Gold Officially Hits $1600 – Should I Buy or Sell Now?

Gold Market hits $1600Today Gold officially has hit $1600 an ounce and is expected to continue to rise throughout the week. Are you curious as to why? Much of it has to do with the Eurozone debt crisis and the dollar continuing to fall as the world sits by wondering what is going to happen with regard to the debt ceiling.

Wildly enough this means that gold has risen nearly 8 percent since July began. Precious metal experts have long felt that the trend will continue for some time. They understand that historically gold tends to rise when questions surface about currencies. Since the dollar was taken off of the gold standard back in Nixon’s presidency, gold has been the obvious hedge against the dollar and inflation.

The question still remains, should you buy or should you sell?

Today, top bankers and experts are saying to buy because it has officially broken the $1600 mark. This means that it is up nine consecutive days, which is the longest streak since October of 2006. In fact, economist Julian Jessop is predicting that if the euro doesn’t survive the crisis, “gold may surge well above $2,000. Our own long-standing forecast is that prices will climb to that in 2012. However, we would not be surprised to see prices reach this level sooner and then rise significantly further.”

While experts are suggesting that buying gold is the way to go, no one truly knows what will happen, especially as the Obama Administrations is working with congress to shore up the debt ceiling. If you bought some time ago, you may be considering taking some of your profits out of gold.

There are plenty of opportunities out there to sell gold and other precious metals – just make sure that you:

  1. Understand that Gold is at a premium right now and you should get nothing less than top dollar.
  2. Find a gold buyer you can trust.
  3. Know that if you don’t get the right deal you can hold on for a while.

The coming week will be quite revealing as to how things are going to pan out for gold! Stay tuned!

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