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Gold prices have hit historic highs this year – now is the perfect time to sell your gold! Whether you have a few pieces of scrap gold in your house or have been collecting gold coins for years, it's the perfect time for this investment to pay off.
- Why gold continues to rise in price
- How to sell your gold for cash
- Compare gold prices and buyers
- Ways To Invest In Gold
- More investment tips
Why gold continues to rise in price
Precious metals – especially gold – tend to explode in price when the global economy looks shaky. We saw this in the 2008 crash, for example: when currencies are unstable, metals are preferred. This is because the value of a metal is tangible compared to its currency. We have hoarded gold for centuries because we always knew it was worth it.
This means that gold prices will rise and fall over time. If you are currently holding gold stocks or physical gold, this is an excellent time to sell your wealth. Historical highs can only stay that way for a short time – and then the value will fall again like everything else.
How to sell your gold for cash
If you've invested in gold in the stock market, you can sell your stocks when you think the price has peaked. It is important to ensure that you are selling above the price you bought plus the platform fees for buying and selling the stocks in order to get a return on your investment.
However, if you have physical gold investments that you want to sell, there are a few different ways you can do it.
We have all seen the cash for gold postal services. Can you trust them? If you received an unwanted envelope in the mail, no!
You are much better off taking your gold to a reputable dealer to make sure you are getting the best price. Hatton Garden Metals offers a number of ways to sell your gold. From sending your old gold by insured mail to exchanging your gold coins for cash, this is a very straightforward and simple process. When choosing your buyer, always look out for reputable signs such as:
- Clear Companies House information that matches the address provided
- A website domain with no hidden contact information (which matches the contact information on the website)
- A clear tracking system for the mail, check, and sales of your gold
- Transparent gold pricing on the website
- Someone who answers the phone and can easily help you with your questions
- Positive online reviews from third parties like those on Trustpilot
Finally: trust your gut. If a price sounds too good to be true, check it out with other gold buyers. Some offer a better price than others – but those clearly outside the same ballpark are likely not to be trusted.
Compare prices and sellers
Always shop before selling gold. It is important to make sure that you are getting the best market price for your gold. Compare gold buyers to ensure you get the best possible customer service, reliability, trustworthiness and – of course – gold prices.
Check on a buyer's website to see if they also have a gold price calculator. Calculate the weight of the gold you are selling and use this gold price calculator to determine how much a buyer would give you for the exact weight. Compare some buyers if you can to make sure you are getting the best deal.
Also, keep in mind that when you sell your gold, you don't have the most accurate scales at home. So make sure that the gold buyer has a clear policy of what happens if the weight of the gold you send them is below your estimate. A serious buyer will be fair: he will offer to buy it at the actual weight price or give you the option to ship your gold back to you.
When comparing gold buyers, it is easy to find websites that display lists of gold bullion dealers. However, keep in mind that these don't display all of the buyers in the market (usually just the ones they are commissioned from). That means you could miss out on the best deal when you sell your gold. Contact gold buyers directly for price quotes and ensure you are getting the best deal possible.
Ways To Invest In Gold
If you don't already have gold assets, invest in it, especially physical gold. This is because it is an actual asset that always holds its value – unlike digital currencies, which (as the 2008 crash showed) can mean you lose your investment altogether.
Buy gold coins or gold bars
This is what most people think of when they hear from people who invest in gold. You can buy gold coins or gold bars to keep the physical item yourself in a home safe or in a safe that you pay a merchant to keep for you. The cost of keeping gold safe means you pay them a fee – but it's much safer than keeping it at home.
You don't have to be a millionaire to buy gold either! We all think of gold bars as the ones we see in robbery films. Right now, a 400 ounce gold bar (as you see in movies) from the Royal Mint costs £ 595,599.66. However, you can also buy just 1g for £ 64.75. As you can see, you don't need thousands of pounds to buy gold!
Gold coins are also a popular way to invest in gold. They're easy to store and keep safe, and they're easy to sell too. What's even cooler is that you can buy historical gold coins that have value not only because of their gold content but also because of their rarity. For example in a 2020 Gold Sovereign means you invest in both the story and the content. It's like rare coins, the Peter Rabbit 50p or other commemorative coins: They are just as valuable on the collector's market as they are on the gold market!
Invest in gold jewelry
If you don't already own gold jewelry, you should invest in some. Make sure it is labeled as real gold and that you buy it from a reputable jeweler (eBay is full of fakes!). The advantage of real gold jewelry as an investment is that you can use it as an accessory. Take care – you can sell it later as a piece of jewelry or scrap gold (where you will be paid for the weight of the gold). As a piece of jewelry, especially if it is set with precious stones such as a diamond, it could have further resale value. However, if you've carried it to death and a chain chain, for example, is broken, you can trade that in for the weight as scrap gold.
Here you can buy used jewelry from Hatton Garden Metals.
Stocks and shares
The The stock market is one way of investing in gold. However, this is one of the most volatile options: you don't hold physical gold, you track the price for it. Exchange Traded Funds (ETFs) track industry prices while you can instead buy shares in individual mining companies or part of the gold supply chain. When investing in gold stocks, it's important to spread your investment out to minimize risk. You can also have problems if, for example, a fund crashes completely. Unlike holding physical gold that still has value, losing a stock investment means you don't have the physical assets to sell it.
And finally …
Remember that gold is currently at an all-time high. So if you want to make money off of gold and have jewelry scrap around your house, now is a good time to sell it! Don't wait for the price to go down – you could lose hundreds of pounds if you wait to sell your gold.
Sell your gold here.
However, if you haven't already got your gold investments, don't panic. The price could go down in the near future – which is perfect for anyone looking to buy – and it will go up again. Gold is one of those things that, even if it goes down, will eventually go up in price. When you buy gold now, consider it a long-term investment.
More investment tips
It is a good idea to invest in gold among other assets. By spreading your investments you can diversify your risk. So if one crashes in the markets, you don't lose everything.