The price of gold in today’s market is so much higher than in the past many years. This has had average people cashing in on the high market prices of metals by selling their gold jewelry to pawn shops and fine jewelers.
Price of Gold
The last huge spike in the price of gold was in the year 1980 when gold reached nearly $1,500 per ounce. The bad news for investors is that it promptly dropped. And dropped. And dropped some more. At rock bottom, pure gold was selling at only $349 in April, 2001. That is a very long downslide for investors, pretty much 20 long years of Hell, if they stayed in the market.
Today, gold is trading well over $1,000, but it is well off of its peak of $1910 in August, 2011. It seems steady, though. The price of gold has been bouncing around within a few hundred dollars, with highs around $1,300 – $1,400.
A Good Investment
It is always easy to look at the historical chart and point out when gold was a great investment. Hindsight is 20/20, as they say. But, is it a good investment now? Going by the theory of what goes up, must go down, the answer would be no. There is a lot of room for gold to drop. Although, you could pick up a few hundred dollars per ounce if the kiddie roller coaster it is on right now continues. But, all expectations would be that it’ll continue to inch down in value.
If you are interested in selling your gold, whether it be jewelry or scrap gold, Ben David Jewelers will give you a fair market value for it. They will also purchase your diamonds and other gemstones. Stop by our store anytime during normal business hours and we’ll give you a price of gold quote.