Hanging on to your old gold jewelry, coins, or scraps so you can wait for a ‘good gold market’ to sell, isn’t always the best decision. Unfortunately, the gold market is constantly changing and waiting could mean you lose money instead of making it.
While getting cash for gold is always a benefit to selling, if that’s not your only reason for confusion on when it’s too soon to sell or not – we are here to help.
3 reasons you should sell your gold (not cash related)
Divorce – Going through a divorce or any breakup for that matter, is a hard and new transition in your life. The last thing you should do is hold on to memories and jewelry that remind you of this time (positive or negative). The best way to move past this phase in your life is to let go of all past items, resentments, and to start fresh.
Estate Jewelry Inheritance – If you’ve inherited jewelry in an estate sale or when someone you loved passed, you may not ever use the jewelry and really the jewelry could be worth very little money. If that’s the case, you should have it appraised and sell it, so you get it off your hands.
Moving – The best part of moving happens during the packing phase – when you get to sort through every item you own and decide if you really want to take that to the next phase/chapter in your life in your new place. If you have jewelry or gold lying around, this is the best time to get it appraised and cashed in.
3 reasons you should get cash for gold (cash related)
You owe debt – If you owe a significant amount of debt you should find ways to downsize your jewelry or other collections that you can turn into profit to pay down that debt. While the US is a debt-living country, the sooner you are debt-free and realize the benefits of working to have free cash, the better you’ll set yourself up for a healthier lifestyle.
You have backed taxes – Another reason you should sell and get cash for gold is if you owe the government money. Having backed taxes can result in jail time and no piece of jewelry or gold scrap is worth keeping over jail time!
Retirement – If you’re going into retirement and you know you need a little extra cash to do so, now is the time to raid your gold collection and sell.