How to find the best time to sell gold and silver jewellery
If you have gold and silver at home, you’ve probably seen that prices for precious metals have been doing relatively well over the last year. When precious metals prices are high, the thought of selling that old gold jewellery or silver coin collection becomes tempting. It can be a great time to put more cash in your pocket, but then that little bit of doubt crosses your mind. Could it be worth more in the future and when is the best time to sell gold and silver jewellery?
It’s a tough decision given how much gold can be worth. But there are some general guidelines you can use to decide whether or not it’s the right time for you to sell silver and gold in Toronto and get cash for your old jewellery, coins, and collectibles.
You need the money
Sometimes, the right time to sell is the right time for you. It doesn’t matter what the markets are doing if you need a cash injection right away. There are plenty of good reasons to sell off old jewellery to raise funds:
- You’ve recently become unemployed
- You have a surprise expense
- You want to pay off debt
- You want to use the money to buy something new
Whatever your reason, you can turn gold and silver into cash pretty easily.
Gold prices are high
The past year has been great for gold prices, with the metal reaching all-time highs as investors grew skittish about the pandemic’s effect on the economy. Investors often turn to the commodity when they lose faith in currencies and stocks.
However, as vaccination rollouts across the globe slowly bring the world back to normal, prices have been retreating again. Now could be a good time to cash out before investors pile back into interest-generating investments.
Patience isn’t always a virtue. It’s impossible to predict where commodity prices will go in the near future. There are plenty of articles out there that are bullish on gold to the extreme, always waiting for the tipping point that will send the yellow metal’s prices skyrocketing. In reality, if you’re a retail investor or you just have some spare jewellery lying around, sometimes you just get lucky. If the price is right for you, go for it.
You can earn a reasonable return
When gold prices are high enough, you may be able to make a pretty good return by selling old jewellery. Jewellery does not make a great investment for the untrained investor, as you’re paying a markup on the design, marketing, and other factors. However, if the price of the precious metal itself has crept high enough, you can still get a good return.
Your jewellery is broken
Gold never breaks; it’s only the design of the jewellery that’s damaged. The great thing about selling old or broken jewellery is that the precious metal content is where the real value lies.
If you have an older or antique piece that might have greater value to a collector, take it to a gold buyer in Toronto for a free evaluation. They can help you decide if it’s better to repair or sell right away.
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