Gold hits record value despite bear market: Should you sell?
By Peter Kevorkian, United Coin & Precious Metals
Investors everywhere have been talking about gold prices, and with a bear market to boot, consumers are left scratching their heads: Is it time to sell my gold?
Despite the naysayers who predict the use of gold may decline, reports on actual gold use may prove there is a light at the end of the tunnel for the commodity. According to a report at Forbes, the fabrication of gold jewelry worldwide has increased 12 percent year-over-year with 551 metric tons used in the first quarter of 2013, hitting a record value of $28.9 billion dollars.
And despite a dramatic decline in the value of gold on the comex, an increase in demand has nonetheless put gold in a positive spotlight. Although the demand is largely limited to China and India, the United States is, for the first time in seven years, seeing an increase in its year-over-year demand of gold jewelry.
According to the World Gold Council, the demand for gold jewelry has grown by 5 percent in America, reaching an estimated value of $986 million, indicating the first U.S. increase in demand for gold since 2005.
The World Gold Council added that current trends are “a further positive sign of recovery in the U.S. economy, coinciding with a correction in the gold price over the course of the quarter.”
So when it comes to selling your gold pieces, now may be the time to capitalize on its easy sale. As for its gold commodity counterpart, talk to a financial advisor to understand if selling is the best move for your portfolio.