Should I sell my gold

happymum37

Hello

I have a solid gold necklace that was valued at 8k. Having looked at the price of gold today it's much higher. I rang the place who have now increased the value to £9,200 and will buy it from me today at that. Rang a few others to check and it's the same offer.

I have kept the necklace as in my head it's been money towards my 2 children's possible uni fees. They are 10& 13.

Hard question but would you sell now? Or keep it as gold. I don't need the money for anything else. I have never imagined my self selling for anything other than their uni / training at age 18

Thank you

On-the-coast

personally I’d check the price again in a few days. I suspect today’s news will have driven the price higher.
but yes I’d sell and place the money in a pair of junior isas

Is it insured? And is it insured for 10k+?
It’s a major risk (& expense having that in your house)

daveyjp

All down to what you will do with the money.

It needs to be invested, but with a 13 year old that only gives you a 5 year time horizon before you may need the money. Thag isn't generally considered long enough for higher risk investing.

PixelPound

Gold could go up further, and at some point it will flatten and maybe at some point fall. Most likely it will be worth more in 5 years, but if when you need it, it coincides with a dip, what will you do.

Ms_Chocaholic

How much are they paying you per gram of gold, you need to shop around, ring a few jewellers and find out how much they would pay per gram, it can vary a lot. Do you know what carat it is.

happymum37

https://forums.moneysavingexpert.com/discussion/comment/81903490#Comment_81903490

Yes all insured and in a fire proof insurance safe

happymum37

Its 22 c.

Yes have rang loads of different ones. Spot price per gram is very similar at them all per gram.

plumb1_2

£108.49 per gram at my local high street dealer today

Albermarle

https://forums.moneysavingexpert.com/discussion/6657354/should-i-sell-my-gold

Hopefully you have more than this gold necklace, to support two kids through Uni.

Assuming they take maximum student loans, normally they need subsidising to the tune of £3,000 to £10,000 a year each, depending on parents income and location.

Obviously if they do part time work at the same time, that helps.

happymum37

https://forums.moneysavingexpert.com/discussion/comment/81904961#Comment_81904961

At the moment we dont. We are saving as much as we can but we paid off our mortgage and needed 2 cars in 2 years when our very very old bangers died .

I'm prepared that while they are at uni its going to be over time central for my husband and I, but with unpaid caring responsibilities to elderly relatives and trying to be hands on parents we dont have much spare income. We are currently saving like mad to get something together for when they go but will absolutely be looking at them staying at home / doing apprenticeships to try to prevent the student loan trap

DRS1

You may not be happy to hear this but when I was looking at Universities the advice I got from my school was NOT to apply for a local University. Since I lived in London that ruled out some very good places like UCL and Kings College London. The thinking behind the advice is that for the child a very large part of the University experience is the LEAVING HOME part and finding your own way in the world.