Gold Still Rising, “Cash for Gold” Stores Increasing
Wondering why you are seeing those “cash for gold” stores popping up in every strip mall down every major road lately? Despite a quick recovery in the stock markets this year, demand for gold is still as high as ever. Back in February, we told you that gold hit $1,000/oz. for the first time.
What you need to know this week is gold’s latest price – an astounding $1,174/oz., a record high for the price of nice bling. So… if gold is so expensive, why are so many stores so willing to give you money for your gold now? Demand! Like any commodity, the price the store (“buyer”) pays you will be much less than the value they can get. The margins will always be pretty consistent, but when the demand increases, sales volume will increase. That’s why you see the stores everywhere and commercials littering your late night TV shows.
So should you sell your gold now? That’s up to you. Just remember, if you are selling an old bracelet that will have to be melted down and resold, you will obviously not be seeing anywhere near $1,200/oz. Everyone needs to make their cut. BUT, if you are in need of cash, that gold jewelry buried in the back of your drawer is worth 3 or 4 times more now than it was 9 years ago. Personally, I’d keep the bling – it looks good on you.
Read on:
smh.com.au – Gold hits record high $1,174
Bloomberg.com – Gold Jumps to Record as Slumping Dollar Spurs Investment Demand
(cash image above taken from http://richmondgold.com/)
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Comments
There are huge differences between gold buyers. I recommend looking at the Silver and Gold Exchange before selling. They have a lot of good consumer info as well as a live price chart and the blessing of the Better Business Bureau. Their website is http://SilverAndGoldExchange.com
if you are in need of cash, that gold jewelry buried in the back of your drawer is worth 3 or 4 times more now than it was 9 years ago. Sell your old jewelery and get a good cash for it.
Great article on one mans personal experience with “Cash For Gold”
http://news.coinupdate.com/cash-4-gold-review-paid-18-of-gold-value/