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11 hours ago, Steve Herschbach said:

The price of gold was "up" in 2003 so I sold a bunch - bad move in retrospect! Anyway, I took a photo before it went away. I don't mind that I sold the gold for less than I might have at a later date....

http://www.detectorprospector.com/forum/topic/3186-oz-week-us-fights-back-gold-post-thread/?do=findComment&comment=35599

Hi Steve. That raisers another question. Just when is a "good"  time to sell gold?  Gold, unlike money in an interest bearing account or other investment just sits gathering dust. Nothing of a profit or loss made until sold. If it is gold found, detected or dredged, then all it owes really is the cost of time energy, effort & equipment used in its finding. The gold can sit for years just gathering dust. Nothing realised until turned in to cash & not much else can be done with it, cant eat it or drink it, except drooling over it :biggrin: So when is the "right" time to sell? That would come down to each individuals wants & needs relating to a cash injection at a time or certain times in there lives. If gold isnt your living, as it isnt mine, then I am just sitting on it for that rainy day or for that cash injection sometime in the future. Maybe in retirement....who knows. Others may be different. If you want a new car, or boat, new detector. Maybe cash the gold in & put that cash into another investment, property etc...something that is going to give you a more regular return than the gold just gathering dust waiting for that "right" time. Gold up....gold down....gold up....gold down. Haven't sold...haven't sold. Gold still just sitting there gathering dust....but sure is pretty to look at & the memories of each piece found.....

I am sure that when you sold in 2003 you were happy, & I am sure you did something sensible with the money. We arent future tellers & know one really knows accurately what the gold price is going to do. How many times have we seen or heard that the price of gold is going to go through the roof. Usually the opposite happens.

To me a good time to sell is when you need the money.....for what ever. You can always go out & find some more gold. That is the fun part of it. I am going out now for a quick swing in the cool of late afternoon here down under.

Good luck out there

JW :smile:   

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G'day JW,

we usually sell some of our gold to finance our trips back over to WA, also if we need something for our prospecting gear we may use some of our gold to purchase said gear. Not many hobbies pay their way.  :smile:   Most of my detectors have paid for them selves several times over the years.

cheers. 

Mike. 

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Hi JW,

It really is a matter for the individual and whatever works for them. We all have different circumstances. I am not the average case. First, I am one of those odd people who gets no joy from material things. Most people like to acquire stuff. I seem to be constantly trying to get rid of stuff. Second, I have been finding gold for a long time now, and gold itself has no special meaning to me. It is just more stuff sitting in a safe deposit box where it never gets seen. I do enjoy hunting for it far more than having it. The pictures mean more to me than the gold itself and I will always have those.

Third, except for a couple years, I have been self employed my entire life. I very much enjoy the challenge of making a business work. I have been running my prospecting and related activities as a secondary business now for almost 40 years. That means all my related expenses are tax deductible. Yet I have only shown a loss a few times in all those years. I consider making a profit a point of pride because in business, profit is success. The gold is an important part of the income stream though there are other things, like mining properties under lease in Alaska, etc.

A side benefit? My wife pushes me out the door to go prospecting, and frankly does not want me back unless I find enough gold. I never feel like I am using household money to fund my activities because I am making a profit and taking her to Hawaii with the proceeds. That's worth more than any gold.

And finally this. I work very, very hard to find that gold. If it all was kept in the safe deposit box, someday I would die with a bunch of gold. My wife or kids would sell it off cheap at an auction or whatever. They sure would not care about it. And that in the final analysis is it. If anyone is going to sell that gold it's going to be me! At least I know how to sell it right to get a good price for it.

As far as timing, nobody can time markets. After being in retail forever I just get what I think is a fair price for anything I ever sell, which to me is basically what it can be sold for. I get a preminum at the time, and am happy, and never look back nor second guess.  I don't really have a rear view mirror. I will talk your ear off about tomorrow but yesterday is nothing more than fading memories.

I will say this last thing however. The worst time to sell is when you need the money. That puts on pressure to sell. Most of my gold gets priced quite high, and may take quite a bit of time to sell. The worst way to sell gold is to cover some emergency, which often just means a trip to the refiner or a pawn shop. I sell a lot of gold at around $2000 an ounce just by selling a nugget here and a nugget there but it takes a lot of time to move much gold that way. Here is a previous thread on that subject...

 

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Where is the best place to sell a Crystalline gold specimen and get top dollar for it? 

Bryan

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"First, I am one of those odd people who gets no joy from material things. Most people like to acquire stuff. I seem to be constantly trying to get rid of stuff"

Gee, Steve, I think we are soul brothers...I own very few things and get uncomfortable if the stuff sits unused...then sell or give it away.

I love finding what little gold I ge,t but sell to the first good offer that comes along...

the thrill is in the hunt and the kill...not the eating

fred

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Yeah I sell it as I go, you can add to it by investing proceeds in the share market etc and get a return.

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Lots of good sales ideas around. For me I sell mine when I need some money for something. I use mine to make a living. It's not just my retirement. So I say if you want something then it's a good time to sell!

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