Scrap Gold - Should I Sell It?

The_Tax_Mans_Cash_Machine

Hi MSEers.

I have a dilemma. I have some scrap gold that I've been thinking of selling for a while, but when I went to the Hatton Garden Metals website today I find that my gold is now worth substantially less than it was before - on the same site - using the same calculator!

Having done a bit of investigating I see that gold prices have dropped a lot recently (knew I should have sold it before), so what do I do now?

Should I hang onto it in the hope it'll go back up again, or sell it quick in case it goes down even more?

Looking at the past gold dropped a lot in the early 80's, going from about $800 an ounce to around $300, so losing almost 66% of it's value.

It's been around $1800 recently, so if it did the same again it'd drop to maybe $600 an ounce :eek:

So what the flip should I do?

If I sell it now and it goes up again I'll be really miffed off, but if I hang on to it and it drops even more then I'll be mortified.

What would you do if you were me - sell it quick in case it goes down even more or hang onto it in the hope it goes back up?

And is there anywhere that pays more than Hatton garden Metals? I see they're liked by a lot of people on here, but I need to get as much as I can for it.

Help!

R_P_W

How much scrap gold? What is it worth?

nzseries1

I don't think that anyone can really help you with this, as nobody knows the future price of gold!

All I can say is based on what you've said, I'd rather be "miffed off" than mortified, and therefore I'd sell.

And really, nobody is ever going to be able to sell at exactly the highest price, so if you expect the highest price possible and won't accept anything less, then you're going to be disappointed.

The_Tax_Mans_Cash_Machine

Yes I think if I wait for the highest price I'll never sell it.

I think with the economic cliamte, what's going on in Europe, etc, that it might be best to sell now because I get the feeling that things are going to get a whole lot worse before they get any better.

So gold prices are probably going to keep going down.

Thanks.

quotememiserable

It sounds to me like you should sell. If you want to get peak price for stuff you have to watch the price every day and even then there's a tricky call on the peak.
A friend of mine held a share at £11, didn't sell, at £9 he was waiting for it to be £11 again. At £7 he was waiting for it to be £9 again. Watched it go all the way down the drain.

Masomnia

I don't think there's much point trying to time the market, I'd sell.

R_P_W

Do you need the money right now?

atush

I sold my scrap at the current price, the last time it was this price.

Don't ponder over, just do it if you have no use for the stuff.

princeofpounds

Sell it. If you are so concerned about the gold price, invest the money in gold. The scrap isn't doing you any favours sitting around and will take longer to mobilise should you ever actually want to do something with the money.

opinions4u

Hold until there's another recession. Then sell early on in the crisis.

warehouse

The_Tax_Mans_Cash_Machine wrote: »

I think with the economic cliamte, what's going on in Europe, etc, that it might be best to sell now because I get the feeling that things are going to get a whole lot worse before they get any better.

If the economic climate gets worse, gold will rise, if it get's better, gold will fall.