Millions of people own gold jewelry they haven’t worn in years. Tangled chains, watches that no longer tell time reliably, and pendants that have long since gone out of style, are hidden in their garages and dresser drawers. Many people also own an assortment of scrap gold items for which they have little use. These items are packed away. Much of it remains forgotten.
With the price of gold hitting record highs over the last few months, more people than ever are selling their old gold jewelry and scrap pieces of the precious metal. They have realized that selling their gold for cash provides them with financial flexibility they haven’t enjoyed in years.
If you’re thinking about selling your broken bracelets, brooches, and earrings, but have yet to do so, consider the following six reasons. They offer a compelling argument for taking advantage of the recent peak in the price of gold.
1 – Your Jewelry Is Unwearable
You may own a watch that cannot be fixed; you might own broken chains that cannot be worn; or, your jewelry may have been purchased many years ago, and is no longer in style. If your gold pieces are unwearable, there is little reason to keep them. Rather than allowing your jewelry to take up space, consider selling it. You’ll enjoy the cash you receive far more than a broken watch or tangled bracelet.
2 – You Need Emergency Cash
With so many people losing their jobs, many are wondering how they will be able to make ends meet. Bills may be piling up, and necessary purchases are being postponed simply because the funds are unavailable.
If you are currently in this situation, selling your gold jewelry and scrap gold may offer a short-term solution. The money you’ll receive in exchange for your items may go a long way toward helping you get back onto your feet.
3 – Your Gold Jewelry Holds Bad Memories
Jewelry is often inherited when a loved one passes away, or received from a significant other who breaks off a relationship. In both cases, the rings, bracelets, and earrings may be a reminder of people we would rather forget. Selling them not only helps purge painful memories, but will also produce an inflow of cash.
4 – You Need Money To Buy Gifts
Whether for Christmas, birthdays, a baby shower, or any other occasion, having the funds to buy gifts for others may be a luxury. By selling your broken gold bracelets, damaged lockets, and unpaired earrings, you can raise the needed funds. Chances are, the smiles and goodwill that result from purchasing gifts for others will bring more joy than damaged pieces of scrap gold.
5 – You Want To Invest Funds Elsewhere
Even though gold should not be considered an investment, it is impossible to ignore the spectacular rise in the precious metal’s price over the past year. A lot of people own small collections of gold jewelry and scrap gold that can sold for hundreds, even thousands, of dollars. This money can be put into other investments, such as mutual funds, CDs, or an IRA.
Remember, the price of the precious metal has recently catapulted to record highs. Now may be a good time to lock it in.
6 – You Fear The Price Of Gold Will Decline
Economists and precious metals experts disagree about the future direction of the price of gold. Some believe the recent highs suggest its value will decline significantly over the next several months. Indeed, its value has already dropped slightly. Others believe the economy is in worse shape than it appears, and thus suggest the price could continue skyward.
If the experts are unable to agree on where the value of gold is headed, the layperson certainly has little chance of accurately predicting its direction. A conservative approach may be warranted. Consider locking in the current price.
There are many reasons to sell your broken gold jewelry and scrap gold items. Whether for emergency funds, to get rid of painful memories, or to fund other investments, now is a good time to make the decision.