On the 31st December 2019, the price of gold was $1519.59/oz on the 13th of April 2020 the price had gone up to $1,744.80. That is a significant jump over three months. The performance of gold over this period was largely due to the aftermath of the Corona Virus outbreak. Once again, gold has shown why it is a good investment asset to have in times of crisis. This time the crisis affects the world and has impacted the global economy in an unprecedented way. Many people who have invested in gold bullion can cash out for a good profit.
What kind of gold bullion do you have?
Gold bullion coins are produced by government mints across the globe. Some gold bullion coins are more famous than others. For instance, the gold bullions from the United states are more popular, followed by Canadian coins, coins from South Africa and Australia as well as Austria. These coins weigh no more than 1 oz. Which makes them small enough to carry around and easier to sell.
Quality and Condition matter
Coins that have been kept in good quality are more valuable. Most coins are sold in a protective cover to keep them from being scratched. It is best to keep your coins in this cover if you can. You might be tempted to clean your coins once in a while. As sensible as that might be, cleaning your gold bullion coins makes them susceptible to scratches. Keep your coins in their protective cover. Gold dealers Brisbane will pay a good price for bullion coins that have been kept in good condition in their protective cover.
Who you sell to matters
There are all kinds of people who claim that they will give you the best price for your gold. If you have gold bullion it is best to sell to a gold buyer who specialises in gold bullion. You do not want to sell gold bullion coins to cash-for-gold buyers who treat gold products the same. The price you will get depend on the scrap gold value. Gold bullion coins are not scrap gold, they contain the highest percentage of pure gold and are best sold to a gold bullion dealer.
You can find local gold dealers Brisbane sell to or you could sell your gold to online dealers, just make sure you identify the risks and that you know what to do to avoid them or make them work in your favour.
Knowing when to sell
The decision to sell your gold is a personal and financial decision. Most investors wait for the price of gold to be as high as it can be to realise a substantial profit. Most investors hold on to their gold for a very long time, some even pass it on The gold price may be at $1,700 now by this is not the first time it had reached this point and it’s not the last time. We might be in an economic crisis but no one knows exactly when we are going to begin to come out of it. This is not the first crisis we have seen and it probably isn’t the last one either. If you are thinking of selling now, keep an eye on the spot price. You need to be sure of your decision. When all is said and done the best time to sell should align with your needs as well as the price of gold.