Many people inherit gold bullion, as estates are passed from generation to generation and if one of your relatives decided to bequeath you an amount of gold, what should you do with it? Of course, this is an enviable position to find yourself in and what you do with your recent acquisition demands some careful consideration.
Here are a few options that you might like to take onboard.
- Store The Gold Securely – Perhaps your natural reaction would be to keep the gold as it is, which might be in bar, ingot, coin or even jewellery format. You could rent a safety deposit box at your local bank or have a small concealed safe installed in your home; both of these storage methods are recommended. However, leaving the gold in a drawer at home is most definitely not recommended. Like most things of value, gold should be stored in a secure location and the more people that know of its existence, the greater the chance it will disappear one day.
- Liquidate & Re-Invest – You might decide to sell the gold at the current spot price and when you check out Adelaide gold buyers or dealers in your area, the reputable ones would be able to see the value and buy the gold from you. If you think you can generate more wealth by reinvesting your inheritance, nothing is stopping you from doing just that. When selling gold, you obviously want the best possible price and your local gold bullion dealer would have a website, where you can see the current spot price. If you turned the gold into dollars now, that might not be the best move, as all currencies are fluctuating at the present time.
Is This A Good Time To Sell Gold?
It is important to understand that many investors are moving into gold in 2022 and that increased demand will surely lead to higher per-ounce prices. Perhaps now is not the best time to liquidate your inheritance; it might be better to keep the gold and watch the spot price over the next few months, when prices are expected to rise. If you sell the gold and then the price goes up, this is not good investing, much better to wait until the end of 2022 and see where the spot price is.
Having Gold Appraised
If you would like to know the value of your inheritance, check with the hallmarks for weight and purity, or you could pay a reputable gold bullion dealer a visit, who would be happy to give you an evaluation; indeed, they are always happy to buy gold.
Protect Your Inheritance
Of course, you want to protect your inheritance that you graciously received, which might be gold bars or ingots. Talk to a financial advisor if you’re not sure what to do. It does depend on the value, of course, a few thousand dollars is not exactly life-changing and you might prefer to keep the gold in memory of your deceased loved one.