Should I Sell My Gold?
2 Reasons You Should Sell Your Gold, and 2 Reasons You Should Not
Reasons you should sell your gold:
1. To pay off debt. Be careful with how you read this statement. When asking should i sell my gold jewelry, the answer should come from the benefit you will receive from it. I would advise a person to sell their gold if it pays off a debt completely. If you have a high interest credit card that you can pay off by selling gold then you should sell your gold. If you have a car payment that you can pay off then by all means sell your gold. However, if you are selling your gold to pay rent, or make a house payment that is still years from being paid off you would do well to hold onto your gold. Make sure you can pay off your debt completely by selling your gold, or else you will have lost that gold completely when your house is foreclosed on or you are kicked out next month.
2. If it is a life or death situation. This is not meant to be an exaggerated answer. When you ask the question of should I sell my gold jewelry, some answers could bring you to an answer of living or dying. Perhaps you are facing a life threatening illness and you need money to have surgery. By all means sell your gold. If you need to purchase a life or death commodity such as water or food and selling your gold is the only way you can buy food it would be wise to sell your gold. Make sure before you sell your gold you have exhausted every other avenue of income before you sell your gold. Gold is a commodity and it has value, make sure and look at the long term value of selling your gold before you decide to do so.
Reasons you should not sell your gold:
1. It protects you from inflation. Gold has been a standard of currency for thousands of years. Gold has had value longer than any piece of paper money on the planet. For this reason gold is a hedge against inflation. The dollar you have in your pocket will be worth less tomorrow than it is today. Ask yourself this: Can I buy a weeks worth of groceries for one dollar? Unless you are a coupon king, the answer to that question is no. 75 years ago, the answer to that question may very well have been yes. Inflation eats away at the value of paper money. Another way to look at it is this. An ounce of gold today will probably buy you the same thing an ounce of gold would have bought you 75 years ago. Owning gold is a great way to protect your wealth and is a reason you should not sell your gold.
2. It helps you build wealth. Owning gold gives you a currency that will most likely be around when you are old and gray. There are no guarantees in life, and there is no guarantee to the future value of gold. According to Goldprice.org when you look at the history of gold you will see that gold has maintained much of its value. Unlike the stock market which fluctuates in value, and paper money which decreases in value, gold has readily risen in value over the past 5 years. Building wealth requires investment in something that will grow in value. Gold is one option in building wealth.
The next time you ask should I sell my gold jewelry think about these things and make an informed decision. .
Published by T.K. Moyer
Avid researcher who loves to read as much as possible. Freelance writer and a horribly curious know it all when it comes to all things sports. View profile
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11 Comments
Post a CommentHow To Sell Gold & Silver in the Uk for the best price
1/ Shop around for the best price per gram for your gold & silver but don't just stop there. Shortlist 3 or 4 of the highest prices that you have found....then look deeper at the companies concerned
2/ make sure that these companies have reliable trading standards approved weighing scales and either they will weigh your items in front of you OR will send you a photo of your items on scales (if you are using a postal service) remove the ones that don't show or prove the weights from your list
3/ read the website small print and check for any fees charged eg refining fees, returned item fees, non-gold item fees, If they charge a fee, or have some long-winded one-sided page of terms and conditions then don't use them and remove them from the list
4/ Phone up your remaining choices and talk to them. tell them what you have, ask them for a quote, ask questions about their company and modus operandi . Phone each i
Hello Sir,
We are small scale Gold miners here on the sub-region of West Africa . We have alluvial Gold Bar for sale at a considerable which is below world market price. If you are interested, do not hesitate to get back to us as soon as possible for us to give you our full co-operate offer (FCO).
We look forward in doing a long lasting business transaction with you.
Email us if intrested:alassadgoldltd@hotmail.com.
Good article, Scott. I have noticed that jewelry stores in my area have hopped on the "We buy your old gold" bandwagon now. As you mentioned, caution is required when selling physical precious metal, regardless of form.
This is great! I've been getting some of these "we'll buy gold!" ads placed on my windshield and kind of wondered how sensible this really was.
important things to think about before you make that decision, thank you:)
Good article and interesting points
Great advice :)
I would strongly suggest checking out the Silver and Gold Exchange before selling gold or silver to ANYONE. I did a great deal of research, online and offline, and learned a lot about this business. I checked pawn shops, jewelers, "gold parties", hotel "buying events as well as the online buyers, including the "as seen on tv" guys. I found that the Silver and Gold Exchange paid more than anyone else I could find. I liked the fact that they post the prices they pay per gram (beware of the places that quote in pennyweight/DWT) on a live price chart at http://SilverAndGoldExchange.com I also checked out their Better Business Bureau report and found they have never had a single complaint as opposed to HUNDREDS of complaints some other companies have! I recommend them 100%
I think with the price of gold people who want to sell can make a good bit of cash now. However, everyone should be smart and do research on several companies first. There have been many cash for gold rip offs on the internet and on TV that people should avoid. If you decide to sell, I suggest going to http://www.goldvox.com and reading the customer reviews and BBB information on the company first. Good luck!
Good information, good to know Thanks!