When Should You Buy Gold or Sell Gold

When Should You Buy Gold or Sell Gold

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Many people reap large profits when they buy gold at a low price and sell it when the price rises drastically. The price of gold in US dollars per ounce was $1,067.00 in January of 2016. The price has been on a steady incline since then and it peaked at $1,338.00 per ounce in September of 2016. Staying on top of the rates and how they change can help you determine when to buy and sell.

Buying Gold Jewelry

Many Americans have seen the slump in the economy, foreclosures on homes and returns from bonds and annuities drop to almost nothing. Yet a person may still want to purchase gold jewelry for that someone special for Christmas. The answer is to purchase the gold jewelry from a pawnshop. It’s not like the specialty ring or necklace you are looking at has decreased in value because someone else wore it in the past. You can find quality gold jewelry at very reasonable prices.

Selling Gold Jewelry

On the other side of the coin, you may want to sell gold jewelry if you are low on funds and have some broken gold or things that you haven’t worn in years. The outright sale of gold gains you a higher price at a pawnshop than if you take out a loan. You also don’t have to pay interest monthly when you sell gold to a pawnshop. It does help to know the price of gold per ounce before you take it to sell it. Quality items reap more money as specialty jewelry because it sells quickly without having to hold it for a long time. You can haggle a price with a pawnbroker to try a gain a better price for your gold.

Future Gold Price Predictions

Gold prices have increased at 21% per year over the last ten years. If it continues on this uphill turn, predictions are that by the year 2028 the price per ounce will be at $8,400 per ounce.

If you buy gold now and keep it for about 10 years, it will be worth significantly more in the future. Pawnshop gold jewelry will rise in price and you will be buying low and selling high to make a tidy profit.