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Has The Time Come To Sell Your Scrap Gold?

Has The Time Come To Sell Your Scrap Gold?

Record and record has been shattered as the price of gold continues to surge skyward. Though all precious metals experts have an opinion regarding the future price, they seem to disagree with each other. Half the analysts claim gold will rise further, and half argue the bull run has all but ended. If you own broken or outdated gold jewelry, or other pieces of scrap gold, you’re likely wondering whether you should lock in the current price. The answer depends on the direction you believe the economy will move.

Below, we’ll offer insight regarding the historical movement of gold prices. The following is not meant to prompt you to sell immediately. Instead, our goal here is to give you the tools you need to make an informed decision.

Making Sense Of Conflicting Signals

The spot price of gold typically moves in the opposite direction of the value of the dollar. The U.S. dollar is known as a fiat currency. The inventory can be inflated or contracted, both of which cause changes in its value. When the monetary supply inflates (i.e. there are more dollars floating around), its value predictably declines. Conversely, when the supply contracts, the dollar’s value rises.

From the above, you’ll note that the spot price of gold rises when the currency inflates, and declines when it contracts. Over the last couple of years, the stimulus and policies of monetary “easing” pursued by the U.S. Federal Reserve have caused the price of gold to rise dramatically. The question is, in which direction will the economy, currency, and spot price head.

There are mixed signals in the market, and some of the indicators seem to be lagging. For example, the National Bureau of Economic Research recently said the recession ended in July 2009. Nevertheless, the price of gold remains at an historic high. If the economy is due for rapid growth, it is reasonable to think the monetary supply will be contracted. This means the price of gold will likely plummet.

Locking In The Current High Price

Many stock market investors lost vast amounts of money over the past few years. They watched the value of their stock portfolios dip, drop, and suddenly crater as the recession began. Those who locked in their profits at the top of the market were able to leave the arena relatively unscathed. Those who held their investments too long lost fortunes that required years – in some cases, decades – to build.

If you suspect the price of gold is about to falter, now is the time to sell. Given the mixed signals of the market, and the disagreement among veteran precious metals experts, there is currently a high level of uncertainty. By selling your gold jewelry and scrap gold items today, you can lock in a price that was considered unfathomably high twelve months ago. In another year’s time, the price may be cut in half (or worse).

Finding A Reputable Online Gold Buyer

You have likely noticed there has been a surge of gold buyers over the last three years. The reason is because so many people who own broken gold chains, watches, and other pieces have begun to sell them to lock in the high spot price. Bear in mind, however, that some buyers are better than others. They are reliable; they’ll offer a better price for your scrap gold; and they’ll do everything they can to make the transaction as smooth as possible for you.

Most of the gold buyers you’ll find online are brokers. They’ll buy your items, and sell them (sometimes immediately) to refiners in order to make a quick profit. While there is nothing wrong with this process, there is no need to sacrifice your profit to the broker. You can work directly with an experienced refiner.

If you’re thinking about selling your gold jewelry and scrap gold, avoid waiting too long. There’s a good chance the spot price of gold will plunge.

Tags: Gold, Scrap Gold, Sell Gold

Getting The Best Price When Selling Your Gold Jewelry

Getting The Best Price When Selling Your Gold Jewelry

People throughout the country are in desperate need of funds. Some have lost their jobs after decades of loyal service. Others were barely making ends meet before having their hours reduced or bonuses cut. Even as the recession continues to devastate hard-working families, the price of gold keeps rising. This is good news is you have gold jewelry that is collecting dust in the deep recesses of your garage or attic.

Maybe your pieces are broken and you’re unable to wear them. Maybe they’ve gone out of style or are a reminder of a past relationship you’d rather forget. Whatever the case, now may be a good opportunity to sell them. Below, we’ll provide a few tips for selling your gold jewelry and enjoying fair offers from motivated buyers.

Educate Yourself On Price

There are many buyers who will offer you less than 50% of your gold’s value. They’re hoping that you don’t realize how much gold is actually selling for on the open market.

Take the time to find out what the current spot price is for a troy ounce. You should also categorize your bracelets, earrings, pendants, and other gold pieces by karatage. That’s the only way to accurately determine the value of your collection. When you finally approach a buyer, you’ll be better prepared to decline unfair offers.

Avoid The Temptation Of A Quick Sell

The thought of driving to your local jeweler or pawnshop to sell your gold jewelry is seductive. After all, you can receive cash for your items almost immediately. The problem is, jewelers and pawnshops will normally offer an extremely low price. They hope you’re desperate enough to accept their offer because they can make a quick profit by selling your jewelry to someone else.

You’ll enjoy far more attractive offers by selling your gold necklaces, watches, studs, and earrings to an online refiner. The transaction is usually smooth and quick. Once you accept the refiner’s offer, they can usually mail your check within a few days.

Do Your Research When Selling Online

One of the most common mistakes people make when selling their gold online is to work with a dealer rather than a buyer who operates their own refinery. A dealer will almost always offer a lower price because they will sell your items to the refiner for a profit. Eliminate the middleman. By working directly with the refiner, you’ll enjoy a bigger windfall for your gold cuff links, rings, chains, and other pieces. If you’re uncertain whether a buyer operates their own refinery, ask them.

It’s also worth noting that refiners are usually receptive to buying scrap gold. For example, they’ll buy your gold dental fillings and bridgework, coin collections, spare watch parts, and even shavings. If times are tough and you’re struggling to stretch your monthly budget, consider turning your gold belongings into cash. Sell your pieces to an online refiner to get a fair price and raise needed funds.

Tags: Gold, Gold Jewelry, Sell Gold

Uses for Gold You Will Be Surprised to Know

Uses for Gold You Will Be Surprised to Know!

Gold is all around us with jewelry and precious valuables but the majority of gold is not to be found on our fingers or dangling around our necks but in the vaults of repository bullion institutions such as Fort Knox in Kentucky and even more in the Federal Reserve Bank of New York.  Gold is, or has been used for much more interesting purposes than simply making jewelry or the basis for a plot in a James Bond 007 movie such as Goldfinger!

At the turn of the 20th Century, sufferers from arthritis took to taking injections of solutions made from gold salts – extremely expensive but also very effective in reducing the pain which this condition causes.  It is still used today by modern medicine but only as a last resort as other medications have been developed to mitigate pain and suffering but without the side effects which gold creates as it accumulates in the body and damages the liver and kidneys.

Recently, gold nanorods – the small, microscopic particles of science fiction – have been developed and tested in cancer treatment.  The nanorods are injected into the body and they automatically congregate around cancerous tumors instead of spreading evenly throughout the body.  When infra-red light is shone on the area of the body, this light reacts with the gold to destroy the cancer; this sounds all very high tech but so what – chemotherapy and other drugs do the same job you may say.  Yes they do, but gold nanorods ONLY affect the area of the body where the tumor is at and not all of the body like chemotherapy which doesn’t just destroy cancer but all the healthy cells and especially the immune system too.

The next time you turn on your computer or gaming platform, just think about how gold which is 99.99% pure and drawn into a wire a few microns in diameter (very, very thin) is being used to connect the circuit board and allow the electronic impulses to take place which means you get email, internet movies and the chance to zap the bad guys in Halo or whatever you happen to be playing.  Without gold, we’d all be huddling around the radio to get our entertainment because television would not work without it either!

So necessary is gold in the production of virtually every electronic device from an iPod to HD TV, iPhone to your car’s ignition system that industry is the biggest consumer of gold and not the jewelry sector.  Industries use around 150 tonnes of gold every year and guess what?  The United States is only the second largest consumer of gold (30% of world production) – the Japanese use more than any other country in the world (at 40% of world production).

Perhaps that is not so much of a surprise!
The simple plain fact is that gold is used in virtually every aspect of our lives and our world would not function without it, which accounts for one reason why it is worth around $960 an ounce and is one of the most precious metals in the world.

Help the environment and sell your scrap gold today!

Tags: Gold, How Gold Is Used, Precious Metals, Scrap Gold, Uses For Gold