The article below was published in the Baltimore Business Journal on March 13, 2020. To view it on the BBJ website please click here.
Gold prices are at a record high, making this your golden opportunity to sell. What’s driving up the price? There are a few events to which we can attribute the spike, the most obvious being what Warren Buffet recently termed the “one-two punch” of the ongoing oil price war and the COVID-19 pandemic.
These two events have caused U.S. markets, and the broader global economy, to fall nearly 20% in a matter of days. When the markets experience volatility like this, demand for gold and other precious metals tends to increase, driving the price higher. As of Friday, the price of gold is at its highest level since 2012 — and if past “gold rushes” are any indication, this won’t last.
That said, now is the ideal time to sell your gold or other precious metals, because once the markets see a recovery and begin to surge, demand for gold will fall, and with it, the price of gold.
While you may think you don’t have any gold to sell, take a moment to reconsider. At Samuelson’s, we hear stories every day from people who forgot that they inherited gold jewelry, coins or watches, or that they purchased gold bracelets, necklaces or even gold bullion years ago. If that piece of jewelry happens to have a “stamp” (like Tiffany & Co., Cartier or Bvlgari), it may be worth even more.
So, dig through your closet, couch cushions and jewelry drawers to find that gold bracelet or chain you never wear and capitalize on the 2020 gold rush now. We don’t know how long it will last, but we do know it won’t last forever.
Ron Samuelson is the third-generation owner of Samuelson’s Diamonds and Estate Buyers in Pikesville.