I Bought A Load Of Scrap Gold At An Auction Years Ago. Is This The Right Time To Sell It?

Gold is in a bullish trend and will continue to go higher. 28 years ago it was priced at $850 and today it is around $930. 28 years ago we had a debt under a trillion and today we have a debt over 10 trillion.
The problem you have is you won’t get spot price for your scrap. However, once gold breaks out to new highs, you’ll find that some companies will pay higher prices. Wait for this to happen and sell during a really nice bull run. Keep an eye on what the dollar index is doing and if you see it break below 80, and then especially 72, you’ll see demand soar. Just be patient.
When you do sell it, don’t buy scrap again, buy bullion coins as they are much more liquid.
I wrote a White Paper about investing in gold that can give you more reasoning for holding on for now. You can download for free at: www.fedupbook.com/whitepaper

6 Comments

• 
  Doug "Digger" Eberhardt October 7, 2009 at 5:29 am

  Id put it onto ebay but why not go to a few goldsmiths and ask for a valuation on how much they would give you if they bought it and then when you put a reserve on your gold do it around the valuation, then if someone gets in a last bid and its still less than the reserve, they dont get the gold and you dont need to sell for a bad price.
  Good luck
• 
  whoknows October 7, 2009 at 6:21 am

  Physical gold is facing a huge demand so sell it, get your money and you can still invest in gold. Near zero interest rates combined full throttle US dollar printing means inflation and this should benefit gold. Gold will always protect you but in my view oil will perform better, alternatively, you may try oil futures or better ETFs.
• 
  Arx October 7, 2009 at 12:00 pm

  As good a time as any; eventually the price will fall away, as has happened in the past. Go direct to a gold refiner, to cut out the middleman. What you get will depend on the purity; so it would be difficult to sell on eBay, because a buyer would not know the true value.
• 
  Al Zymer October 7, 2009 at 12:06 pm

  i would say so, but i wouldn’t sell it to a company that is advertising for it or to a goldsmith that you might know, i would ebay it. there are plenty of dealers on ebay that buy up all the scrap gold and you will get a better price if people are bidding against each other for it.
  cheers
• 
  TERRY C October 7, 2009 at 1:11 pm

  Depends what you paid for it and how much profit made.I would start selling into strength. The price may go a bit higher if inflation starts to creep up. I think the short term range is $850-$950 but some pundits are calling it a lot higher.Where will you re-invest the money?
  Just a thought: have you considered moulding it into small bars and having it assayed? I am not sure of the economics but might be worth looking into.
• 
  raysor October 7, 2009 at 3:26 pm

  If you have something else to do with the money, such as debts to clear, a home to buy or a business to start, sure, it is indeed the right time to sell it.