This caused gold to dip in price by $100 in less than a day.
Key figures such as Brian Dennehy from Dennehy Weller speculate that there could be a final spike in gold prices and then a “large correction” in the gold price will begin, taking gold down to $1,000 an ounce. He thinks gold could even get as low as $700 an ounce.
Hope for gold prices
Of course, with every financial commentator saying that gold will fall, there is a bullion seller to say that no, the gold market is not over and that any dips in price are only temporary.
Ben Yearsley at Hargreaves Lansdowne says: “The gold price has remained high and gold shares haven’t really moved; therefore the disconnect between their profits and share prices remains.
“The world is still in an uncertain place; therefore the demand for gold will remain strong, underpinning the gold price and underpinning gold miners’ profits. So the outlook for gold shares remains good.”
Sell your gold while you can still profit
So who is right? Is Yearsley right with his optimistic view or is Dennehy right when saying that the boom is over for gold? Whoever is right, the message to investors seems to be very clear: sell, sell and sell some more.
If gold is booming, then selling makes sense; if only to avoid the dramatic fall in price that occurred last September. If gold is about to dip dramatically then the same rule applies. In this financial climate it does not make sense to hold onto a valuable, profitable commodity that changes in price daily.
How to get the best price for gold
Who knows if cash for gold prices will drop suddenly? Current market indications and subsequent research indicate that such a dip could happen. However, with the financial problems of the world still unresolved, gold could still climb back up to that $2,000 per ounce figure or even higher.
If you’re uncertain, and wish to still get a great price for your jewellery, the onus is on you to take control and sell gold now. Don’t wait for the market to change suddenly; which could leave you out of pocket.
Use our excellent gold price comparison service to find the best gold buyers for you.