You’ve likely seen countless adverts on the TV telling you to swap gold for cash, but is all the hype worth it? The premise of buying and selling gold is like any other form of trade. If you do a quick search you can find the exchange rate for gold per gram. As per the time of writing this, the value is $43.33 per gram.
Most of us have some old jewellery hanging around the place which is only going to waste. It could be your grandma’s old earrings or a small pendant you got from a boyfriend in high school: but you could be sitting in a lot of money if you care to research it. There are hundreds of companies out there who buy gold and sell it on, so it is worth seeing whether or not you should get rid of your gold and sell it on.
Gold is political
Why do banks hold gold bars? You will see on every heist film that a bank had a secret vault with tonnes and tonnes of gold, but why? Well, that will be because of the government. The government holds gold for a brilliant reason and one which most of us would never think of. During a war, this gold is used as payment for any weapons, equipment and everything else the army needs to fight for their country. The reason this is relevant is because it keeps gold valuable, meaning you can get a higher price per gram.
Supply and demand
Did you know that only 3000 tonnes of gold is produced, compared to 60000 tonnes being consumed? This means that the supply of this material is far less than the demand for it.
When supply is lower than demand you will see the value of something rise due to the fact that it is rarer to get hold of. This is why gold is much more valuable than a metal such as silver, because silver is more widely produced and used in the world. It means that the gold earrings to have sitting in the wardrobe could be worth a huge sum to the right people.
Everyone loves gold
For hundreds of years people have loved gold and the rich have used it in every possible form to show their worth. Gold is a symbol of wealth as well as class, and it is a material which has and will always be wanted by many. The great thing about this is that it means you will never have a worthless piece of metal on your hands, because even when the price does fluctuate, it will always b fairly high.
If you are thinking of selling your gold, remember to do your research and find the absolute best price you can for the material. It will give you a lovely bit of extra cash to save up for a holiday or splash out on shopping. What are you waiting for? Go and dig out your old gold and get it sold!