When Should You Sell Your Gold?

Timing is Everything

You have probably heard about the recent rises and falls of the price of gold.  This has many people asking, “When is the right time to sell your gold?”

1. The Price of Gold is Stable

You should understand that gold, unlike other investments, is incredibly stable.  Although it has reached $1,000 per ounce as of late, it has maintained $700-$1,000 per ounce since September 2007.  This is a broad range if you have a lot of gold, but most people don’t have that much. One ounce of gold is quite a lot to sell.  Whether you decide to sell today, tomorrow, or a month from now, the price you get won’t be all that different.

2. The Price of Gold Goes Up When the Dollar Goes Down

It is generally the case that the price of gold and the U.S. dollar have an inverse relationship; in other words, the price of gold goes up when the value of the dollar goes down and vice versa.  That has not always been the case early in 2009, but is generally true during typical times (these are not typical times).  The problem is predicting when the value of the dollar will go up or down.  This is very difficult to do outside of a few days or weeks, even for the experts.  The easiest measure is if the Federal Reserve prints more money, then the value of gold will go up since it will now take more dollars to equal an ounce of gold.

3. The Price of Gold Goes Up During Tough Times

The stock market has taken a beating these days, which is a big reason for the increased price of gold.  Gold is stable and seen as a “safe haven.” In other words, it is safe from the huge up and down swings of riskier investments.  When the stock market is taking losses, investors will flock to gold since it is seen as a safer and more stable investment. This, in turn, increases the price of gold.

4. When Do You NEED to Sell Gold?

Ultimately, the best time to sell gold is when you need money.  As mentioned, the price of gold is stable – so whether you sell now, a month or a year from now won’t make that much of a difference, unless you have an unusually large amount of gold.  Predicting the price of gold is very difficult, even for the experts, so it is not wise to wait for gold to reach its peak if you are in need of cash.  After all, you only know that the price has peaked once it makes its way back down.

So when is the best time to sell gold?  When you need the money!

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