When To Hold And When To Fold: Hang Onto Or Finally Sell That Gold?
Posted on: 7 April 2016
If you've been holding onto some gold as a hedge against financial issues, whether or not the time has come to finally sell it can be a big question. Sometimes it's cut and dried -- you have a major financial crisis and absolutely need the money. But other times it's not so obvious. Maybe things are a little tight and you're looking at having some late bills, for example. Here are three things to consider when trying to figure out if you should sell the gold or hang onto it for a little longer.
Falling Prices
Gold prices fluctuate, and sometimes they can start a long slide downward. However, gold prices have also been known to reverse and start soaring. If you're dealing with temporary financial issues that aren't the end of the world (e.g., a late bill), you may want to hang onto the gold even if you were planning to sell only a little bit. Some companies offer very low late fees that are nearly negligible and that don't impact your credit; in that case, holding onto the gold for a more serious time and for higher rates could be better.
On the other hand, if the late bill will impact your credit, and you need to keep your score up for whatever reason (renting a new apartment soon, etc.), then selling a little gold may be better despite falling prices.
Worth More Than You Think
The combination in which you have your gold can affect your decision. For example, say you need your rent, and you think the only piece you have that will get you what you need is a big gold coin rather than some of the smaller bracelets you have. The problem with assuming that is that you'd end up selling a large piece for possibly more than you need, leaving you with substantially less gold to see you through another emergency.
In this case, take what you have into a gold buyer's shop to have it all evaluated. You may find that the smaller pieces have a high enough purity to make them worth a lot more than you thought. The gold buyer can help you find the piece (or combination of pieces) whose value most closely matches the amount of money you need. That lets you save the bigger gold pieces for times when you may need more cash.
Getting It off Your Mind
If you have some gold that you don't really want to hang onto -- maybe it's broken jewelry that's more annoying to keep around (tangles, etc.) than you'd like -- you may as well sell it. Hang onto jewelry that's still nice, and hang onto coins. But broken jewelry, while it can have its scrap metal value, can also be psychologically messy. Seeing broken chains or bent rings can make you feel less organized or like you're just hanging onto stuff.
It's always best to get your gold evaluated and priced so you know where you stand. Contact a gold buyer's shop, like Atlas Loan & Jewelry Co, to get the latest prices and set up a time for an appraisal.
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