Gold hits record value despite bear market: Should you sell?
By Peter Kevorkian, United Coin & Precious Metals
Investors everywhere have been talking about gold prices, and with a bear market to boot, consumers are left scratching their heads: Is it time to sell my gold?
Despite the naysayers who predict the use of gold may decline, reports on actual gold use may prove there is a light at the end of the tunnel for the commodity. According to a report at Forbes, the fabrication of gold jewelry worldwide has increased 12 percent year-over-year with 551 metric tons used in the first quarter of 2013, hitting a record value of $28.9 billion dollars.
And despite a dramatic decline in the value of gold on the comex, an increase in demand has nonetheless put gold in a positive spotlight. Although the demand is largely limited to China and India, the United States is, for the first time in seven years, seeing an increase in its year-over-year demand of gold jewelry.
According to the World Gold Council, the demand for gold jewelry has grown by 5 percent in America, reaching an estimated value of $986 million, indicating the first U.S. increase in demand for gold since 2005.
The World Gold Council added that current trends are “a further positive sign of recovery in the U.S. economy, coinciding with a correction in the gold price over the course of the quarter.”
So when it comes to selling your gold pieces, now may be the time to capitalize on its easy sale. As for its gold commodity counterpart, talk to a financial advisor to understand if selling is the best move for your portfolio.
SELLING GOLD JEWELRY: 3 TIPS TO GET THE BEST DOLLAR
Gold in your possession such as watches, rings, bracelets, necklaces or earrings can be easily sold. Your jewelry doesn’t have to be current, in good repair, or completely intact – United Coin and Precious Metals, a gold buyer in La Jolla, will accept your baubles in any form.
To get the most for your jewelry, these 3 tips will ensure you get the top dollar for your precious metal.
Know Your Buyer
Be wary of selling your gold online or over the phone with any of the so-called gold buyers. Although many of these gold buyers can be legitimate, your best bet is to deal with someone locally. Some gold buyers have issued as little as $15 for real gold jewelry, and they won’t offer refunds 10 days from the date of check’s cut date, making for a bitter and unwanted deal. Work with an actual place of business instead. United Precious Metals is a certified gold buyer with thousands of satisfied clients and one of the best reputations for buying jewelry in the greater San Diego area.
Know the Value of Your Gold Piece
Despite what many gold buying campaigns tell you, over 98% of gold jewelry purchased finds its way into the melting pot. Knowing this is important in order to have a good understanding of what karat or purity your gold is along with an idea of what it weighs. At United Coin & Precious Metals, we work with you so you have a complete understanding of the value of your jewelry. A simple formula to help you determine the value of your unwanted jewelry would look like: (Spot Price) X ( purity or karat) X (weight in grams).
Know the Price of Gold
It may be a good idea to know the market price of gold before selling your jewelry. That way, disreputable gold buyers will stick out like a sore thumb if they misquote your rate, and you’ll know to take your business elsewhere.
For more information on selling your gold pieces, to get current precious metal pricing, or for more information on jewelry buying in La Jolla, log onto http://unitedcpm.com/ or call 1 (858) 412-6462.
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