Is It a Good Time to Sell Gold? What Investors Need to Know

Is it a good time to sell gold right now? Gold prices skyrocketed to an all-time high in 2020, reaching a peak price of $2,058.40 per ounce. The cost of gold fluctuated following that spike, but in March of 2022, gold prices jumped again to $2,043.30 per ounce, and this trend appears to be ongoing.

Given the ever-rising price of gold, investors find themselves at a crossroads: sell their gold items now and take advantage of the rising price, or practice patience to see if the value increases more with time.

This article will discuss the factors affecting gold’s value, market trends that impact the decision to sell, and the potential risks and rewards of selling gold assets right now.

How Type Affects the Gold Price

gold jewelries and gold coins

You must consider several critical factors when deciding the best time to sell your gold. Whether you’re looking to sell gold bullion or jewelry, keep in mind that different forms of gold sell for varying prices. Investors and local gold buyers value gold jewelry, bars, and coins individually based on their separate and unique properties.

Additionally, consider the current gold spot price. The spot price is the cost of an asset in the current market. Gold spot prices vary depending on the amount of gold someone wants to purchase, but be aware: if you decide to sell, know that institutional sellers commonly offer a quote below the spot gold price to make a profit on their end.

You may not want to settle for less than 90% of spot gold prices or 70% of the melt value for the best deal. You may be able to find someone who buys gold for these prices at a local pawn shop or online, where you’ll have a broader pool of buyers.

Knowing these differences is essential to getting the highest prices when you sell your gold. Below, we’ll describe how buyers compare prices and differentiate between each type of gold.

Gold Jewelry

Choosing to sell gold jewelry can be tricky without a proper assessment. Generally, jewelry stores and investors estimate the value of gold jewelry based on the piece’s craftsmanship and exclusivity. Items like wedding or engagement rings, bracelets, class rings, and gold chain necklaces may fetch a high price from a jewelry store or one of your local pawn shops, depending on the quality and rarity of the item.

Whether you’re selling gold online or in person, it’s essential to have your pieces appraised before putting them up for sale. Visit your local jewelers to have an expert examine your gold item to ensure that you get the best price from in-person and online gold buyers.

Gold Bars

Gold bullion typically attracts buyers who buy gold for the value of the precious metal above anything else.

During periods of inflation, the price of gold usually goes up. Because these uneasy circumstances make for a higher gold price, gold bars are an ideal investment. Most often, gold bars consist of 99.99% pure gold, and you can find the weight and purity of the bar on the metal itself, allowing investors to accurately determine its value right away.

Gold Coins

An investor or online gold buyer will judge the price of a gold coin based on the content of precious metals, but gold coins also have historical and cultural value. Gold coins often come in a series, meaning the price of certain coins may increase over time as investors buying coins seek to complete their collections.

This specific kind of buyer—those who seek older coins for their commemorative, historical value, and gold content—may pay a higher price depending on the coin’s rarity.

Indicators That It’s a Good Time to Sell Your Gold

gold bar on the background of growth chart

Is now the right time to sell your gold pieces? Explore these three factors that you can use to determine if you’re better off selling now or waiting for the market to change.

An Immediate Need for Cash

If you need an immediate payout, it may be best to take advantage of increased gold prices. The price of gold often fluctuates depending on the market and the economic landscape, but when prices rise along with the number of investors buying gold, even selling gold jewelry could result in a hefty amount of cash in your pocket.

If you’re thinking of selling locally to a gold buyer, pawn shop, or jewelry dealer, consider rifling through your old gold jewelry. That gold bracelet, necklace, other jewelry, or even scrap gold you never wear or use may be worth more than you think!

When the Economic Bubble Pops and Gold Prices Rise

Historically, investors have used gold as a hedge against inflation, as inflation and economic instability have often been the catalysts for rising gold prices. As the stock market takes blows from an increasingly unstable economic and political landscape, the cost of gold continues to rise to reflect investors’ unease.

The COVID-19 pandemic, the Russia-Ukraine war, and global supply chain disruptions are just a few of the critical factors creating this tumultuous economic situation. In turn, these circumstances cause the price of gold to increase as every precious metals buyer attempts to stave off the potential financial repercussions—giving you an opportunity to make some money.

A Low Dow-Gold Ratio

The Dow-Gold ratio refers to how many ounces of gold investors need in order to purchase shares in the Dow Jones Industrial Average Index. Generally speaking, if the Dow-Gold ratio is low, investors suggest it may be a good time to sell.

When Is the Best Time to Sell Gold?

If you’re wondering, “Is it a good time to sell gold?”, pay close attention to the economic circumstances affecting the market, and you may have your answer. Ultimately, the choice to sell or hold onto your assets comes down to your needs, financial situation, and whether or not you feel comfortable waiting to see if the market price of gold increases with time.

At Oxford Gold Group, we specialize in precious metals. To learn more about how we can help you diversify your portfolio, sell gold online, or set up a gold IRA, contact us through our website or give us a call at 833-600-GOLD.

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