5 Reasons You Should (or Shouldn"t) Sell Your Gold Jewelry
There are so many reasons to sell or not sell your gold jewelry, but these are some common factors to consider before you make a decision either way.
The gold market can be as volatile as the stock market. Depending on which side of the scale you're on, you could think that current gold prices are either very over or very undervalued. Some argue that a fair market gold price is $825 per ounce, whereas some think that gold prices in the $1,100 range are low compared to the surge of nearly $2,000 per ounce gold prices in 2011. Some predict gold will surge back up to near $2,000 per ounce whereas others are predicting gold prices will drop down as low as $350 per ounce. Depending on whether you think the current gold prices are high or low might play in to whether or not you sell your gold jewelry. Sell when high, keep when low!
Your gold jewelry might have some value beyond its gold value, and this could play into whether or not you sell your jewelry. Modern or lightly used gold jewelry is usually bought at scrap value, but a quality piece of vintage jewelry might fetch a higher price from a dealer. However, if you are looking at a precious piece of jewelry from your grandmother, the item may be priceless and no amount of money offered to you would convince you to sell it. More »
If you're struggling to pay your bills, it may be a great time for you to sell your gold jewelry. If you think you may have seller's remorse, a pawn shop is a good option for a temporary loan. Once you get back on your feet financially, you can pay off the loan and reclaim your jewelry.
Changing style is a valid reason for selling gold jewelry, but before you decide to sell based on this reason, evaluate points 1 and 2. If gold prices are at an all-time high or your piece is vintage, you may recoup a decent portion of your investment. If gold prices are low and your piece has no vintage value, you might decide that the small amount of money you will get selling it won't be enough to justify selling that necklace your husband got you for your anniversary.
If you own a piece of jewelry that has some evil voodoo attached to it, whether from a divorce or an old flame, you may decide you want to sell it, no matter how little you are offered for it. Sometimes the association is so toxic, you would nearly give the jewelry away just to get it off your hands. While this can be very cathartic, I would still advise waiting until the gold market yields you the highest return if you can bear to leave it in your jewelry box a little while longer.
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1. Gold Prices
The gold market can be as volatile as the stock market. Depending on which side of the scale you're on, you could think that current gold prices are either very over or very undervalued. Some argue that a fair market gold price is $825 per ounce, whereas some think that gold prices in the $1,100 range are low compared to the surge of nearly $2,000 per ounce gold prices in 2011. Some predict gold will surge back up to near $2,000 per ounce whereas others are predicting gold prices will drop down as low as $350 per ounce. Depending on whether you think the current gold prices are high or low might play in to whether or not you sell your gold jewelry. Sell when high, keep when low!
2. Vintage Value
Your gold jewelry might have some value beyond its gold value, and this could play into whether or not you sell your jewelry. Modern or lightly used gold jewelry is usually bought at scrap value, but a quality piece of vintage jewelry might fetch a higher price from a dealer. However, if you are looking at a precious piece of jewelry from your grandmother, the item may be priceless and no amount of money offered to you would convince you to sell it. More »
3. Hard Times Financially
If you're struggling to pay your bills, it may be a great time for you to sell your gold jewelry. If you think you may have seller's remorse, a pawn shop is a good option for a temporary loan. Once you get back on your feet financially, you can pay off the loan and reclaim your jewelry.
4. Changing Style
Changing style is a valid reason for selling gold jewelry, but before you decide to sell based on this reason, evaluate points 1 and 2. If gold prices are at an all-time high or your piece is vintage, you may recoup a decent portion of your investment. If gold prices are low and your piece has no vintage value, you might decide that the small amount of money you will get selling it won't be enough to justify selling that necklace your husband got you for your anniversary.
5. Bad Karma
If you own a piece of jewelry that has some evil voodoo attached to it, whether from a divorce or an old flame, you may decide you want to sell it, no matter how little you are offered for it. Sometimes the association is so toxic, you would nearly give the jewelry away just to get it off your hands. While this can be very cathartic, I would still advise waiting until the gold market yields you the highest return if you can bear to leave it in your jewelry box a little while longer.
Stay up to date with the latest jewelry news and tips by following us on Facebook, Twitter, Pinterest, and Instagram. Want to read even more? Sign up for our weekly jewelry newsletter here.
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