Time to sell gold?

With gold about to hit $1600 is it time to sell? I saw the silver drop coming and sold 50 ounces at $48 per oz and now I think that gold will tank very VERY soon. Any insight?

 

Log in or Sign up to hide this ad.

If you saw the silver drop coming, then why do you need to instead ask what gold is going to do ?

BTW Gold is now above 1600/oz.

Silver is above $40/oz.

 

Gold will probably keep going up until the debt ceiling is worked out. Then I think it will start falling.

 

I'm going to vote no with a qualification. It's always a good idea to sell a little into this sort of strength, in my opinion. But gold is in a bull market and there is no sign yet that this has changed, so the correct decision would be to hold on for the ride.

 

It depends how much gold you have. If you have a few ounces that you paid $800 for then yes, you can let one or two go to enjoy the profit. That said, there are some gold collectors that have pieces they won't sell like the gold coin around my neck.

 

It's breaking out to new highs. I say buy (although I accidentally voted Yes).

 

Good answer. Its always a personal decision based upon your portfolio, your circumstances, and need for free cash to pay your bills.

I do not think its overvalued in a real basis, so do not think its dire that someone sell today. $2000 to me would be high and maybe a reason to sell temporarily, but not today's price. I still think gold is a good deal relative to silver, which to me is a little high. $50 silver will have me selling some I believe.

 

Well I am a 15 year old kid so I have no bills or cost of living rates and i am asking just to get others opinion who's been in the game longer. I have $1300 in gold melt value but they are in Numismatic coins valued at $2,000.

 

I think you are doing well. Gold is high only in terms of dollars. What this means is if you had $35 worth of gold in the 30's you could buy about what you can buy with $1600 worth of gold today. So, considering that, gold is equal to where it was. This is what is good about PM, that you should, (absent other issues), keep your purchasing power long term, and it should go up every year since currency goes down.

You are young, though, so if you needed the money from gold for your education that would be the better investment. Short of that, I would keep it long term. Remember, you are also getting a "return" in the form of pleasure from owning your coins.

Chris

 

Let me put it this way, look around you, half the world is going bankrupt.

 

I would love to see a 1930's macbook

 

The countries, and in the US the states, counties, cities, and individuals as well. Average credit card debt, average student loan debt, municipalities going bankrupt, states in debt to their ears while holding underfunded pensions...it goes on and on.

 

Cash out your gold and invest in candy. GO GO GO!!!

 

Fretboard statement about how much makes a difference. If ones has 100 oz of gold as their main savings, it is a difference answer from me than if one has 3 oz of gold as their main savings.

 

If I had 100 oz of gold I bought at lower prices you can bet I'd cash a little in and maybe get a nice toy for myself. From a strictly generalized standpoint I don't think now is the time to sell though. The price is going up for reasons that are just as valid today as they were when the price was lower.

 

For me, I would be looking at capital gains, can I take a loss somewhere to counter the gain tax, something along those lines. Ee are required to pay tax on that gain if I'm not mistaken, so timing is key, to try to maximize the gain.Just my opinion.Lucy

 

Nah. I think gold looks stronger for the rest of the year than the dollar does.
$1600 ain't what it used to be.

 

Not The Time to Sell

When the U.S debt clock starts turning backwards then you should consider selling.
People around the world are giving up on paper currency and the U.S. dollar.
If not for the government bailout, the U.S economy would have collapsed a long time ago.
Greece,Ireland,Italy are all having problems.
Need I say more......................

 

While Gold broke $1600 USD it also broke £1000 GBP.
These are interesting times.