Selling gold can be a lucrative side hustle. That’s especially true if your business consistently has valuable materials on hand that it no longer needs, such as filing dust, dental filings or broken jewelry.
But how do business owners know when it’s time to sell gold?
Here are three indications.
Gold Prices are Up
The U.S. Consumer Confidence Index provides insight into how people feel about the state of our currency and the economy. This can help give you a gauge of how people might spend, invest or save their money.
When confidence is high, people tend to circulate money back into the marketplace. They buy big-ticket items, invest in stocks and buy new homes. In contrast, when consumers lack confidence in the dollar and the economic climate, they tend to buy gold to hedge against inflation.
The latter scenario increases the demand for gold, which can then impact gold prices and the amount you might receive for your lot.
You Need Cash Quickly
As a business owner, you always need to have cash on hand. Selling gold to an experienced refinery allows you to make money on unwanted items quickly and return to business as usual. You can ship us a 100oz of gold and get a wire the same day we receive it!
At Manhattan Gold & Silver, we’ll typically process your lot the same day or the next day. That’s ideal if you’re looking for a vendor that you can sell to regularly and depend on for consistency.
We also let our clients decide how they’d like to get paid — cash, check, wire, or even gold bullion.
You Need Room for New Inventory
You’ve got limited space at your place of business and need to maximize it. For jewelers and pawnbrokers, that means getting rid of the items that are no longer marketable.
So if you’ve got outdated, undesired or broken pieces taking up space, it may be time to bring them into a refinery to cash in.
One of the most efficient ways to do it?
Schedule a time each quarter to go through your inventory. Then, bring your lot into our refinery or ship it using your preferred carrier. You also have the option to work with our shipping partner to get secure, discounted shipping.