Aug 12, 2011 1:21 am
Because of the recent stock market turmoil the price of gold has reached a record high. It has stabilized around $1,779 per ounce. I would say that as of this moment you should sell gold in NYC. This is especially true since other commodities, such as oil, are not doing so well.
With gold on a rise as stocks go down, everyone's going to be digging through their jewelry boxes and basements to get rid of whatever trinkets they may be storing. And, as is the case with any mad dash, the first people to react will be the first to reap the benefits. You don't want to be sitting around at home while you have an opportunity to sell gold jewelry NYC is willing to buy.
Although there has been a spike this week doesn't mean gold hasn't had a steady price. It's been quite valuable all year. Whether you own jewelry or coins you will find that most gold buyers, pawn shops, and otherwise are happy to give you a good price.
Conversely, if you want to buy gold you should hold off. It's a seller's market. Let the time pass before you think about investing in gold.