Gold Prices Rising

Gold Prices Rising

Gold prices are rising as it hit a record of $1,119 an ounce this on November 4th 2009. It’s enough to astound market analysts who believed the precious metal would rise any further that its $1,000 an ounce record last year.

Business is still booming and as a matter of fact hasn’t really let up since the precious metal craze brought hundreds of thousands of consumers to pawn brokers, jewelry stores and anywhere they could sell gold in 2008.

In fact, many consumers are digging in their jewelry boxes and finding bracelets, rings and necklaces that have been tucked away and forgotten about. Even dental crowns, retainers and gold coins are being offered and bought!

And because the precious metal is considered a safe investment due to its popularity, the value of it is pretty much stable. You could have a bar of the stuff that your great-grandfather purchased for $50 and it would still be worth $1,119 an ounce today.

Because gold is stable and so highly sought after, many investors are considering the metal as a way to protect themselves against the falling dollar. What investors have learned is that the dollar is a weak investment doe to the record-low interest rates. As a matter of fact many foreign banks are now buying up the precious metal for diversity.

And thanks to that foreign interest, the rise of its price has been outstanding. In just this month alone the metal has gone up 7% and 26% just for this year. And unless this frenzy comes to a complete stop, it may very well continue to rise in price to as much as $1,500 or more an ounce.

Still, there are some speculators who believe that the increases are only going to be short term and that it won’t last for very much longer. Even so, people are still cashing in on their valuables anywhere that’s willing to buy them.

However, this frenzy has caused a little bit of trouble like the fall in jewelry sales, which had already suffered, do to the recession. While many consumers are willing to sell their jewelry, they’re not willing to buy it. And some investors are even worried that jewelry stores may very well die out.

But of course that hasn’t stopped most investors from buying up the valuable stuff. So if you’re looking to cash in and get a little holiday cash, talk to your local dealers and look for one who’s willing to give you at least 70% of the current going rate. Generally jewelry stores and coin shops are best since pawnbrokers don’t always give the best deals. And if you’re waiting for an even greater rise in the price of gold, it could go either way.

You never know when this frenzy is going to last and some experts are speculating that it could fall if the economy gets better. Furthermore, those gold prices that have been rising, could fall, just as it did in the 1980’s.

Gold Selling Private Parties

Gold Selling Private Parties

Gold Selling Private Parties are the perfect way to sell gold if you know of a friend hosting one or you’re willing to host one yourself. Not to mention that because they’re not really open to the public, you can pick or choose who you want to extend an invitation to, should you decide to host one.

However, before you send out those invites or accept one, there are a few things you need to keep in mind to assure the party you host or plan to attend is a success.

First of all, you should keep in mind that when you’re selling gold using this method, you will usually only get up to half of the market value that your piece is worth. So while you’re probably going to get more than you would from a pawnshop through gold selling parties, you may get less than you would from a local refiner or jewelry store.

You should also keep in mind that when you’re trying to sell gold jewelry at an event like this, don’t sell a family heirloom, anything worth more than the gold content itself, and don’t leave valuable gems or stones in the piece. What you can do is sell gold scrap, which would include pieces like broken jewelry and anything that isn’t worth much in face value.

However, if you’re thinking about  selling gold coins, by all means, go for it if you know their value is worth far less than the precious metal they’re made from. And if you’re just not sure of their worth, you can take them to a coin dealer or collector who can tell you whether it’s worth trying to sell gold coins at the party or not.

Also, if you’re unfamiliar with how to sell gold in the first place, you may want to consider having an antique appraiser take a look at your pieces before you part with them at a party. Just because your item is made from the precious metal, doesn’t mean it’s worth more than the face value of it.

And if you’re unsure of  where to sell gold at if your piece is worth more than its gold content, start by talking to the person you had your piece appraised with. Chances are if it’s old, they may have an interest in buying the piece or at the very least, know of someone who would be interested.

But, the good news is, if you’re willing to be a host, you don’t have to really worry about selling your gold unless you really want to. And of course you can still make money by commission just from your friends and family who sell what they have. Keep in mind though, that you may need to pay out of pocket expenses for a party kit or appraiser in order to get started. You may also need to pay for any appetizers and drinks that will be served at the party.

And finally, always know what the actual market price is before you attend or host any gold selling private parties. Appraisers aren’t perfect and not all of them are willing to pay top dollar for yours or your friends valuables.