Selling Gold?

[GREENBACK]

Most of the gold market is not private individuals, but involves trading on spot and other markets composed on gold bullion dealers, wholesalers, and financial institutions. Most of these market participants will be involved with gold regardless of the performance of the dollar. The reason is that they do not care about the absolute value or stability of the dollar, because gold is being used by them specifically as a currency hedge suitable to market conditions.

I understand that. I'm not talking about people who invest in gold in that way. I'm talking about regular folks who don't have any buisness buying/owning gold, specifically, because of what you've stated. The people you're talking about are taking advantage of those who don't know how this whole thing works. They're unloading it while everyone is afraid and it's about topped out in price. They've been told that buying gold is the way to go. Where were they when gold wasn't worth as much? Just my simple observation.

I'm not talking about big wheels that are holding gold as an inflation hedge. I'm talking about us little people that need to avoid that game.

[marvholly]

I have a friend who is an antique jewelry dealer. He generally pays 1/2 of spot price adjusted as needed for 24K gold items. That is more than you can get at those "Cash for Gold" places that have sprung up all over.

Be aware, any dealer will test because in the US most jewelry is NOT 24K. It is WAAY too soft & does not wear well.

[Jehnavi]

A jeweler, lender, gold refiner or scrap gold dealer will buy things at the back of the jewelry box at a price based on the weight of their gold content, minus the handling fee. He funded through the jewelry, gold mines, and sometimes some of the curing agents and resells it or uses it himself. - You can save money or if you prefer, many jewelers trade old jewelry into something you like better. The gold content of jewelry is indicated in carats. jewelry is 24 karat solid gold. Small jewelry has less gold content and other metals and hardening agents. Gold buyers will only pay for the gold. With few exceptions, other metals have no resale value.

[graceful]

I have a friend who is an antique jewelry dealer. He generally pays 1/2 of spot price adjusted as needed for 24K gold items. That is more than you can get at those "Cash for Gold" places that have sprung up all over.

Be aware, any dealer will test because in the US most jewelry is NOT 24K. It is WAAY too soft & does not wear well.

In Asian cultures, it's not gold unless it is 24K. I've had to get the clasp of a necklace/bracelet fixed or replaced numerous times because the gold broke in half because even the clasp is 24K. Usually the only time the gold is a lower karat is because of the addition of gems and that is because the 24K is too soft to hold the gems securely in the design.

Walk into any jewelry store in Chinatown and you will be blinded by the gaudy yellow. Lol.

In any case, I decided to wait. Not because of the price of gold, but until I have time to make a run to Chinatown. I figure even if the stores there only give me the price of scrap gold, it's the same as going someplace that I KNOW will be melting it all down regardless of the craftmanship.

[ea1776]

I have a 24K class ring. I rarely wear it, but I'm never selling it. If I needed the money badly, I think now is a good time to sell.

If you would have phrased your question "Is now a good time to sell gold investments"?

I would have answered, yes. I don't believe in commodities as a long term investment strategy, and certainly gold has had an incredible run. I'd prefer to invest in companies that find commodities (but I think even those are overpriced right now).

[graceful]

I have a 24K class ring. I rarely wear it, but I'm never selling it. If I needed the money badly, I think now is a good time to sell.

If you would have phrased your question "Is now a good time to sell gold investments"?

I would have answered, yes. I don't believe in commodities as a long term investment strategy, and certainly gold has had an incredible run. I'd prefer to invest in companies that find commodities (but I think even those are overpriced right now).

They aren't gold investments but gifts that I wouldn't have necessarily chosen myself and will probably never be worn.

Some will never be sold just because of the sentimental value like you. Some because I think they are pretty and I would like to pass them down.

Just thought it might be a good time to be "thinking" of decluttering some gold items that I don't want or need while they are worth more...

[disneysteve]

Some because I think they are pretty and I would like to pass them down.

I think a lot of parents and grandparents do this and don't really think it through. You have an item that you yourself don't wear or use but you are holding onto it to pass down to your children. What makes you think they will want or use it? How many things do we all have in our homes that we keep because of who gave them to us? As I go through the decluttering process, I'm finding more and more of them. If you don't want it or need it or even like it, get rid of it. Use the money to buy your kids something that they will like. Then, rather than keeping something because they feel guilty, they'll have a cherished item that makes them remember you when you aren't around anymore. Or even better, spend the money on creating memories. A recent survey showed that people value experiences more than things. Take a special family trip. Go to a Broadway show. Hike the Appalachian Trail. Do something that your kids will be telling their kids about years from now rather than giving them a piece of metal that they will be considering selling 30 years from now when gold is $5,000/ounce.

[graceful]

I think a lot of parents and grandparents do this and don't really think it through. You have an item that you yourself don't wear or use but you are holding onto it to pass down to your children. What makes you think they will want or use it? How many things do we all have in our homes that we keep because of who gave them to us? As I go through the decluttering process, I'm finding more and more of them. If you don't want it or need it or even like it, get rid of it. Use the money to buy your kids something that they will like. Then, rather than keeping something because they feel guilty, they'll have a cherished item that makes them remember you when you aren't around anymore. Or even better, spend the money on creating memories. A recent survey showed that people value experiences more than things. Take a special family trip. Go to a Broadway show. Hike the Appalachian Trail. Do something that your kids will be telling their kids about years from now rather than giving them a piece of metal that they will be considering selling 30 years from now when gold is $5,000/ounce.

HAHA! I agree with what you are totally saying. My Mom has a ton of stuff she "saved" for me and since I never wanted them, she actually "saved" them for my girls. I'm talking CLOTHES and other stuff. My Mom is a PACK RAT but at least she is a neat and orderly pack rat. Lol. There were actually some coats that came back in style... 40 YEARS later... that DD11 finally took off her hands.

As for the gold jewelry, some will ONLY get worn ON their wedding day for the banquet or tea ceremony and back into the safe deposit box they go. Many are too "fancy" for every day wear. At some Chinese weddings, the bride wears so much gold that they could literally buy a car or a house (at today's prices) from the proceeds. I heard recently that because of the high price of gold today, they are renting the gold jewelry for weddings now.

Now I didn't have THAT much gold but I had enough that we had my cousins who were FBI and NYPD come armed and double as security. Many weddings hire armed security just because of the gold.

I would actually wear some of my gold jewelry on a daily basis, if I were one to wear jewelry. LOL. I did when I was younger but now I don't wear wear a watch anymore (my skin was getting irritated) and I live in sweats even for work.

[disneysteve]

As for the gold jewelry, some will ONLY get worn ON their wedding day for the banquet or tea ceremony and back into the safe deposit box they go.

Forgetting the cultural issue, I'll never understand owning jewelry only to store it in a bank vault. If I'm going to spend that kind of money on something, it better be something that we get regular use out of. Otherwise, what's the point?

[tulog]

Any type of physical precious metal bears a certain risk of loss from theft.

Over at the gold forums, the number one rule for physical gold and silver, if you own it, is not to let anybody (the government, or any person) know you own it. I have sometimes violated this rule however.

[nick__45]

Just don't sell it at those pawn shops or mall kiosks. Go to a dealer and sell at intake market value. Sell and pay off debts or stockpile food and supplies for potential storm. You can't eat gold and it makes poor metal for tools and weapons. You can eat Ramen, cook grain, and use other supplies in place of jewelry.

[nick__45]

Any type of physical precious metal bears a certain risk of loss from theft.

Over at the gold forums, the number one rule for physical gold and silver, if you own it, is not to let anybody (the government, or any person) know you own it. I have sometimes violated this rule however.

Gold was illegal to own in America before. Gold is good investment because you can flip it to feared fools. I wouldn't keep it though. Long term investment is your health, man skills, guns, ammo, and supplies.

[nick__45]

Forgetting the cultural issue, I'll never understand owning jewelry only to store it in a bank vault. If I'm going to spend that kind of money on something, it better be something that we get regular use out of. Otherwise, what's the point?

Yep. When I stationed in Korea, some jeweleries are meant to be worn once. My only jewelry is a good watch with no gold or silver in it. My definition of precess metal is brass, copper, stainless steel, and aluminum.