If you’ve been watching the price of gold over the past couple of years you know that it’s been a wild ride. Since October though gold has appeared to be in a free fall and the fall continued this week on Monday when the SPDR Gold exchange fell by more than 8% in the morning trading session. The recent market activity has left people with many questions regarding the price of gold, if it’s going to continue to drop and what they should do with their personal investments.
Who Should You Believe?
At times like this it’s important to remember to keep your head on straight. People are so easily fueled by what the media is telling them that they get caught up in a frenzy and do whatever the media tells them to but as you can see in the two article headlines below from CBS Money Watch, news agencies like to take things to an extreme. Just a couple of years ago CBS Money Watch was reporting that gold would hit $3,500 and now they are reporting that “Gold Prices in Freefall.” As you can see, the news is only in the business of drawing attention to itself, getting more traffic to their websites, selling more papers etc.. so that in the end, they can make more money off of advertising. So while Gold prices might be falling, it’s important to take a look at who your sources are.
How Does the Price of Gold Affect You Personally?
If you haven’t invested in gold and don’t have a lot of scrap gold sitting around then the price of gold won’t affect you a whole lot. It’s important to point out that the price of gold has hundreds of variables and all of those added up can affect the price of gold on any given day, in fact some experts are tying the latest drop in price to the status of the Chinese factory economy. When there are so many different variables that play a role in the world markets like gold it really makes it not worth tracking unless you are looking to invest large sums of money into Gold. With those things said, most experts are guessing that the price of gold will continue to drop, whether or not that’s what should happen doesn’t necessarily matter as much as the fact that as long as the media and “experts” are saying people should sell, they’re going to sell.
As for Check City, we’re still here to help. If you find yourself in a situation where you could use some extra money within the next couple weeks we do recommend coming in to your local Check City as soon as possible because if the experts are correct the price of gold will continue to drop over the next couple weeks and that means you’ll get paid less for your scrap gold in two weeks than you would today. However, if you don’t need the money right away and want to wait and see what the market does before selling your scrap gold then that works as well. Just remember when it comes time to sell that broken necklace, broken tennis bracelet or wedding ring from a previous marriage, Check City is here for you.