It's no secret that the value of gold has increased to record levels in recent years.
Many people are making the most of the current gold prices, and not just the commodity traders and precious metal experts! Regular people are taking advantage of the market, especially in light of the current tight-lending credit market.
With the holidays around the corner, now may be a good time to sell your unwanted gold jewelry and coins as a source of income to buy gifts and pay down debt.
Taking a loan on the value of gold can also be a savvy financial move, considering the current bank lending environment.
Here's a Q&A on what to know before you sell.
Is it a good time to sell gold? Gold is a safe haven investment against inflation and economic uncertainty, which is why we have seen the price of gold rising in recent times.
Gold prices have risen about 70 percent over the last few years.
Though the price has dipped since reaching record highs, prices are still bright.
So is now a good time to sell? It is hard to say for sure because the price of gold is directly related to changes in the fluctuating exchange rate-a weaker U.
S.
dollar usually means an increase in gold prices.
However, a Dec.
14, 2010 Wall Street Journal article stated that "A higher-than-expected consumer price index (CPI) reading will be a boon to gold, which is considered an inflation hedge.
" In other words, if the CPI is strong, gold traders will consider it a favorable condition to support higher gold prices.
What kind of gold can I sell? The kind of gold you can sell ranges from inexpensive gold trinkets to solid gold coins to fine jewelry and even dental gold.
A jeweler, pawn broker, gold refiner or scrap gold dealer will buy the gold at a price based on the weight of its gold content, minus a handling fee.
The purer the gold content, the more it is worth.
What determines the value of gold? Pure gold jewelry is 24 karat.
Generally, the gold content of any piece of jewelry-indicated in karats-will be marked on it somewhere such as the inside of a ring or bracelet, on the clip of a necklace or the back of an earring.
For example, a 14-karat piece of gold jewelry may actually have "14 karat" inscribed on it, or the lettering may have "585" or "14K.
" However, the stamp may not always be accurate, so to truly know its value it's important to take it to a reputable jeweler to have it appraised.
Before you decide to sell it, there are some important things you should know regarding how gold is appraised.
Where should I sell my gold? To cash in on today's trend, there are gold buyers popping up seemingly everywhere, including mail order sites, gold buying stores, even home parties.
But you should beware of bringing your gold to someplace just because it seems convenient.
Pawn shops generally pay faster than some other outlets, and pay in cash, whether you decide to sell it or take a loan on it.
It's important that the pawn shop or jewelry store you bring it to has a long-standing reputation and a jewelry appraiser with expertise because appraising gold jewelry goes well beyond just its weight in gold.
Many people are making the most of the current gold prices, and not just the commodity traders and precious metal experts! Regular people are taking advantage of the market, especially in light of the current tight-lending credit market.
With the holidays around the corner, now may be a good time to sell your unwanted gold jewelry and coins as a source of income to buy gifts and pay down debt.
Taking a loan on the value of gold can also be a savvy financial move, considering the current bank lending environment.
Here's a Q&A on what to know before you sell.
Is it a good time to sell gold? Gold is a safe haven investment against inflation and economic uncertainty, which is why we have seen the price of gold rising in recent times.
Gold prices have risen about 70 percent over the last few years.
Though the price has dipped since reaching record highs, prices are still bright.
So is now a good time to sell? It is hard to say for sure because the price of gold is directly related to changes in the fluctuating exchange rate-a weaker U.
S.
dollar usually means an increase in gold prices.
However, a Dec.
14, 2010 Wall Street Journal article stated that "A higher-than-expected consumer price index (CPI) reading will be a boon to gold, which is considered an inflation hedge.
" In other words, if the CPI is strong, gold traders will consider it a favorable condition to support higher gold prices.
What kind of gold can I sell? The kind of gold you can sell ranges from inexpensive gold trinkets to solid gold coins to fine jewelry and even dental gold.
A jeweler, pawn broker, gold refiner or scrap gold dealer will buy the gold at a price based on the weight of its gold content, minus a handling fee.
The purer the gold content, the more it is worth.
What determines the value of gold? Pure gold jewelry is 24 karat.
Generally, the gold content of any piece of jewelry-indicated in karats-will be marked on it somewhere such as the inside of a ring or bracelet, on the clip of a necklace or the back of an earring.
For example, a 14-karat piece of gold jewelry may actually have "14 karat" inscribed on it, or the lettering may have "585" or "14K.
" However, the stamp may not always be accurate, so to truly know its value it's important to take it to a reputable jeweler to have it appraised.
Before you decide to sell it, there are some important things you should know regarding how gold is appraised.
Where should I sell my gold? To cash in on today's trend, there are gold buyers popping up seemingly everywhere, including mail order sites, gold buying stores, even home parties.
But you should beware of bringing your gold to someplace just because it seems convenient.
Pawn shops generally pay faster than some other outlets, and pay in cash, whether you decide to sell it or take a loan on it.
It's important that the pawn shop or jewelry store you bring it to has a long-standing reputation and a jewelry appraiser with expertise because appraising gold jewelry goes well beyond just its weight in gold.
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