I have given the sell signal on gold several times over the last three years and those that listened made money. I believe it is that time again, with gold still over $1200 an ounce. To show that I follow my own advice, I am listing two 1880 five dollar gold pieces mounted as earrings in 14 karat gold mounting. They will be on our site www.darylelambert.com in the classifieds today. For the readers of this blog, there will be more coins listed soon. If you have any coins to list, I hope you join us.
There is always a time to cash out of any antique or collectible and I have seen more dealers that I have known hang on to something just because they thought the value would continue to appreciate, only to have the bottom drop out of the market. First to come to my mind is the friend I have who fell in love with Beanie Babies. He bought Beanies by the gross and still has most of them. If he sold them now, rather than make a profit, he might lose 75 % of his investment. At one time he could have easily doubled his money, but now they are just taking up space.
This is how I feel about gold coins that aren't key pieces because as the value of gold declines the coins will drop equally. Now is the time to take your profits and run. I would not be surprised to see gold below $1000 per ounce by November because, as it becomes more apparent that there is going to be a huge change in Washington, the political climate will settle down and gold values will drop. Watch as the gold hawks on television push harder and harder to convince you to buy; you will then know that the peak in prices have been reached.
This is even a great time to sell gold to the smelters because they are paying 90 % of spot prices in some cases. Most gold coins have very little collector value today unless they are in near mint condition so to get such a high price relative to spot makes a lot of sense. If you are buying gold coins be very careful because there are more and more fakes coming into the marketplace.
For all those gold hawks, I have these two pieces listed at a very fair price on our site www.darylelambert.com. If gold does go to $3000, as the ads say, you will make a killing. I'm selling my gold and hope to start buying back at $850.
I hope that the readers like the changes on the classified pages and if you have any additional suggestions please email them to myself or Ondre. Our emails are listed under “staff” on the home page. One little note: if you are having trouble posting photos with your listings, it is probably because your pictures are too large. If you size them down you shouldn't have any problem.
My 220 page book about how to make money buying and selling antiques and collectibles is