Updated: Mar 4
You’ve probably heard or read a whole lot about who you should sell your gold to and why, but one crucial detail has yet to be mentioned—the detail of when you should sell your gold. When would be the most opportune moment for you to make more money?
The gold market, like many other markets, is constantly changing. The price you are paid one day could increase or decrease the next. While the gap isn’t normally large on a day to day basis, the difference from one week to the next can be. Every penny does count in today’s economy, and we want to help you get every penny you can get, so here are a few tips so you know when to sell your gold.
Always look at the market.
When you are preparing to sell your gold, looking at the price for gold in the stock market should become a daily habit. By observing the daily stock market prices, you will be able to judge when the best time to sell your gold is. Gold is worth more today than it was a decade ago, which is actually fairly rare. Don’t wait for too long, though; even though the market may have an amazing price for gold one day, the market price and the value of your gold can drop in a single, breathtaking instant.
How strong is the American dollar?
While this is more useful from an investing standpoint, it can also be useful in the event you need some quick cash. At the time you are selling your gold, you are trading it for money. If you receive $150 for your gold, will that money be able to buy you a month’s worth of groceries or a week’s worth? Will you have enough money to pay for a full tank of gas and purchase a few necessities a half tank of gas with the same amount of necessities you would have purchased in the scenario with the full tank? While selling your gold can help you get through rough times, it’s best to sell your gold when the American dollar is strong so you can get more for your money—and your gold.
Remember these two tips when you are selling your gold. They, along with the tips on how to sell your gold and to whom you sell it to, will successfully guide you to getting the full amount of money you earn from your gold.