Gold has been used throughout the ages as a form of currency. Even with the domination of paper currency in today’s market, gold has braved recessions with its set value while its fiat counterpart has been prone to inflation. Investing in gold is a great way to protect yourself from inflation, as it consistently holds a considerable value no matter the day and age.
Gold is a quick way to make some cash, but you’ll have to understand how to make a profit out of selling them. Here are three things to keep in mind about gold before you sell it:
Know Where to Sell it
In order to make a successful sale, you’ll have to know the places that will buy your gold for what it’s worth. Not every place that buys gold will pay for it commensurately; do research into shops or gold dealers in your area for the best rates. You can also opt for reputable gold dealers online. You can even check the spot price of gold with a reliable financial resource, which is typically quoted per troy ounce or per 100 grams.
For example, if you’re trying to sell bullion bars which are usually almost pure gold, you can find their value by multiplying the spot price by its weight. However, keep in mind that other gold bars may have different values. These can change depending on its gold content and the interest of the collector.
Understand Gold Prices
Gold prices are having a moment: they’re currently enjoying all-new peak prices. As of writing (05 August), gold is currently valued at 1,554.58 pound sterling, which is 2.87 percent up from last week’s prices. This may be attributed to COVID-19 and the economic uncertainty it has wrought unto the public. In fact, many significant figures in the gold community are predicting a gold bull run, in which gold prices will enjoy new heights.
Now would make it a great time to be a gold investor, as you’ll be able to make opportune profits like never before. It will also be a safe asset to keep during the economic upheaval. 2020 continues to see a high demand for physical gold, which makes for a great time to begin investing in gold.
Study Its Behaviour During Turbulent Market Conditions
Gold makes for a worthwhile investment for several reasons, one of which is that it tends to thrive during turbulent market conditions. If the political and economic climate appears to be unstable, then it is ideal to invest in gold before prices skyrocket or prepare to sell gold when prices are favourable. Investors are easily frightened by uncertainty, which makes fiat currency subject to volatile changes; however, gold is highly considered to be resistant to such turbulence, which explains its high prices.
If you’re considering selling your gold, be sure to understand the current market conditions and whether or not it is stable. This can affect your sale. Timing is everything, so be patient when evaluating the perfect time to sell your gold. After all, sky-high prices may just be around the corner.
Selling gold is a great way to make some money. However, many gold investors resort to selling physical gold only out of necessity. If you’d like to make some profit from short-term gold investments, consider investing in gold mining stocks or exchange-traded funds instead. If you still decide to part with your physical gold, these three tips should help you make the most profit possible.
Are you wanting to sell your gold at the best scrap gold prices today? Let us know at London Gold Centre! We are one of the top Hatton Garden metals buyers that accurately value your gold. We also buy gold and other luxury items. Visit our website and use our gold price calculator to find out how much your gold is worth today!