When Is the Best Time to Sell Gold?

The most important reason to have gold is for security. The best time to sell gold is during a financial emergency or any other time when you need the money, such as a down payment on a house.

In other words, gold is like insurance or even better. For example, you pay periodically for car insurance even if you never have an accident. The spot prices of gold go up and down, but the precious metal is always worth something. So, unlike car insurance that’s never drawn on, gold is still something that has value and can be cashed in.

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You can make a huge profit on gold when the price dramatically rises. This works well if you need the money at the time but thinking of gold that way is unrealistic. Experienced investors don’t possess gold to time the market like other investments.

The stock market and gold prices have peaks and valleys. If you happen to buy gold at a low price and sell during a peak, you’re just lucky, Samuelson’s Buyers points out. Although people point to gold as a hedge against inflation or a metal that increases in value during economic turmoil, the prices of gold don’t necessarily follow that rule all the time.

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Don’t look at gold as a wealth builder, APMEX explains. It may be tempting to sell when the price quickly spikes, but the gold market often remains volatile. When you own gold, have a specific plan in mind as to when you should sell: for unexpected expenses, buying a home, paying off debt, or even just taking a well-deserved vacation.

If you need money now or next week, it’s time to sell gold, GoldIntoMoney.com notes. Gold prices do what they want. It’s not a good idea to sit on your gold when the price starts to go up a little and you hope it will rise higher. The price could suddenly drop. A $10 difference in the price either way won’t make a noticeable difference when you get your gold payout, especially if you need the money.

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