Today it was reported by Wall Street that gold prices have slid for the past two weeks to $1813 an ounce. This is the lowest price since Aug. 29, 2011. The reasons for this could include asset liquidation due to the economic woes of Europe. As result of this uncertainty, it is very possible that traders have decided to cash in some of their gold to make up for other lost assets. Also, equities rebounded as more investors are deciding that they need to take some of their winnings and place them somewhere safe and steady.
The final factor is the strength of the U.S. dollar. It has been steadily increasing, which has kept gold prices from skyrocketing further. No one is certain how Gold will trade for the rest of this week, but it could be greatly affected by President Obama’s proposed jobs and infrastructure program being discussed in congress. MF Global analyst Tom Pawlicki predicts that Gold will drop back down to $1,750 by next week, yet doesn’t rule out that gold can increase in the coming weeks and months.
Should I Buy or Should I Sell Gold?
If you are holding large amounts of gold or looking to enter the gold market, this is an extremely valid question. It is very much a bet at this time and place. In the case that you have a hunch the dollar will continue to rise, you will definitely you may consider selling gold.
There are many gold buyers looking to pay top cash for gold coins and bars. Gold is in such demand that you can be selective with your gold buyers
In the case that you believe the dollar will slide once again and gold prices will move toward $2000, you may seriously think about buying gold. Make sure that you work with a certified gold dealer willing to give you the best deal possible.
Either way you stack it, the market is unpredictable and will be more than interesting to watch over Cash For Gold Orange County in the coming weeks!