While our business concentrates on expensive jewelry, fine and decorative arts, expensive antiques and high-end watches, we also are very strong buyers of scrap gold. We have bought hundreds of millions of dollars’ worth of scrap gold over our 30 years and watch the precious metal market closely. If I had a dollar for every time someone asked me when to sell gold, I’d be a zillionaire.
No one should take investing advice without their own investigation, and certainly not from me — though I do have a strong opinion. Typically gold goes up because the value of the dollar goes down — it is usually a simple mathematical formula. When the market loses faith in the dollar the value of the dollar against other currency goes down and it takes more dollars to buy an ounce of gold. Indeed, when gold was near $2,000 a couple of years ago, the dollar had fallen .75 on the Swiss franc. As the dollar gained strength throughout the Obama and Trump administrations, gold settled back down to $1,250 an ounce.
The past two or three weeks of political unrest have caused the dollar to plummet 3 percent, resulting in a higher gold price. But this time, there was also some panic buying, which bolstered the weak dollar effect. The result at press time was a $1,408 gold price— which prompted us to seize the day and sell a huge amount of our unneeded gold, silver and platinum scrap. Additionally, this past week, we sold $200,000 worth of bullion for a client so she could buy a condo.
With these transactions, profits are in the 3 to 5 percent range. It is my belief that now is the time to sell scrap gold and other precious metals, because I believe the current high gold price is getting close to the top and is artificially high.
We stand ready to assist you at both our St. Petersburg and Tampa locations. And you might be surprised what your old scrap gold is worth. As the TV commercials say, read your prospectus carefully — in other words, don’t take my word for it; do your own research. America is strong and the economy is robust, which should result in lower gold prices in the future.
As we’ve said many times, not all gold should be just thrown on a scale and sold as scrap. We know which of your items are more valuable and will pay you accordingly for them.
If you have unused gold, silver or platinum to sell, pay us a visit. If you need an appointment
in St. Petersburg or Tampa, give us a call or email JeffreyPHess@aol.com. ALL RIGHTS RESERVED.
We will meet you at your home, bank, or attorney’s office.
No estate too small or too large.
JEFF HESS, Owner & Appraiser.
Comments, questions or suggestions for this column, please send to jeffreyphess@aol.com.
St. Petersburg 1131 4th St. N, St. Petersburg FL 33701. 727.898.4377.
Tampa International Plaza, 813.875.3935.
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Old Northeast Jewelers, Fine Jewelry and Watches, Buying and Selling since 1984.
