Gold has been performing very well over these difficult times. Most people want to know what if this was the right time to contact cash for gold dealers in your area. Gold might have long lasting qualities and be very liquid but the price fluctuates a lot so timing is important when it comes to selling. You never really know when you will get a better price for your gold now or later. However, you can let the history of gold prices guide you:
Historical data shows that the price of gold tends to go up at the beginning of the year. It is further bolstered by inflation and uncertainty over the economy.
On average, The first quarter in a year tends to be a good time to sell or it’s the time when most cash for gold dealer see a lot of customers coming to their shops to sell gold in varying conditions i.e. Scrap, jewellery and high quality bullion. However, things can change depending on a lot of factors like some geopolitical tensions, and as we’ve seen recently a global health crisis. So things have been different for the past couple of months. More people find themselves in serious financial hardship and are looking at their gold investment to get through. It’s not only that people lost their jobs but retailers across all economic structures have felt the devastation of the COVID 19 pandemic. Some businesses have had to shut down and let go of their staff that are now joining the throngs of unemployed people joining the millions of unemployed people queuing outside Centrelink, hoping to get something to get through the days ahead.
The price of gold tends to peter off or cool down in the second quarter of the year and then it shoots up in the next season. This then means that historically, the price of gold is good in early January, March April which means that we are now in those months where you stand to get a good price for your gold around this time. Gold is volatile, so, what happened last year or in previous consecutive years before might be different. Bottom line is that: Gold sellers will get the best gold prices at the beginning of the year.
If we have to single out one month that is good for gold, the March is the one month that stands out. Since 1975, the price of gold had been dropping in March. This means the prices are low for gold buyers who are trying to acquire some gold for their portfolios. Besides March, gold prices seem to plummet throughout the first quarter of the year.
Data shows that since 1975, April to June have been the weakest months for gold prices. The third quarter is usually stronger. When you are selling you need to focus and follow the gold market and when you do. So, buy when the price of gold is weak and sell when the price is high. That’s not rocket-science logic. People hold on to their gold unless they absolutely have to sell, despite the economic analysis and all that pundits have to say, you should be able to sell your gold wherever you need to.
The moral the story is: Buy during the first quarter when the prices are low and sell towards the end of the year. This isn’t a rule etched in stone.
You are likely to get a better price this year than by waiting till next year. Whatever amount you want for your long-term holdings, buy it this year. Now is the best time as any to sell and get cash for gold your gold.
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