowing that the current price of gold effects how much money you get when selling your gold jewelry, how do you know when is the right time to sell?
When the price goes up, you should get more money right? How do you predict the price of gold then?
The Price of Gold Rises When the Value of the Dollar Falls
It has been a long-standing truism that when the value of a dollar falls, the price of gold will rise. While this has been true for decades, this correlation has not always been so predictable. Even when most experts are predicting a rise in gold price, it will fall just as easily. With certain economic conditions – job loss, inflation, rising national debt, the gold price should be predictable, but it has not been that way.
The best way to predict a rise in gold price is when the Federal Reserve prints more money. An increased money supply means that each dollar will be worth less – meaning that it will take more dollars to equal an ounce of gold. But predicting these fluctuations is difficult, even for the experts that have dedicated their lives to trading.
Gold is a “Safe Haven”
Because the price of gold is so stable, it is seen as a “safe investment,” especially during times when the stock market fluctuates wildly. You could invest some money in gold when the price is low, and expect a marginal return in a few weeks or months. Generally, most stocks do not work like this so stock market investing is seen as “risky.”
Because of recent stock market conditions, many more people have invested in gold. The increased demand has raised the price of gold to the levels you see today.
So, When is the Best Time to Sell Gold?
As you can see, predicting the price of gold is not easy. Even the experts have trouble. Despite all the ways you can predict how the price of gold will act, the gold price will do what it wants.
The best time to sell gold is when you need money! Whether it is right now or next week, whenever you need money fast is the best time to sell scrap gold and jewelry. A $10 difference in the price of gold will not effect your cash for gold payout noticeably, so sell your gold when you need to.
