Gold prices change daily due to global trends and consumer demand. With ongoing international events and unstable economic conditions, gold buyers are trying to get their hands on as much as possible. You may have gold gathering dust in jewelry boxes that you could sell.
But is now the right time to sell gold? Experts at Mimi’s Jewelry, Inc. explain the current gold market and what to consider when selling.
Should People Sell Their Gold Now?
In short, yes. The demand for gold is higher now than in recent memory. Due to many domestic and global factors, gold buyers are collecting gold pieces in large quantities. The spot-pricing for gold is also high, meaning you can get more money for less jewelry.
The demand for tangible goods worldwide makes gold items even more valuable. You can make a surprising profit if you own gold coins, rings, or other jewelry pieces. A gold buyer is likely to offer you more now because the future movement of gold prices remains unclear.
With interest rates on the rise, we may experience dips in the value of gold within months. It is risky to wait for gold prices to peak before deciding. Consider selling now to avoid missing out because of a dip in the market.
Understanding Spot Gold
When you visit an appraiser or pawn shop, gold buyers may purchase your gold “on the spot.” That is where spot gold gets its name.
Spot gold prices fluctuate and depend on several factors, including:
- Interest rates
- Market stability
- National inflation
- Socio-political events
- International conflict
- Gold buyer preference
- Weight and quality of the gold
As it so happens, many of these factors have created the perfect storm for high spot prices in 2022. Selling your gold now can earn you more money than in the past, but there’s no knowing how long prices will stay up.
Most people who sell their gold jewelry do it at a spot price. This method is a quick way to turn a profit and get the item off your hands. Always know what the current price trends look like so you can be confident about the sale and know you’re getting a good price.
The Current Price of Gold
It can be challenging to pinpoint gold prices without the proper resources. Some sellers consult current gold charts and stock prices to form their expectations. Never go into a sale without this information, or you risk losing out.
The typical gold owner usually sells 8 to 24 karat gold jewelry. For example, a 14-karat yellow gold necklace could be worth around $700 at the current market price.
Gold Selling Mistakes to Avoid
One common mistake people make is letting gold buyers tell them how much an item is worth without doing their own research. Luckily, you don’t need to be an appraiser of precious metals to know what price to accept. Be patient while researching market trends and finding a buyer.
Selling quickly or under duress is a sure way to get less than the item is worth. Approach your buyer with confidence and knowledge to get the most from this high-demand market.
It is worth exploring different shops and buyers during your selling process. Most places will buy gold up to 80% of the item’s spot price value. Those selling multiple items could make a significant profit at current rates.
The Future of the Gold Market
With global conflicts and a market steering toward recession, it can be challenging to predict the state of the gold market in a year. For those familiar with the stock market, waiting to sell before the peak can be risky.
As the gold market currently sits at its highest value in years, start your research process now. You could make hundreds of dollars in profit with some items at the current market standard. However, you could get a fraction of the value in just a couple of short months should any external factors change.
Practice intelligent selling habits, and you can avoid disappointing losses when the gold market dips.
How to Sell Your Gold?
Selling gold can be a straightforward or tedious process depending on how much you sell and where. The best place to start is a reliable jeweler who can offer a quote for your items. Though some big-name jewelry stores can offer valuable information, they sometimes sway unsuspecting people to sell at lower prices than they should.
Invest your time in many locations, including small- to medium-sized jewelers. By doing so, you can gauge an appropriate value for your gold. Depending on the item, some might even offer you cash for gold on the spot.
Though accepting cash from a gold buyer can be tempting, avoid selling too fast. Some shops may take your gold at a higher percentage of the spot price than others.
You will likely get the most out of your gold when selling to a local jewelry shop or reputable online buyers. Though you may make a good profit at small bullion pawn shops, check ratings. Some of these buyers may ask for much lower than the market value.
The takeaway here is to do as much research in finding a buyer as you do finding the value of your item. An educated gold seller will walk away with more money in hand.
The Best Buyer for Gold
When selling gold, it helps to know where to start. Mimi’s Jewelry, Inc. is an experienced and ethical company that buys every item at a fair price. We value the relationships we form with both sellers and customers.
Don’t just take our word for it. We work with hundreds of individuals who provide fantastic reviews of our services. Avoid shady buyers and appraisers by partnering with our representatives.
Let us help you find the value of your gold and silver and get the best profit for your items.