Ask the Experts: When Is the Best Time To Sell Gold Jewelry?
If you’ve inherited estate jewelry from a loved one or have unused pieces in your collection, you may be battling whether to hold onto them for sentimentality or sell them for extra cash. You may want to hold onto your gold jewelry for your child to have someday, or you may feel uneasy getting rid of something gifted to you, even if it isn’t your style.
Customers visit us at Watch & Wares every day to sell jewelry, each with their own story of why they decided now was the right time to sell their gold jewelry pieces. If you have gold antique or estate jewelry in your collection that you’re considering parting with, here is a guide to help you decide the best time to sell your gold jewelry for cash.
When the Spot Price is High
If you’re considering selling gold jewelry, you’ll need to be familiar with the spot price for gold. The spot price is the current market price for gold; it’s how much an ounce of gold can be bought or sold for at any given moment.
Ideally, you’ll want to buy gold jewelry when the spot price is low and sell it when the spot price is high. This is essentially how gold traders and investors make their money. The gold market is fairly volatile, so prices will rise and fall several times in the course of a week. To make the most money, it’s always ideal to hold onto gold for a period of years, but checking the spot price each day or week when you’re in the market to sell will allow you to earn the most cash possible for your gold jewelry.
When You Need Cash
Although it’s always ideal to wait for market prices to rise, sometimes circumstances necessitate selling your gold jewelry right away. At the end of the day, the best time to sell gold jewelry is whenever you need the cash most.
Whether you have debts to pay off or unexpected expenses arise, selling gold jewelry is a quick way to secure extra funds to keep you afloat. Although the gold market can shift rapidly, the short-term changes are minimal, and prices won’t rise significantly in the course of a single year. If you need cash, sell right away rather than waiting for the market to change — it may just decrease and leave you with less cash than you would’ve gotten immediately.
When You Want Something Specific
If you’re looking to purchase something new, selling off your gold jewelry can be an excellent way to generate the funds needed. Whether a big-ticket item like a car, a smaller purchase like a new handbag, or a much-needed vacation, freeing up funds by selling unused items is a quick and easy way to feel more confident about your next purchase.
Some people hold onto jewelry with the idea of building wealth and selling it when the spot price rises. However, the gold market’s volatility can often cost you money in the long run, so it’s generally a better idea to hold onto your gold until you have a better investment opportunity, such as real estate.
When You Don’t Use It
One of the most common reasons why we get customers coming into our store is that they’ve inherited jewelry from a loved one. As times change, so do styles, and the jewelry your parents or grandparents thought was fashionable may not be to your taste now. You may also have older pieces of your own that you no longer wear as trends have changed.
Whether you inherited jewelry that isn’t to your taste or have older pieces you no longer wear, clearing out your jewelry box of items that are collecting dust will help you secure some extra cash while freeing up space in your home. It’ll also allow the jewelry to be passed on to someone who will wear it, appreciate it, and continue its unique story. Even if the market isn’t at its highest, clearing out your home and removing unnecessary clutter can sometimes be more valuable than holding onto something you don’t need to wait for spot prices to rise a few cents.
Whatever your reason or timing, make sure that when you do decide to sell, you choose the best place to sell gold jewelry in Orange County. Watch & Wares has been buying and selling gold for more than twenty years, and we’ve established ourselves as the local experts. Orange residents know that when they visit Watch & Wares, they’re receiving a fair and competitive appraisal offer that directly reflects market prices. In fact, our offers are consistently some of the highest in Orange County, thanks to our team of experienced jewelry experts and certified gemologists. If you are looking for the best place to sell gold jewelry near you, contact Watch & Wares online or give us a call at 714-633-2030 today.
