Selling gold is good when everyone is buying!
When everybody is buying, that is the time to be selling gold, remember the boom in technology shares. Everybody suddenly became a qualified investor. Everyone bought like like mad,like there was no tomorrow. They couldn’t get enough. This likewise applies to the property surge, once again everyone were getting into the market, calling themselves developers or investors. Everyone was an expert.
Those are two instances of the “top” in an asset class. Instead of participating, the most suitable move would have been to sell. It’s the same with precious metals. When your neighbour is telling you how they got a great deal on coins or how they succeeded in selling gold, it’s time to sell.
It is also important to keep an eye on the Government, when it starts to become serious and cuts back on overspending and cut their debts, sell. This is when it is really starting to hurt peoples pockets. When the politicians are making an effort to pay back their debt and stop the out-of-control spending. If we compare the two graphs below, this can be clearly seen. The gold price rises steadily over the last 10 years up to 2010– 2011 when it starts to drop off; this is exactly when the UK government’s austerity program starts to be implemented and takes effect. this is the time to be selling gold.
Selling gold is best when you need the money.
Sell your gold when you need the money. It seems obvious but it’s not always about making money. For example, if you are made redundant and are without cash in an emergency situation or have made money already, you might consider selling gold. Because it has done well for them, the mistake many people make is over staying in an asset class. Gold can be even harder to part with as it’s so shiny! Ultimately the decision on the moment of selling gold is up to you – and it’s also contingent on your plan of actions. If you buy gold as insurance and an emergency occurs- that is the time to be selling gold! If you acquired gold low and have made a ton of money you may want to want try something else like commencing your own business this would be the be the correct time to sell.
Selling gold – Bottom Line
Don’t get emotionally charged over selling gold. Sell it when every person else is emotional about it. That is when selling gold is the correct decision for you.