22 Jun Approaching the Market with Mettle and Metal: Should You Sell Your Silver and Gold?
Economic anxiety has returned, having reached new levels unseen since the Great Recession in the early 2000s. Thus, American consumers are growing increasingly focused on price points and necessities, opting to pinch pennies to get more gallons at the pump.
In other words, right now, money truly matters.
And if you’re one of the individuals who is currently invested in silver and gold, you might be wondering what the best choice to make is. Let’s take a look…
The Beast That Is The Bear Market
Just as economic recovery from the COVID-19 pandemic was on the horizon, inflation swooped in to further exacerbate fears of inflation. Compounded with the ongoing war in Ukraine, gas prices skyrocketed, consumers’ confidence plummeted, and the Federal Reserve officially announced a historic increase in interest rates over the last 40 years.
Thus, Wall Street announced that we had officially entered a bear market. But what does that mean?
“Put simply, bear market is the term used to describe when the equity markets are down 20% or more from their most recent all-time high,” CNBC explained on June 14, 2022. “In this case, the S&P 500 index closed Monday [June 13] at 3,749.91, with its previous high being 4,818.62.”
Therefore, many investors now turn to one of our economy’s most financially stable assets: precious metals.
Weighing Inflation vs. Your Finances
Whether or not to sell your silver and gold largely depends on one question: How badly do you need money right now?
After all, the prices of both gold and silver increase during a bear market, making it a valuable time to sell these precious metals if you’re in immediate need of money. However, if you’re not, most economists recommend waiting it out.
After all, due to the stability of silver and gold, they both prove to be valuable long-term investments. Plus, it would be harder to buy back in amidst higher price points later on.
“During times of economic uncertainty, as seen during times of economic recession, more people turn to investing in gold because of its enduring value,” Investopedia explains. “Gold is often considered a ‘safe haven’ for investors during turbulent times.”
As of June 20, 2022, the current dollar value of silver and gold respectively are:
Silver: $21.84 per ounce
Gold: $1,838.05 per ounce
Considering Your Costs with Hemming Jewelers
If you’re having trouble finding peace of mind amidst the current market, allow us to give you a little good news: Here at Hemming Jewelers, we buy gold!
As Jacksonville’s #1 independent jeweler, we’re proud to both buy and sell precious metals in a variety of forms. Additionally, we buy and sell diamonds if those are assets you possess and wish to make money off of.
So, are you ready to visit us at the corner of Monroe and Hogan?
Then reach out to the Hemming Jewelers team today! You can browse our online inventory or contact us by calling 904-354-5959. We look forward to helping you learn more.