Should You Sell Your Gold
We live in tough economic times. Jobless rates are sky rocketing, pay is down, and people are looking for the next dollar anywhere they can find it. There have been a flood of TV commercials of late begging you to send them your gold and jewlery. According to goldworld.com China and India have been buying this precious metal in increasing amounts. So the question you find yourself asking is Should you sell your gold jewelry? There are pros and cons of selling your gold. Here are 2 reasons you should, and 2 reasons you should not.
Reasons you should sell your gold:
1. To pay off debt. Be careful with how you read this statement. When asking should i sell my gold jewelry, the answer should come from the benefit you will receive from it. I would advise a person to sell their gold if it pays off a debt completely. If you have a high interest credit card that you can pay off by selling gold then you should sell your gold. If you have a car payment that you can pay off then by all means sell your gold. However, if you are selling your gold to pay rent, or make a house payment that is still years from being paid off you would do well to hold onto your gold. Make sure you can pay off your debt completely by selling your gold, or else you will have lost that gold completely when your house is foreclosed on or you are kicked out next month.
2. If it is a life or death situation. This is not meant to be an exaggerated answer. When you ask the question of should I sell my gold jewelry, some answers could bring you to an answer of living or dying. Perhaps you are facing a life threatening illness and you need money to have surgery. By all means sell your gold. If you need to purchase a life or death commodity such as water or food and selling your gold is the only way you can buy food it would be wise to sell your gold. Make sure before you sell your gold you have exhausted every other avenue of income before you sell your gold. Gold is a commodity and it has value, make sure and look at the long term value of selling your gold before you decide to do so.
Reasons you should not sell your gold:
1. It protects you from inflation. Gold has been a standard of currency for thousands of years. Gold has had value longer than any piece of paper money on the planet. For this reason gold is a hedge against inflation. The dollar you have in your pocket will be worth less tomorrow than it is today. Ask yourself this: Can I buy a weeks worth of groceries for one dollar? Unless you are a coupon king, the answer to that question is no. 75 years ago, the answer to that question may very well have been yes. Inflation eats away at the value of paper money. Another way to look at it is this. An ounce of gold today will probably buy you the same thing an ounce of gold would have bought you 75 years ago. Owning gold is a great way to protect your wealth and is a reason you should not sell your gold.
2. It helps you build wealth. Owning gold gives you a currency that will most likely be around when you are old and gray. There are no guarantees in life, and there is no guarantee to the future value of gold. According to Goldprice.org when you look at the history of gold you will see that gold has maintained much of its value. Unlike the stock market which fluctuates in value, and paper money which decreases in value, gold has readily risen in value over the past 5 years. Building wealth requires investment in something that will grow in value. Gold is one option in building wealth.
The next time you ask should I sell my gold jewelry think about these things and make an informed decision.
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