The price of gold is currently at a 27 year high. More people are starting to take old jewelry, broken chains, rings that don’t fit, and converting it into cash. Even items that have sentimental value are starting to be weeded out and cashed in.
More than at any time that I can remember, individuals are doing this to pay their taxes, mortgages, bills, or for whatever they need cash for.
Television commercials are making it very easy to do. You send off for a kit. Put your gold or jewelry in the right pouch. Mail it in. Then receive your check in the mail.
There are some companies that give you the fair value on your items and there are some that don’t. So how do you know what is best for you? Some individuals get too sentimental over their jewelry. If that is the case, take it to several places and get estimates on it’s true value. It could be worth more than you thought or it may not be as worth as much as you thought.
In checking on the worldwide net, there are dozens of places that you can take your valuable jewelry to. Finding the right one is no guarantee that you will get more money. Remember most of these places do this to make a profit. Ask yourself this question. Why do you want to sell? If it has just been sitting in some box for years, why not discard it even at a lesser price and put your new cash to work for you some other place?
The economy is in dire straits right now. The only thing that has been going up is precious metals and oil. How much higher will these go? Nobody knows for sure. One thing is known. It is pretty high right now. The thing you have to do is get over the sentimental attachment that you have to an item. If you can’t bring yourself to do that, then don’t sell.
Which gold is the best? 24k is the best. From there as you go down in scale to 22k, 18k,14k, or10k you have the addition of copper, silver, or other base metals in the alloy. Nonetheless, all can bring you some cash when you decide to sell.
The gold market changes daily and many times by the hour. right now gold is going for about $950 per ounce. Some think that it may go as high as $2000 per ounce in the very near future. However, that is only speculation. As the value of the US dollar goes down, the price of gold goes higher. As the value of the dollar goes up, the price on gold goes down. In 1971, President Nixon closed the “gold window”. He stated that the US would no longer pay off it’s debts with gold. By going off the gold standard, the dollar was reduced to just paper.
Why is gold so precious? James Turk gives several reasons. His article “8 things everyone should know about gold,” can be found at his web site goldprice.org. One reason that really stands out is that it preserves purchasing power.
The true winners in the gold market are those that continue to collect and build it up. The only thing is that individuals get too attached to it and never sell it off. What good is it, if you don’t exchange it for other things? Just like you get attached to a particular jewelry heirloom, so do they with gold in general. To me it comes down to basic needs. If you have a need to pay taxes or purchase something that you need, then old broken chains or jewelry that you don’t wear need to go. Sure the market might go higher. But, will the tax man wait till it does?
Anyway, if you decide to sell, just be picky and get the best price for your items. I don’t think that the price on gold will be going down too soon.
