Should I Sell My Gold?
Working out the right time to sell gold can be a complex process because there are so many factors involved. Everyone has belongings with sentimental value but sitting down and asking yourself: “Should I sell my gold jewellery or keep it?” can bring up a whole host of emotions.
How to separate sentiment from profit
Sentiments do not usually translate to monetary profit when you go to sell your gold. That’s why we would only recommend selling gold items you won’t miss too much, you don’t feel any great attachments to, and won’t feel guilty about selling after the fact.
Some of us can get far too attached to the things we own which is why we recommend following our step-by-step process below. It’ll help you decide what is sentimental and work out whether you should sell your gold now or wait.
- Gather all your gold items together.
- Sort them into three piles:
- The first pile should include gold jewellery and belongings that you simply cannot bear to part with. This might be a family heirloom, a piece you have had for many years or simply one that holds treasured memories. Take this pile and carefully put it away so that it doesn’t get mixed up with other gold pieces. We also recommend reading up on how to best clean and store your precious gold items so that they stay in the best condition and bring you joy for years to come.
- The second pile should include gold items that you think might be valuable and those which you don’t feel any great attachment. We advise getting these valued or tested before you decide to sell them to ensure they are the real deal and make sure you are getting the best gold price. Luckily, our service has valuation built right into it for free!
- The third pile should consist of gold items you’re sure you no longer want to keep. This will likely include old and broken rings, chains or bracelets as well as items that you never wear. You may still feel a pang when you go to sell them, but this process will help you to follow your gut and work out the best course of action.
Working out the right time to sell gold
There are a few important things you should know before you start the process to sell your gold – these pointers will help to make the entire process more pleasurable by ensuring that you are fully informed and can go in feeling confident.
First of all, you might think of your gold item/s as rare and valuable and feel a great sense of pride in presenting them. However, a precious metal dealer is only doing his job as an impartial expert and he/she might well think of your gold only in terms of its scrap value. Don’t feel disheartened by this, as it is simply a process and exchanging cash for gold is something that any good specialist will do on a regular basis. What’s important is that you get the best possible value for your items and an expert gold buyer will be able to provide this.
It’s important to be realistic about the value of your item and any potential depreciation due to the passage of time, and wear and tear. If you remember what you paid for your gold item or you know that somebody else paid a lot of money to purchase it, you could find yourself feeling disappointed to learn it’s now worth a fraction of its original purchase price. Sadly, this is par for the course.
If we think in terms of the most positive scenarios, some gold items will actually increase in value over time if they are very rare, limited edition or remain highly sought after by those in the know.
Choosing gold to sell
When we think in terms of the ideal pieces of gold to sell, they are those items that you never wear (even if you used to wear them a lot), those which you have no emotional attachments and those that are damaged or broken.
Remember, it’s one thing if an item is broken beyond but, if it can be fixed and you’re willing to put in the money to do so then it might be worth getting it mended. However, don’t make the mistake of paying money to fix your gold jewellery only to leave it sitting in a box getting dusty for the next 10 years! You’re much better off selling it and using the profits to purchase something you love and will use.
If you find it difficult to deal with sentimental items and find yourself getting too attached to everything, you’re not alone! Professional organiser and declutterer Kate Ibbotson has written a special article just for Vintage Cash Cow on how to deal with clutter that has sentimental value.
She coins it “the most challenging category of possessions for my clients to deal with” and you can click right here to read the article and better understand how to streamline your possessions and filter out those pieces with real emotional attachments.
Checking gold prices
Of course, it’s not only the sentimental factor that you need to consider when working out the best time to sell your gold. It’s also important to look at the current gold prices and gold price per gram to work out whether now is a good time to sell gold or you’re better holding off for a few weeks or months.
We would also recommend taking the advice of an expert, ideally one who buys gold or takes cash for gold, as they will be able to offer informed, up-to-the-minute advice and provide full valuations for your clarity.
So, now you’re a bit better informed, it’s time to really ask yourself: “Should I sell my gold?” After you’ve done that, we highly recommend reading the rest of the articles in the series so that you can follow some easy steps for selling your items – getting you the very best outcome.
We’ll show you how to make sure your metal is gold, how to get a valuation for the items you’re not sure about selling as well as those you’re only too happy to exchange for cash, and how to sell safely both online and on the high street.
Exchanging cash for gold
At Vintage Cash Cow, our experts are always available to discuss any queries you have about exchanging cash for gold or any aspect of the sales process. As professional gold buyers, we’ve dealt with thousands of items, and we’ll buy your old and vintage gold for cash – we also accept items in practically any condition.
We pride ourselves on offering a fast, free and super convenient way to sell gold with our current range including watches, rings, cufflinks, cigarette cases, necklaces, glasses, medallions and much, much more. Click the pink button below to sign up and receive your free Vintage Cash Cow welcome pack – including full details on how to get started with selling your gold.
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