Is Now the Best Time to Sell Your Gold?
Updated: Oct 23, 2020
40 years ago, our parents, Bob and Linda Wagner opened Napier Gold in Benton Harbor, Michigan, and we have built a reputation in our community for giving our customers top dollar back for their gold, silver, and platinum items. My brother and I have been working here most of our lives, learning all there is to know about valuing items. Over our lifetime, we’ve seen the value of gold rise and drop periodically. After all, the value of gold never remains stagnant, changing sometimes on an hourly basis.
So, we often get the question, “Is now the best time to sell my gold items?” The answer is: The best time to sell is when you need the extra money, but if you’ve been holding onto any gold items, now is a great time to sell because gold recently hit an all-time high!
About 10 years ago, at the height of the United States housing crisis, you may remember hearing and seeing commercials non-stop about selling your gold for all-time high prices. While you probably haven’t been bombarded with constant infomercials and news stories about the high value of gold, you can take a look at the price of gold on the market currently and see that it is the highest it’s ever been!
Below is a historical chart showing the price of gold per ounce over the last 10 years (www.macrotrends.net/1333/historical-gold-prices-100-year-chart) :
We’ve seen the value of gold fluctuate the most since 1989, dropping as low as $364 per ounce in 2001 and rising up to nearly $1,900 an ounce in 2011. Currently as we write this on October 16, 2020, the price of gold per ounce closed at $1,905.71. So it’s tough to say when is the absolute best time to sell your gold due to its price changing so often. History tells us that the price of gold rises higher in times of national economic and financial distress so it may continue to rise yet, but it also may drop – it’s difficult to predict!
However, as a rare metal that has been used as currency for thousands of years, gold will always be a secure investment (we also sell gold bullion if you’re looking to make a sound investment). The only predictable thing about gold is that it will always have value, but due to market fluctuations, the value of your gold is only realized once you cash it in. So if you have gold you’ve been holding onto and could use some extra money for perhaps a new house, car, or for an unexpected expense, now is as good of time as any to sell. Remember, you never know when gold prices are going to rise again, but you also never know when they’re going to drop.
A note before you go…..
When you’ve decided it’s the right time to sell your gold, it’s always best to sell it to an experienced gold buyer. For the past 40 years, we’ve seen plenty of gold buying businesses and pawn shops come and go in this area. The reason Napier Gold has been in the community for so long is our reputation for paying top dollar to our customers. So if you have any uncertainty about the value of a gold, silver, or platinum item, we pay top dollar for a variety of valuables comprised of precious metals such as:
Gold and Silver Coins
Sterling Silverware and Houseware
…And Much More! See our What We Buy page for a comprehensive list
We provide FREE assessments, with customers often happily leaving with cash in their pocket within minutes! Just stop by one of our locations in either Benton Harbor or St. Joseph during business hours, and we’re happy to let you know what your items are worth!