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Question: Trying to get out of debt, when is the best time to sell our scrap gold and silver?

(Posted by: ODP on 2010-07-28 06:20:51)

My husband and I are trying to get out of debt, paying off credit cards, student loans, etc. We have made quite a dent in the past two years considering we have a six year old, four year old, and one year old. We have a decent amount of scrap gold and silver we would like to sell to pay off debt or invest in my husbands business (he needs cash for a buying trip as we sell items online). We have a friend that does this and will give us a fair price for it. Do we hold onto it and hope that the prices continue to climb, or go ahead and sell it and pay towards our debt or invest in the business now? When do you think it will reach it's peak price?

Posted by: Computer Guy on 2010-07-28, 11:27:16

Unfortunately, it is not clear when gold and silver will "peak ", but it looks like some point in the indefinite future. It could be next month, it could be years down the road. Gold and silver have appreciated nicely over the past 5 years, but I don't think anyone can tell you when the best time to sell would be. Grandpa

Posted by: Joe Mama on 2010-07-28, 06:21:50

I would watch the stock market. Get an appraisal.

Posted by: Luis on 2010-07-28, 13:37:28

Unfortunately there is no way of knowing when Gold or Silver will peak. Right now, seems like we hit a bump on the road. Gold slipped today closing at $1157.00 and Silver closed at $17.42. When you are ready, and have kept an eye on the closing prices for Gold and Silver. I work for a Precious Metals Refinery and we would love to give you an offer on your Gold and Silver. Hopefully we can help you out! Sorry to hear about your tough times. Whenever you are free, check out our website (link below) and use our Gold Calculator to see an estimated price for your scrap Gold.

Posted by: TERRY C on 2010-07-29, 08:14:00

Its at the highest its ever been at the moment and i dont think it will rise much more. the buyers have swamped the country with advertising and everybody knows that they can get a good price for what they consider to be 'rubbish'. i would say sell now while the price is sky high and get you money for your business but i wouldnt sell to a friend, there are no friends in business and you may get what you say is a fair price but i guarantee that you will get a better price elsewhere. stick it on ebay and let the buyers battle it out, you wont get a better price anywhere else.