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Whats Happening to The Price of Gold?

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.

Will The Price of Gold Continue to Rise in 2013?

With as high as gold prices got in 2012, most experts say that it could have gone higher. In this post we’ll cover a more in depth look at the gold market and what the experts are projecting will happen to the price of gold in 2013. Most people don’t realize everything that plays a role in Gold prices going up and down on a daily basis, but as we’ll cover in this post, it truly is a global market. If you’re more interested in just selling scrap gold for some extra money, the nice thing is you don’t have to worry about any of this, all you need to do is take your scrap gold or other precious metals into your local Check City location to get top dollar.

Will The Price of Gold Continue to Rise in 2013?

With all of the financial uncertainties in the world today, gold has been a constant that investors have been able to turn to in the past couple years. But with the price of gold not going over $2000.00 like most people thought it would in 2012, most people are wondering how much growth the gold market has left for 2013.

Whenever you discuss gold it’s important to keep in mind that gold is a global market. While most people think that the western nations are what drive the price of gold, emerging markets play a huge role in the price of gold, for example China and India actually make up 50% of the market.
On that note, specialists are saying that 2012 was a very good year to illustrate why gold is a very global market. There are multiple factors that influence gold prices so if you look at 2012 on the one hand you have emerging markets, central banks purchasing in a very strong way you also have inflows into gold backed ETF’s as investors were positions for quantity.

In India, 2012 was a softer year in terms of demand, never the less, Indians spent more money in rupee terms in 2012 than they did in 2011. In China the demand was more or less flat in terms of volume however again in money terms it was actually higher this basically means that the overall dynamics in the gold market still seem to be very healthy.

In Regards to Inflation Risk

With the election out of the way and people trying to get focused on the next few years, the economy in the west is looking slightly better, especially in the US. Specialists say that while it’s not as bad as it was a couple years ago there are still structural issues that are adding to economic issues, that is especially true in Europe and Japan and so on. We haven’t seen direct signs right now but that’s not to say that all of the monetary policies and aggressive monetary policies that have happened are not going to be able to turn around.

In regards to the economy driving the value of gold some people have said that the dollar is still the best house in the neighborhood and that it still hasn’t collapsed so nothing is wrong and that gold hasn’t gone anywhere in the last year and a half. On that note, gold was up 6% on average in 2012, which isn’t great considering that every single pundit said it was going to be above $2000 in 2012. Based on every central bank in the world printing more money it should have been a slam dunk to get above $2000 but the charts definitely tells a different story as gold went straight down and is in the low $1600.00’s.

Many people want to know if gold will even make it above $1800.00 this year and the thing to keep in mind is that supply and demand is really what drives the value of gold. A lot of people think that the whole value of gold is depending on people investing their money in the west but that’s only part of the story because it relies so heavily on what is happening in India and China and if you only concentrate on what happens in the west it can be difficult.

Regardless of what all the experts say, if you’re looking to sell some of your scrap gold and get some extra money to pay the bills, make some home improvements or take a family vacation Check City is always there to offer top dollar for your scrap gold and other precious metals.

9 Tips to Help You Save Money

It is always important to be fiscally responsible with your money. To achieve good finances you’ll need to develop strategies to keep your finances in good order. By making plans and following great monetary advice, you can save money in the long term. No matter where you are in life, saving money is always a good idea. Saving can help you get out of debt, it can help you afford the things you need and want, and it can keep you financially safe and secure in the future.

The good news is that no matter what your income level is, you can start developing fiscally responsible strategies today and start to save money right now!

Become Financially Self-Aware

money concious

The first strategy to save money is to be conscious of your money. As children, money was magic. What little money you have as a child is easy to keep track of. You know the color of every penny and carefully considered each purchase. As adults, with direct-deposit and debit/credit cards, money can be easier to spend. So, the first step is to regain your fiscal intelligence, to regain that physical connection to your money.

Too many people lose track of their spending as invisible digital money goes off in all directions. This leads to overspending and straying outside of your budget. To become self-aware of your spending, try using cash for a while. Paying with cash can help you gain back that physical relationship with your funds. By doing this, you will see the physical money leaving your pocket and be able to visualize your transactions much easier.

Be Honest & Fearless

honesty

Learn that every dollar you spend is either for a need or want and learn to honestly and fearlessly distinguish between the two. For instance, a mortgage, rent, car payments, and utilities are needs. These are the bills you need to pay no matter what. A trip to the movies is a want or a luxury purchase. Going to the movies is fun to do, but not a necessity. There are a lot of luxury purchases that could be overtaking your budget. Like an addiction to buying shoes or going on too many vacations during the year.

Take a look at what you normally buy. Do shoes take precedence over some of your needs? If so, then switch your priorities to keep your money going toward the necessities in life. You can then budget for wants as you build your savings. Sometimes cutting out wants from our budget can be scary, or even take a brave amount of honesty on your part. But if it helps you save for the future and reach your financial goals, then being honest with yourself is worthwhile.

It’s Time to Budget

budget

As you are becoming conscious of your money, your expenses, your wants, and your needs, it’s important to take a detailed look at your budget. Take a look at all of your spending and see where you can cut unnecessary expenses. Create a budget that tells you how much you can spend on both needs and wants every week or month. If you don’t know how to create a budget, research and seek professional help.

A lot of people cringe at the mention of creating a budget. But don’t think of a budget as something that will tell you how much you can’t spend, instead, turn it around and think of your budget as something to tell you how much you can spend. Making a budget doesn’t have to be a bummer, and it doesn’t have to take too much time. In fact, you can make a budget in just 4 easy steps.

Choose Free Activities

free activities

Now that you’ve taken a long hard look at your spending and created a budget you might not have enough money in the budget for fun activities. Even if you have to retrench financially, there are plenty of ways to add a little spice to your life that costs little to nothing. For example, you can go on a hike, take a stroll through the park, read a book, and hang out with friends. Instead of going out with your friends you can stay in with your friends and play board and card games for free! With a little creativity, you can find great activities that stick to your budget and help you save money.

Focus

focus

As you work to stay conscious, keep your focus on the big picture. If you need to fix your car, focus on the car repairs and cut expenses by eating home-cooked meals, and not going out. Being fiscally responsible is all about making and prioritizing choices. If you get bogged down with the small stuff, such as eating out or shopping every day, it can be easy to blow through your essential funds. Our finances have goals just like our lives have goals. But having too many financial goals at one time can be detrimental to achieving your goals. So keep your focus on one goal at a time and you’ll be more likely to find success in attaining them.

Friendly Motivation

budget with friends

It is always easier to budget when your friends and family are budgeting with you and helping you stay on track. Any goal is easier to accomplish with support. You also need to involve your friends in budgeting because sometimes we spend the most money when we’re out with friends. Being with friends is about spending time together, not about how much money you spend with them. Make socializing together a priority over spending too much. If your friends want to do expensive activities, don’t be afraid to hold out for an activity that fits your budget. If they are your friends, they’ll be willing to do less expensive activities to hang out with you.

Cut Recurring Expenses

subscriptions

There are a lot of recurring payments nowadays, especially with all the subscriptions now available. There are cable bills, cell-phone bills, gym memberships, music streaming memberships, shopping memberships at places like Costco or Amazon, and streaming subscriptions like Netflix, Hulu, and Disney plus. All of these little monthly payments can really add up. Make a list of all your monthly payments and subscriptions and try and cut out what you can. If you decide to keep cable, you might not need all of the premium channels. You might even realize you have a subscription you aren’t using that you can get rid of. Take a look at what plans you have and consider downgrading to save money! You might be surprised by how much you can save by getting rid of even small monthly bills.

Open a Savings Account

savings account

When you have a savings account, most banks will allow you to set up a percentage of your paycheck toward your savings account. As you set your account to direct deposit, delegate a certain percentage of each check to be deposited into your savings account. If you set this up as a constant, automatic payment you won’t miss the money. You’ll be surprised how fast your savings will grow.

One great recourse and tip for anyone’s finances is to have an emergency savings fund of cash available for use on a rainy day. It is always important to keep extra money for emergencies! By adding this to your budget, you won’t take a major hit during an emergency, because you have already budgeted for this.

If you learn to be mindful of your money, you won’t feel the pain of a budget. Let your new-found consciousness and confidence keep you on the path toward fiscal responsibility. Follow these steps and start to save money today!


Making Ends Meet at the End of the Month

When the end of the month rolls around, and you know that you are going to be getting paid soon, it can be hard to make ends meet. Scrimping to make it through these last few days before your paycheck can be hard, but it is often necessary.  When you do not have any money, you should be sure that you know how you can survive until you get paid again.

 

First, be sure that you are not making plans to go out and spend money with friends.  You do not want to put someone in the awkward position of having to pay for you and you do not want to be tempted to spend money that you do not have.  If you are going to go out with friends, make sure that you have a plan to minimize the amount of money that you are going to spend.

 

Second, you should make sure that you are going to be wise about what you are eating.  Use the food in your cupboard to make creative meals throughout the time that you are scrimping and saving.  You want to make sure that you are not spending money eating out, when you have food at home that will keep you sustained and healthy until you are going to get paid again.

 

Third, when you get paid you should be sure that you are paying all of your bills first.  When you pay your bills you can be sure that you are not in a dire situation if you do not have any money at the end of the month. If you have not planned out your finances well, you may find that you need a fast way to get cash. When you need cash fast, you may want to consider coming into Check City to sell any scrap gold that you have lying around.  The old coins in the back of your closet or even that necklace that you do not wear anymore can turn into the cash that you need to make it through to your next paycheck.  Stop by a convenient Check City location to sell your gold for cash when you need an extra boost at the end of the month.

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