Yes, now is an excellent time to sell your scrap gold or gold coins or bullion bars.
Gold is currently going through a resurgence in price and is approaching all time highs. Having fallen to $1800 per ounce in late 2018 it is now over $1800 (as I write this in 2021), a 50% increase in value.
That is a phenomenal increase in value and means that you will receive far more now for your gold than you would have done even 18 months ago.
Should I Wait For Prices To Go Higher Before I Sell My Scrap Gold?
Trying to work out the perfect time to sell your gold is practically impossible, the prices vary regularly and often catch experienced gold bugs by surprise.
There is the chance that the price might go higher if you hold on, but they might also go lower, and if you’re only selling a few grams or ounces then it isn’t going to make a huge difference to how much you get if the price goes up 5% or 10%.
For example if you have $1500 of gold scrap to sell, you’d only make another $150 if prices went up 10% – and that could take months, or years, or not happen at all.
On the other hand if they fell by 10% you’d be $150 worse off.
The bottom line is it’s up to you to choose and that probably comes down to how much you need the money right now.
One great piece of advice when you do sell is to not keep checking the prices and torturing yourself if you did miss out on some cash, it could easily have gone the other way, use a “fire and forget” model when you sell anything!
How Do You Know The Best Time To Sell Scrap Gold?
As explained above there is no formula that will tell you the perfect time to sell your gold, and it’s easy to see why when you consider every persons circumstances are different.
Really only you can decide the best time to sell for you, if you need the money now then now is probably the best time to sell.
I once had a guy who’d spent years working in the scrap gold industry explain the scrap gold market to me like this:
“When times are good people won’t sell their gold because it has a sentimental value, and the sentimental value is more valuable than the pound note value.
When times are hard people will sell their gold because the pound note value is worth more than the sentimental value.
To be successful in the scrap gold market you need to know where the economy and people are – is sentimental value or pound note value worth more today, and which will it be tomorrow?”
Right now it seems like people are heading into harder times, with inflation, job losses, rising food and energy prices, etc, so maybe gold will go higher in price.
But there are no guarantees and so if you need the money now, then now is the right time to sell.
What Is The Best Month To Sell Gold?
Believe it or not, statistically speaking, there are better months in which to sell your gold.
Looking back over 45 years, gold prices tend to increase by over 2% in September, 1.4% in January, and 1.2% in August.
The worst month to sell your gold using this data is in March when the gold price falls by almost 1%.
Of course there is no guarantee that this will be true every year, and depending on what happens in the world and economy gold prices could shoot up or down in any month.
Really you are better off picking the best time to sell gold as being when you need the money the most.
Conclusion For Selling Your Gold
It’s impossible to try and work out the perfect time to sell since the value of gold is always changing and no one can predict which way it will go.
There are some months that statistically are better than others for achieving higher prices, but this is all relative to the gold price at the time and is not guaranteed.
Really the best time to sell is when it’s the right time for you, not the right time in the market, so if you need the money then there’s really no better time to cash in on your gold.