Should I Sell My Gold Jewelry And Scrap Gold Now? I Have Over 11 Oz Of 14k.?

At over $900 for gold this morning, I have read predictions that the more we go into a recession, the higher the price of precious metals. Now I’m wondering, should I sell the small amount that I have or hold on? These are pieces I can let go of with no attachment but I’m wondering if it would be more prudent to hold on…any thoughts would be appreciated.
Thanks!

6 Comments

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  ©2009 October 2, 2009 at 3:23 am

  That $900 per ounce is troy ounces which is 31 grams not 28 grams, that is the way precious metal is wieghed so you probably have closer to 10 ozt
  Your gold is 14 k, spot price is for 24 k so you are talking a price of $525/ozt not $900
  The places which buy your scrap gold only give a percentage of the spot price because they in turn, sell it to recyclers who don’t give them the spot price since they have refining costs and also need to turn a profit so you are only going to get at best, about a third to half of what your gold is worth.
  If you want to sell, your best bet would be to sell the items as scrap gold on a site like ebay. There are many bidders who buy scrap gold. Personally, I cannot bear the thought of sellng my gold, I am a gold prospector for the hobby, not the money.
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  abhi October 2, 2009 at 9:11 am

  it has been gud investment 4 u,m gold dealer,,n wud suggest u to hold it 4 lil more while,,reports r more bullish,,but if u need money thn u can book ur profit.
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  Angie October 2, 2009 at 10:42 am

  That would depend on how badly you need the money. The way things fluctuate, maybe holding on to it would be a good idea. But, if you do decide to sell, try cash4gold.com.
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  PRyder20 October 2, 2009 at 12:47 pm

  A valid investment strategy is to hold on to your investments unless you really need the money. So if you follow that idea, if you don’t need the money, don’t sell it.
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  goldpann October 2, 2009 at 6:14 pm

  Gold has always been a good investment and predictions on gold prices have quite often been incorrect. Miners used to say that a vein gets richer as it goes down deeper into the earth. Well, that’s only a 50% chance. Gold prices are the same way – 50%! I’ve been a miner/panner for 20 years and this is the highest that I’ve ever seen it. It might go up, it might not. So holding on to it – it could go either way. My guess it that it will go up some but not as much as “predicted”. Personally, knowing the history of gold – I’d sell.
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  capital_ October 2, 2009 at 11:12 pm

  Gold is going to go much, much higher in the future, so I’d hold on to it. An article http://capitalgoldgroup.wordpress.com/2008/01/24/can-gold-hit-2000/ has information about gold maybe hitting $2000. So, your stuff will be worth even more then.
  But if you need the money, you might as well do it now.