Gold Exchanges: Is the Time Right to Sell Gold? Tips For Buying and Selling Gold

Posted on 22 August 2011

Gold Exchanges: Is the Time Right to Sell Gold? Tips For Buying and Selling Gold: Take a look at that shiny piece of jewelry on your finger. Or the one on your neck. Or the one on your wrist. Or the ones in your ears. Most of you are staring at what could potentially be a gold mine… literally! The price of gold has taken off and is already above its record price, near $1,900 per ounce! However, is the time here to start selling all of the gold that you’ve got? Or is the time here to buy?

In a word: Neither.

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We’ll start with those of you who want to buy gold. Gold is a fantastic commodity to own, and it is clearly not going to be totally devalued at any point in our lifetimes. In fact, hundreds and hundreds of years from now, when we’re all using currencies that haven’t and won’t be thought of in our lifetimes, there will still be a tremendous value placed on gold.

That being said, the price is just too high and too fickle right now. There are a ton of amateurs out there that are buying into gold shares just because the price is continuing to rise even though the Dow Jones has looked more like a roller coaster than anything else. However, you’d be hard pressed to find a big time investor that is buying huge positions in the gold market right now with prices higher than they have ever been.

There is a ton of inconsistency with gold, even more so than there is in the stock market on a daily basis. Watching gold go up or down $20 per ounce, a swing of perhaps 6-7% is nothing new to the gold markets, and those who are holding gold commodities are going to have to go with the flow for the long run and know that the value of their precious metals could very easily swing down 25-30% before it take an uptick in the right direction once again.

However, I don’t think that the time is here to sell your gold either. It’s hard to say that this bullish market won’t continue on one of the most precious commodities in the industry. In fact, there really hasn’t been a slowdown over the course of the last several months in the growth of your gold.

That being said, unless you’re really, really in need of the cash in a pinch, waiting it out probably would be of tremendous benefit to you.

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Another thing that you have to remember when selling your gold… Unless you’re holding on to jewelry or other forms of gold that are 24 karats (24k), you don’t really have a full ounce of gold. An ounce of 18k gold is worth 75% of what the gold market is at, while 14k gold isn’t even worth 60% of the price of an ounce of 24k gold.

It’s also hard to say what the real “breaking point” is on gold. $2,000 per ounce? $2,500 per ounce? $5,000 per ounce? It seems outrageous that the price of three ounces of gold could buy you a car in the near future, but don’t discount the idea. Many think that by 2020, gold could even exceed this $5,000 per ounce number… Of course, there are many that think gold will be right around $2,000 per ounce at that point as well…

When this recession truly will turn is anyone’s guess, but we know that the price of gold, somewhere around that time, will likely drop and drop steeply. That being said, the price is just too high right now to want to invest in, and we wouldn’t want to be the ones to tell you to sell now when the market could still be on the rise and certainly will be in the long term future as well.