One of the greatest strengths of owning gold is that you can sell it in exchange for cash. However, holding the physical metal might not mean the gold can be immediately liquid. You cannot walk into a bank or anywhere else with your gold, you need to sell it and exchange it for currency. You can sell gold to the many local gold buyers and pawnshops in your area or online. How much money you get depends on the karats and the amount of gold you have.
How to Work Out The Value Of Your Gold
The price of gold changes every day but you can go to sites like kitco.com to find what the latest price is. The price quoted is for 24 karat pure gold. It is also the price of gold troy ounce of gold. A troy-ounce of gold is 31.1 grams. The price of gold has recently hovered above $1,250 per troy ounce, which comes to $38.58 per gram. Before you go and find a buyer, separate your gold according to karats and weigh it to have an idea of how much money you can expect when you sell. You should note that gold buyers will take at least 25-30% cut as profit.
When is the right time to sell gold?
You can look at the price trends and research what is happening in the gold market to get a sense of when you should sell your gold. The truth is most people who do part with their precious valuables for money need the money now, not sometime in the future. So, if you need money now for whatever reason, just approach your local gold broker or a reputable pawn broker in your area and you can have that cash you need in just a few minutes. If you are looking at gold purely from an investment point of view you will need go follow the trends and look at daily gold price charts to figure out the best time to sell gold.
For instance, in 2018 the price of gold hovered around $1,280 and on the 13th of June 2019 it price had gone up to $1,335. Those who sold in 2018 can see how holding on to their gold could have yielded better returns. However, most people play cautiously when dealing with precious metals like gold. You could sell at $1,335 or wait for the market to reach the highs predicted by billionaire fund managers like Paul Tudor Jones, who reckons that in the next 12 to 24 months the price of gold will go up to $1,700.
Other billionaires have expressed the same bullish sentiment. Thomas Japan said in an interview he believed that the price of gold can rise as high as $5,000 in the next ten years. Of course, these are billionaires with access to funds whenever they want. The ordinary man on the street may not have the luxury to wait for gold prices to go up when she of he needs money.