The commodities market has started the year off strong and gold prices are up. Not surprisingly, many profit-takers are capitalizing on the opportunity to realize immediate cash.
Perhaps you’re thinking about selling some of your gold and wondering what’s the best way to go about it? How can you get the best price for your gold?
The first step is to educate yourself on the process and learn these three important steps:
1. Know When to Sell Gold
Most advisors recommend selling gold when the U.S. dollar is strong. Think of it like this: Would you rather sell your gold for $1,000 when that amount can book you a week at an all-inclusive resort, or when $1,000 will only get you the economy airfare to get there?
Right now the dollar’s value is holding firm but analysts expect the value to weaken throughout 2021, making it a fine time to sell your gold.
Here’s another indicator to consider: anytime you need quick cash is a good time to sell. For example, it’s a good idea to cash out your gold if it can help you pay off debt and strengthen your financial footing.
2. Understand Your Gold
Here are a few important tips to help you understand your gold and make sure you get a fair price.
Know Your Weight: The unit of measurement used when selling gold is a troy ounce. That’s why it’s important to know how much your gold weighs in troy ounces and the current price of gold.
What Type of Gold Do You Have? Prices will vary for gold depending on several variables, including whether or not the gold is:
- Bullion or Collectible
- Bar or Coin
- Sovereign or Private Mint
It’s important to note that the fair market price is determined as the meeting point between your “ask price” and the buyer’s “bid price” they are willing to pay.
3. Sell to Golden Peaks Gold and Silver
Golden Peaks has been earning the trust of Colorado investors for over 60 years. We’re family-owned and we’ve grown our business on the strength of positive word-of-mouth recommendations from our customers.
Our skilled team members understand the many forms of precious metals and we’re always happy to explain the value of your metals honestly and transparently.
Contact us or visit our store in person for an honest evaluation of your precious metals and a fair price. No appointment is necessary so come see us now at our store in Littleton.