The price of gold is historically high right now, and there seems to be no limit to where it may end up. Unless you have been living on another planet (or just don’t watch TV), you’ve likely heard thousands of television commercials in the past couple of years, encouraging you to sell off your old, unwanted scrap gold. Perhaps you have been scratching your head, wondering what’s behind this rise in the price of gold. This article will attempt to shed some light on the gold phenomenon.
When it comes to gold prices, bad news is typically good news. The current economic situation not just in the U.S., but around the world, has led to a new all-time high for a troy ounce of gold, which (at the time of this writing) was $1853 per ounce. While the gold market has seen spikes in the past, the driving force behind the latest elevation in the price of gold was created by:
In sum, uncertainties have made the price of gold ascend higher and higher. Debt crisis in Europe. Economic struggles in Japan. Political upheaval in Egypt. Threats to the global oil supply. With all of the political problems around the world occurring at once, investors have grown weary and want to invest in something that is tangible and safe.
For the Average Joe on the street, what does all this mean? Well if you don’t plan on investing in gold, then you can still “rack up” by cleaning out your jewelry box. What it really boils down to is that right now is an ideal time to sell off any scrap gold, dental gold, or other gold that you might have that you no longer want or use. Broken rings, necklaces, bracelets, anklets, earrings, and cuff links – you name it – if it is scrap gold and you no longer want it, there has never been a better time to cash it in. With the price of gold at a record high, gold buyers are paying a record amount for scrap gold. Hold on to it, and you may get less this time next year, or even next month.