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Selling my Gold?
LondonZ17
Posts: 42
Forumite
Hi there,
Wondering if this is a good time to sell 'scrap' pieces I've accumulated. Jewellery is one of my interests and I have antique & vintage pieces, of which I resell those I'm tired with on Ebay, making a small profit on average. On the side, I've picked up cheap pieces of 9ct gold, 14ct and 18ct - unmarked gold, twisted brooches, broken chains, that kind of thing. I've just checked and with the price of gold so high, I could resell a few of them now for £280, making a profit of £150 approx. I have no real reason to resell - I'm just keeping them for a rainy day and there's no great risk of theft as there's someone constantly at home. I do have an expensive loan (interest is £300 at the moment, so when I pay chunks off this will go down) so it would make sense to tackle it using the gold + other savings. On the other hand, I feel secure having it and it's been exciting seeing the value go up recently.
I have other bits for which I paid more than gold weight and they're not selling at all in spite of being bargains (compared to similar antique and signed items), so the value at the moment seems to be in scrap; no one is buying jewellery to wear.
Wondering if this is a good time to sell 'scrap' pieces I've accumulated. Jewellery is one of my interests and I have antique & vintage pieces, of which I resell those I'm tired with on Ebay, making a small profit on average. On the side, I've picked up cheap pieces of 9ct gold, 14ct and 18ct - unmarked gold, twisted brooches, broken chains, that kind of thing. I've just checked and with the price of gold so high, I could resell a few of them now for £280, making a profit of £150 approx. I have no real reason to resell - I'm just keeping them for a rainy day and there's no great risk of theft as there's someone constantly at home. I do have an expensive loan (interest is £300 at the moment, so when I pay chunks off this will go down) so it would make sense to tackle it using the gold + other savings. On the other hand, I feel secure having it and it's been exciting seeing the value go up recently.
I have other bits for which I paid more than gold weight and they're not selling at all in spite of being bargains (compared to similar antique and signed items), so the value at the moment seems to be in scrap; no one is buying jewellery to wear.
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Comments
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Surely it makes sense to sell the gold to help pay off loan and reduce the interest.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales2
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Thanks, lincroft1710, it's the most sensible thing to do. I'm always unreasonably worried about a huge recession in which it's important to have a stash of gold, but I suppose it won't happen...0
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The problem with there being a recession or any occurrence where a large amount of the population need cash is that any commodity they wish to trade will drop in value as there will be an awful lot of sellers and very few buyers.LondonZ17 said:I'm always unreasonably worried about a huge recession in which it's important to have a stash of gold, but I suppose it won't happen...If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales1 -
Oh I see! That's true. I'm keeping a few pieces and selling some to tackle the debt...0
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