Amongst antique or gifted items in your possession might be items made of gold or silver. You may wonder how much your gold and silver is worth, and if they are worth selling or holding onto? Some of these answers are subjective. Does the item hold sentimental value? Naturally, you won’t want to sell such an item! Are you in need of some quick money? That may prompt you to sell now instead of strategically waiting for an opportune time based on the precious metals market. Once you answer these important preliminary questions, we come to the question at the crux of the issue: just how much does your gold or silver get you?
Precious Metals Trend Slowly
The upward or downward trends of gold and silver happen very slowly – a single trend can take twenty years before things start to go the other way! This is because gold and silver are not consumed like other goods, such as food items. People who buy gold and silver tend to hoard them, not use them up. Supply and demand does affect precious metals, but not as drastically the way it affects other commodities. Therefore, if you want to be patient and wait for an opportune time to sell, you may have to wait a while. However, there are some big rises in price from time to time, even during a downward trend. If you catch one of those rises, you could get lucky.
The Worth of Gold and Silver as Determined by the Spot Price and the Daily Fixing
Once or twice a day, the price of precious metals is “fixed.” That means that members of the industry decide on a set price for buying and selling precious metals or agree to maintain the current market conditions in order to regulate the price across the industry. Another way to determine the price of gold or silver is by looking at the spot price, which predicts the future expected value of precious metals. The spot price can change several times a day.
The Devaluation of Currency Raises the Worth of Gold and Silver
As markets change, the value of certain countries’ currencies can go down. When currency values decrease, investors look to gold, increasing gold’s inherent value. More than supply and demand, market changes and currency values heavily influence the worth of gold and silver.
It’s not always a simple decision when (and if!) to sell your gold or silver items. At Old and New Shop, our experts analyze the current market trends for gold and silver values. We look to buy solid gold and silver items including gold coins, silver flatware, silver tea sets, silver trays, and more, and we will give you the highest price for your items.