When you own expensive goods and are looking to exchange them for a boost in income, it can be challenging to determine the right time to get the best value. In particular, items made of gold are known to be valuable, but given that the price of gold fluctuates, you might be feeling unsure about the best time to sell.
Lately, a high number of news articles boasting about the high price of gold may have you considering whether you should get money for gold that you own. If you’re looking to sell your gold, right now is an excellent time to do so – and here are a few reasons why.
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Why is the Price of Gold Higher Right Now?
One factor in the elevated value of gold is regular inflation. Lately, inflation seems to be impacting every kind of market for consumer goods that exists. If you’ve been grumbling about the price of groceries and gasoline lately, you may have also noticed that the price of gold is high as well. While gold will be impacted by larger trends in the global economy, such as inflation, this one factor does not account for the whole story.
A few different elements determine the price of gold, but among the most important are supply and demand. While there is only so much gold in circulation in the world market, and it is rarer than many other valuable materials, drastic changes in the price of gold are also sometimes caused by dramatic events in the world.
The Influence of Russia
Russia is a significant player in the global production of gold, contributing about 331 tons of gold to the global supply in 2020. Not only has the production of gold in Russia tripled in the last 20 years, but they are expected to surpass China to become the world leader in gold production within the next ten years.
When Russia invaded Ukraine in late February, the price of precious metals like gold and palladium spiked, that’s because companies and individual investors in other parts of the world became suspicious of the possibility of becoming cut off from this major contribution to yearly production.
In basic terms, those who have influence over the price of gold speculated that the supply could decrease and acted as if it already had – this helped influence the price to climb prematurely.
Will the Price Remain High?
Russia’s political influence isn’t the only reason why the gold price in ireland is currently high, but it has contributed to a recent spike. If the political outlook changes in the next few weeks, then the price will likely go down as well. That said, by the time you read this, such a situation may have already occurred.
Should You Sell Your Gold?
Whether or not this recent spike in the price of gold will last, 2022 is an excellent time to enjoy high rewards for cashing in any gold that you own. The high the purity of your items, the more you’ll earn.
Given the current influences, the sooner you sell your gold, the better. Visit a gold buyer today to find out how much your items are currently worth.