Last Updated : 02 June 2010 at 23:35 IST
The dilemma - Is it right time to buy or sell gold?
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Last July, gold prices stabilized at $902 an ounce, and are now hovering at $1,200 an ounce, after reaching record highs in the past few weeks.
“With the recent flux in gold prices in response to the falling Euro, many people are uncertain. I believe that gold still has good momentum and that we have not seen the ceiling yet. As long as the Euro debt-crisis is unresolved, gold prices can edge upward,” Gupton predicted.
So should people be gold-buying and hanging onto their old jewels and Grandpa’s gold teeth? Or is it time to sell the trinkets in the gold rush?
Gupton, who’s been a gold prospector since 1983 and has worked in gold and diamond mines, believes that there’s no need to panic. He says that commodities -- such as gold, silver or platinum – are safe-haven investments.
“It can work both ways. If you are the investor type, now is an interesting time to become a bit of a scavenger like I was as a kid, rolling through thrift stores and scouring classified ads buying gold. I still do that, but now I also gold hunt on Craigslist for anything from broken gold earrings and rare platinum to industrial trash, photographic silver, and dental gold,” he commented.
“One option is to stockpile resources by buying people’s unwanted gold jewellery, especially pieces from India, Pakistan, Thailand and China. These countries have some of the world’s finest and purest gold jewelry."
“If someone is on the selling side and wants to have a gold party to say goodbye to old promise rings and other metal momentos, recycling them into cash, they can now make a significant profit, especially so, because we offer payout rates five times higher than our competitors,” he added.
Gupton cautioned that while gold jewellery can now fetch a higher price, most manufacturers ‘under carat’ jewelry for a quick sale and higher margins, leaving sellers with less cash in the long run. As always – it’s buyer beware.
He emphasized that KMG, a gold refiner, is certified in gold testing high karat jewellery. Scrap gold, silver, platinum, palladium, and rhodium can all be recycled. He says that within a day, his company will analyze contents sent to them to tell if ‘Grandmother’s tea service is junk, plated or the real thing’. Once the gold value appraisal is done, sellers can decide whether to take cash or place their metal in their pool account.
Gupton likened the process to investing in the stock market.
“If a customer wants to recycle their gold or silver items, but the market is low on the day we receive them, the customer has the option to place their pure metal in their pool account for sale at a later date when prices are higher. Customers are in control of their investment and are one click away from selling or buying, with no processing delays,” he says.
When asked how customers can trust shipping their gold to a stranger, Gupton talked about his SecureShipTM program which is an easy, fast and safe method to ship items through an insured overnight carrier.
He says that their Gold Affiliate Program is there to heighten customer service but also to offer enterprising retailers a chance to make commissions as gold buyers and become an important link in the gold recycling chain. Gupton says that he is now prospecting for affiliate program members ranging from large department stores to local laundromats. (PRWeb)
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