The world of buying and selling gold can be hard to navigate if you are new to the precious metals industry. There are some key factors that you should keep in mind when selling gold.
#1. Do research and seek referrals
To get the best experience when selling gold do your homework. Know your gold, know what it’s worth and where to sell gold bullion Brisbane for the best price. Your research should help you determine the best way to sell your gold. Only through research will you be able to tell what a fair price should be.
#2. Watch what the big players are doing where gold is concerned
In 2016, the legendary George Soros bought $264 million worth of Barrick Gold shares and obtained over a million options to buy the SPDR Gold, an exchange-traded fund (ETF) that tracks the price of gold bullion. Stanley Druckenmiller, Dennis Gartman, Jeff Gundlach, and some o the world’s most influential commodities investors followed suit. Since then, a number of wealthy people bought into gold companies or increased their gold holdings in their investment portfolios. This was an indication that the demand for gold will rise and gold bought at $1,400 an ounce then is now worth $2,000. That is a significant jump. You couldn’t have known four years ago that the world would be gripped by a pandemic that would cripple economies and that your gold investment would be the thing that helps you get through tough times. Rising demand translates into rising prices which is good for anyone looking to sell.
#3. Know that gold price is always in flux
The gold price has gone up and down over the years and will continue to do so. There really are a couple of factors that influence the upward and downward movement of the gold price: the value of the US dollar, rising or falling interest rates, economic or political crises, behaviour by central banks and what gold mined produce.
Gold prices are always going to be volatile, if you are waiting for the best time to sell gold bullion Brisbane, there are no guaranteed that the price will go where you want it to go when you want it to go. Sell when you need the cash – there is no good or bad time to sell.
#4. Follow the daily news but don’t fret over it
Information is power. Being aware of the daily news and impact on the gold price can help you make your decision. There is no exact science to it, some news affect the commodities market profoundly, some don’t.
#5. See the bigger picture
The volatility of the gold market can be worrisome however in the long run, having gold has always been successful at hedging wealth during the worst economic crisis. It’s like having insurance that will cover you when things go bad.
These five secrets can help you make the best decision about buying or selling gold when it’s time to do so. At the end of the day buying and selling gold is an individual decision that shouldn’t be taken lightly, especially when it involved investment grade gold bullion.