Eventually, every owner of gold bullion considers selling their investment. Gold certainly provides a sense of security through change and transformation; it can ensure personal stability should other stocks and financial risks take a turn for the worse. But unless it’s bound up in a will, gold should always be on the table to be sold — after all, you can’t take it with you when you go!
Here are a few instances and scenarios where it might be wise to find a place to sell your gold that has a fantastic reputation and is transparent about fees and services.
Gold’s Doing Well — and So Is the Gold-Silver Ratio
If you purchased or inherited your gold bullion several years ago and are contemplating selling, you’re undoubtedly thrilled about the current spot price per troy ounce: gold’s soared by 450% from 20 years back, and it’s still holding strong at record-breaking highs since the massive spikes from 2020. Gold has risen in response to global volatility, including but not limited to:
- the emergent pandemic,
- increasing national debt,
- massive labor unrest, and
- the war in Ukraine.
While fluctuations are bound to happen, now is generally a wise time to sell your gold and see a great ROI. You can also do some research into the silver-gold ratio, which is currently quite high, to help you decide when to sell.
Should you hold out? Doing so requires some keen financial insight into supply and demand and other massive socio-economic forces: global supply and production, war and conflict, climate change, and beyond. Ultimately, selling is a personal choice based on need and, if you’re not an expert, good advice from your financial advisor.
You’re Crossing Borders to a New Country
Moving to a faraway destination? If you’ve got thousands of dollars worth of bullion, getting it across multiple borders will cause a high degree of stress for even the coolest and most collected person.
If you’re hand-carrying your investment, you’ll need to take extra precautions for security (especially if you’re moving through or to a dangerous location). If you transport with a shipping company, you’re going to be paying a decent amount for adequate insurance. Expect to pay VATs (value-added taxes) and other duties, at the very least, and you may run into issues with customs agents if you haven’t been extremely careful and diligent.
You Need a Liquid Asset Quickly
Gold can be converted to currency rapidly and easily — it’s one of the commodity’s major perks. So if you need to pay a major fee (either one that’s happy and expected, like putting down a deposit or downpayment on a house, or unforeseen and unfortunate, like covering a large portion of an insurance claim), your gold investments are liquid enough to help you take on whatever expense you need to cover.
Some people sell their gold when they want to rid themselves of an emotional connection to the material (say, if it has a personal and highly-charged association with a deceased loved one). Others simply don’t want the hassle of storing and protecting such a highly prized physical object — they see it as an added liability. These are fair considerations and legitimate reasons to sell.
Ultimately, don’t go into any decision without consulting your financial advisor. And when you resolve to sell your gold, get the very best prices — with transparent insights into premiums, insurance, evaluation processes, and more — with a top-rated bullion supplier in your area.