Before you sell your gold, you should be confident about the goals that drove you to invest in gold in the first place. Were you saving for retirement now that you can include gold bullion in your RRSP? Were you using gold to balance your portfolio, mitigating the risks you’d taken on in stocks? Or are you simply trying to make the highest possible profit from investing in gold?
If you’ve invested gold in an RRSP, you’re in it for the long-haul. Don’t forget that like any RRSP contribution, you pay taxes on what you take out based on your present tax level. Wait until you need the money for your retirement or for a gold super-cycle. Investing in gold as part of an RRSP or a TFSA could optimize your gains.
Gold included in a balanced portfolio is something that you can frequently buy or sell. A balanced portfolio requires regular recalibrations. You want a specific percentage in stocks, bonds, gold, and alternatives to achieve your goal. Any balanced portfolio should have some percentage allocation for gold. During a surge in gold prices, you want to sell off some gold to rebalance your portfolio, while low prices are a good time to buy and prepare for the next cycle.
If you’re regularly trading gold bullion to maintain a balanced portfolio, visit Silvergoldbull.ca/sell-to-us/ to find out how you can quickly and easily sell gold coins and gold bars. Doing it online is a quick way to get a quote and lock in prices. When you sell gold bullion, you should be getting investment-grade prices, not the cheap discounted offers you can find from cash for gold business or jewelers. The easiest places to sell gold are the same dealers from whom you can buy gold.
Some, like Silver Gold Bull, also buy gold jewelry and watches. Online gold dealers can also be a great place to get a better price for jewelry and watches. Online gold dealers are increasingly looking for people selling luxury watches, as the preowned luxury watch market grows. These dealers can offer a better price because they sell directly to preowned luxury watch dealers who struggle to restock, often because they have rather cool relationships with watch companies themselves.
When it comes to local stores, it’s generally a good idea to avoid pawn shops and especially “hotel gold buyers.” Pawn shops don’t offer great prices, while “hotel gold buyers” are operators who quickly open up in a town, buy all the gold they can, and often leave before they’ve fully paid for everything. Only trust your gold with reputable companies that have a major presence and aren’t going anywhere. Major online gold dealers such as Silver Gold Bull are a safer bet if you can wait the 3-4 days to get your payment.
Selling gold is easy if you know what your goals are and where to sell gold. Investing in gold can be a highly profitable endeavor if you take your time to do your research and don’t panic sell. Through its ups and downs, gold has lasting value.