Whether you own gold in the form of coins, bullion or other forms, you will want to know the best time to sell off your precious commodity. The answer to this question can be a little tricky as it depends on a number of factors.
Past History of the Value of Gold
The value of gold has fluctuated like any other commodity. It fluctuates a lot as the price depends on a number of factors that can be hard to control.
To give a detailed review of the value of gold, let's first take a look at its value from the 1800s to the 1970s. During this period, the value of gold stood at around 29 to 31 USD per ounce.
This value took a turn for the better and rose to a whopping $600 per ounce in the 1970-1980s. Ever since this remarkable rise, the value of gold has been in a constant state of unpredictable fluctuations.
At the beginning of the COVID-19 pandemic, the value of gold dropped to 1,250 USD before reaching a record-breaking value of $2,000 per ounce.
According to experts, this value will only go on to rise.
Value of Gold Compared to Other Commodities
Gold is not affected by manipulative forces the same way that fiscal currencies such as the US dollar get affected. We saw a good example of this during the 2008 recession.
When is the Best Time to Sell Gold?
Now, coming to the real question, when is the best time to sell your own gold? Of course, if you are in dire need of money then the obvious answer would be to do it right there and then.
However, if you wish to sell your gold purely on the basis of when its value is at its highest then the answer to your question would be to never sell your gold unless you?re sure the prices will not increase or that prices will fall down in the future.