This might be good news for people looking to sell old gold and silver jewelery. With the “Festival of Gold” about to begin in New Delhi, this is a time to get on what may end up being some great selling old gold prices. The reason I believe this will have an effect on the selling prices of scrap gold and silver is because a big event like this means that many jewelers will be selling off a lot of their goods, and as the price of gold goes back up, holders will start to sell off their gold. Also, when the price of gold starts to come down, many jewelers can start buying up more aggressively.

Why You Should Care Abut “The Festival of Gold”

There are a couple of reasons to care about the “Festival of Gold.” For one, it indicates that the price for gold has dropped a bit. Whenever this happens, jewelers that have a large back-stock get a little nervous and try to liquidate much of it back into the market. Typically, when the price of gold starts to rise again they count on the fact that many start looking for the best place to sell old gold jewelry, and those self-same jewelers may just end up being that option. This is a great strategy for merchants to stay on top of the fluctuating value of gold, that while not much given the overall stable history of precious metal prices, gives them a way to turn a profit and lower the risks associated with investing in metals.

Usually, when gold goes down, silver does too. Although as of late silver has still been on the climb. This is why thinking about both metals when it comes to trying to sell old gold and silver jewelery is smart, because with silver on the rise right now, it might be a good time to sell it off with your gold jewlery as well.

Will Gold Rise Again?

I would answer this with a very certain “Yes!” Precious metals always rise and fall, albeit never as dramatically as fiat money. The “Festival of Gold” is an indicator that the price of gold has dipped a little, but you would not be remiss to hold on to your hard assets and continue to look for the best place to sell old gold jewelry when the price goes up again.