Gold prices fluctuate, and there are different aspects that contribute to its fluctuation. So, when is the right time to sell gold?
Many people feel that they should wait to sell when the price of gold it at its highest. Waiting until gold is at its highest may not come in handy, especially if you need the money.
Trying to sell $1,000 worth of gold and waiting only because you know there will be a 2 percent increase in the price, will not be beneficial to you when you need the money in a short amount of time. This 2 percent may only give you $20 more and in the time you waited the cost of living may have increased, and what you can buy for a dollar today may not stretch as far as it did today!
1. Gold is stable.
When is the best time to sell gold? It’s when you need the money. Gold is in a stable position right now, and has been for a few years. This could change, and selling your gold should be on your time not gold’s time.
2. Gold prices increase when the value of the dollar decreases.
Typically, this can be easy to tell, especially if the Federal Reserve is printing more money (indicating that the dollar’s value is decreasing). But since 2009, the economy has not been considered typical.
3. Gold prices increase during hard times.
Gold has been considered a “safe haven” during these recent hard economic times. Investors have taken gold as a safe and stable investment when the economy has become unpredictable, and in doing so increasing the price of gold.
Selling your gold depends on when you need the money. Gold prices can increase or decrease, but it may not make a difference unless you’re selling a larger amount of gold.
This post was written by Steven Madar