Happy Thursday again! I’ve made a pact with myself to update this blog every Thursday, however, to be honest I am an imperfect human
being and I might not do that perfectly so that if I miss a post, hold the angry emails, if you do have to write them at least write them
in english, don’t ask!
Alright, so I want to talk about the current gold price, which is sitting at around $1625 an ounce for pure gold. Just a few days ago it was down near a low of $1580 and this is pretty much what we’ve seen on and off for the last 6 months, gold going up and down within a band of about $150.
The question is, is now the time to sell my gold for cash or should I hold out on selling my old coins, jewelry etc? Just to warn you, my name is
Aaron and this website is Aaron Buys Gold, so my take my opinion with a grain of salt.
With that being said, my answer to the question, should I sell my gold now? Is, maybe you should and maybe you shouldn’t .
Is it possible that gold could go even higher?
Yes, it could and I have heard talk of that it may go to $2000 an ounce, heck even $2000 an ounce. Could it go to $2000 an ounce? Sure it could, if we
are lucky.
However, the thing is for most people that type of increase is not going to really effect you all the much. For one thing, if your selling 10K or 14K gold, it’s only 46.1% or 58.4% pure so a jump of $500 a pure ounce is not going increase your payout on small handful or even two handfuls of gold.
Another thing, is who know’s when we will see a big breakout occur, gold has trended down from its highs of $1800+ reached over a year ago. It could take another year for us to see a breakout, maybe two years, or maybe not at all.
Chances are if you’re the average consumer, you’d be better to cash out now, enjoy the money for things you do want, rather than waiting possibly years for a few extra hundred dollars.
However, if you hold large amounts of pure gold like .999 pure gold maples or gold bars then it may be worth it for you to hold out and wait to see what happens. If you hold gold bullion chances are it’s an investment that you’ve made and that you want to sell for the highest price possible. So far there is just no evidence yet about which way the market is going to turn. I believe gold still has some upside left in it, so you may want to hold that investment grade stuff.
If your just cashing out of old broken gold you no longer want, then this is the absolute perfect time to sell!