If you have gold jewelry or coins, this may be a good time to sell your gold and use the money to pay for a new car, a vacation, or just something that you need or have wanted for a long time. Today, gold prices are fantastic. In recent years, gold prices have dramatically increased to all-time highs. If you are interested in selling you gold, give us a call. We pay the highest prices.
A Brief History Of Gold
Gold, that soft shiny metal has been used to create coins, jewelry, and other artifacts long before recorded history. You can say that gold has always been precious and beautiful. Gold has been used as a monetary standard through most of history. It was only in the early 20th century that gold started to be replaced as a monetary standard by fiat currency in modern times. China used paper money as early as the 11th century. For those unfamiliar with the term, fiat currency is use to describe money that gets its value from government regulation or law. This is the type of currency that is in use today across the globe.
In the USA, you could directly convert gold into dollars until 1971, when Nixon took the USA off the gold standard. Since that time, all reserve currencies (currency held by governments in significant quantities) have been fiat currency. Generally, this means that the value of a fiat currency like the dollar is no longer tied to the value of gold. You can no longer go directly to a bank and exchange your gold for currency.
In fact, because of the split in 1971 of gold and currency, there is no relationship between the two. Gold today is like any other commodity going up and down in relationship to the value of the currency, which is the dollar in our case. Well, that is technically true but gold certainly has a special place as a commodity. It’s historical relationship to currency means that you can easily convert your gold to dollars and it has exchange value because people inherently recognize its value. Some economist even want to bring back the gold standard, but this is highly unlikely, no matter what you hear on the Internet.
Gold Always Has Value
So what does this mean? Basically, it means that you can always exchange your gold for currency. There will always be buyers for you gold. In fact, we offer that service. We will buy your gold. That is the good news. The bad news is that the value of your gold goes up and down like any other commodity. And, gold also has an inverse relationship with fiat currency. If people don’t trust the dollar, and the dollar is weak, then gold prices go up. If the dollar goes up in value and trust, gold goes down.
In recent years, because of economic instability, gold has been going up to record highs. Will that continue, maybe and maybe not. It depends on a lot of factors in the economy and the political decisions that affect our currency. We are not going to make any predictions on whether the value of gold is going up or down and we are not going to give advice on whether you should buy or sell. However, if you do want to sell, we will give you a great price on your gold. We feel that right now you get excellent value for your gold, certainly much more that 5 years ago. The decision to sell your gold must come from you. But, if you do decide to sell, please come and see us.
We buy gold and we also buy silver, platinum and diamonds. Just so you know…