The last time I made this call for my readers gold was over $1000 an ounce and silver went to $21. After my call, gold went to $800 and silver was as low as $10. I think these markets have peaked. I hope that over the last few months that you have purchased some silver and gold coins like I suggested in my blogs, but now is the time to take your profit. I know that I will be getting all the hate mail again from the gold bugs but that is okay.
A good friend of mine just took a few pieces of old and broken jewelry to a gold buyer and received over $550 and I guarantee you that I wouldn't have given her $100 for what she showed me. There is still the misconception that gold is a hedge against hard times but I believe that in today's markets where the true hedge is currencies, gold is just another commercial metal. Yes, India and China are buying gold but as we have seen in the past they can just as quickly turn to sellers. In both these countries, jewelry is very important to their culture and that is why they are purchasing gold, not as a hedge.
As I have told you in the past, these markets have almost become a sham. I find it hard to watch thirty minutes of television without someone hyping gold. Do people think they are doing that out of the goodness of their hearts? No, it is because they are making fortunes selling to the uninformed public what they are buying at much cheaper prices. When the market reverses and starts down, see if they are still around or better than that if they will buy the gold they're selling now back at what the public paid.
How does this pertain to us as antique dealers you may be asking? There still is money to be made on quick turns in gold and silver, just don't get stuck with it. You may find that you run into someone that has 40 or 50 silver dollars that you can buy. This may be a real opportunity for you. First, I would recommend that you buy them and research each one to see if they have any numerical value. Put the ones that do on the Seeauctions site and sell the rest as scrap. The same advice goes for gold coins and jewelry. I believe that today is an opportunity that won't last long and as you visit the garage and house sales, pick up all the gold and silver items you can and sell then just as quickly. The items that I spoke of earlier that the lady sold could have easily been purchased for under $100 at a sale. That would definitely met our goal of doubling our money.
Here is what I will leave you with. If at the present time you have gold and silver items, sell them. Also take this opportunity to buy more of these items but sell them the next day or the same day if possible. This love affair won't continue.
I hope that in the future we will be able to receive comments on the blog but that doesn't seem to be happening at the present time. I would appreciate if you would send all comment to www.31corp.com until I can solve this problem.