Whether you have been sitting on some old jewelry, gold trinkets, or coins for quite some time, or you’ve only just found them in your attic, you may be curious about selling them. The chances are that you’re wondering what your items are worth and when is the best time to sell. Throughout 2022, the prices of gold have reached relative record highs and are expected to stay high throughout the year. The truth is that now is the best time to cash in on your unwanted or unused gold.
How Do You Know When To Sell Gold?
Two main factors will help inform the best time for you to sell your gold. The first is necessity. How badly do you need to sell? Are you dependent on selling your gold to pay rent or bills or another essential expense? If you need cash quickly, that will impact your decision as to when to sell. If you are highly motivated to unload your gold, there’s certainly no time to waste.
The second factor to consider when selling your gold is how much gold is worth when you wish to sell. While the price of gold has generally been trending upwards for the last fifty years, conditions certainly influence price fluctuations. During tumultuous or unpredictable times, an example of which is the war ensuing between Ukraine and Russia, economies become volatile and other types of investments often experience countless ups and downs. Under these conditions, it’s natural for the price of gold to increase, given the stability of its value overall. Therefore, it’s plain to see why gold is currently valued at record high prices. There truly is no time like the present to get the best payout for your unwanted gold.
How Do You Go About Selling Gold?
Going about selling gold can initially seem overwhelming if you’ve never sold gold before. Finding a reputable and fair buyer is not always easy, and where you choose to sell your gold is just as important as when you time your sale.
For the most part, it is unlikely that you will receive market value, or “spot price,” for your gold. Buyers need to be able to turn a profit, so they will generally offer anywhere between 70-95% of the market price for your gold, depending on its form. Gold bars or coins often require less work to melt down and resell, so those prices trend higher than what you can expect for jewelry, which is the most labor-intensive to melt down.
As for locating a buyer, you must first decide if you prefer to sell online or in person. It is advantageous to sell in person because you will not have to wait to receive your payment. The buyer will have the opportunity to inspect your items and appraise them right in front of you, and you can choose whether or not to accept their offer on the spot.
Of course, many people choose to sell their gold online. Companies will often mail you a prepaid box or envelope, and you’ll ship it back with your gold enclosed. Upon receiving your gold, the company will inspect the items and appraise them. When you receive their offer, you have the choice to accept, in which case you’ll receive a check in the mail, or decline, in which case your gold will be mailed back to you. Most of the time, when you decline an offer, you are responsible for the cost of return shipping. You should also expect to front the cost of shipping and insurance which can get pricey depending on the amount of materials you are sending.
If you do choose to sell online, be mindful of scammers. Make sure you do your research before sending your gold to anyone. Read customer reviews and compare prices; even if you are highly motivated to sell, you don’t have to settle for the first offer if you suspect it may be unfair and way too low. There are plenty of buyers who will offer you a fair price.
At the end of the day, whenever you are most motivated to sell gold is the best time to sell, and that’s especially true now with gold priced at an all-time high.
