August 13, 2020

If there’s any moment in the past few years to look into selling gold in Canada, it’s now, thanks to the rising price of gold. 

Due to the coronavirus and a looser monetary policy among world leaders, the price of gold in Canada and the U.S. has surged in the past few months, reaching levels not seen since September 2011. 

Gold moved past the $2,000 US mark in early August, before dipping slightly in mid-August to $1,915 US. 

What is the price of gold in Canada? It is hovering around $2,557 as of August 11. In the past six months, the price of gold has been driven up by more than 22%.

Gold prices could even reach $4,000 US per ounce in the next three years, but issues such as the development of a coronavirus vaccine and the November U.S. elections could alter the fortunes of the precious metal, analysts told CNBC.

Still, investors have been fleeing to “safe haven” assets as the pandemic shows no signs of waning significantly in the US. 

“It’s quite easy to see gold going to $4,000,” Frank Holmes, CEO at investment firm U.S. Global Investors, told CNBC recently.

As we noted in an earlier report on Muzeum’s blog section, gold is often viewed as a yin to the market’s yang. Gold is seen as very resilient during stock market crashes because the two are negatively correlated. Generally, when one rises, the other tends to go down.

Gold’s ebb and flow may not fade anytime soon. “When there’s unprecedented uncertainty, which is what we’re dealing with, we could have elevated volatility for quite some time,” said Julian Emanuel, a strategist at the brokerage firm BTIG, according to the Times.

Other experts believe the key drivers such as global debt levels, negative interest rates, high unemployment levels and more stimulus packages in the US will keep supporting gold prices, according to Michael Matousek, head trader at U.S. Global Investors.

That’s why now may be the ideal time to sell gold in Canada and earn yourself some extra cash with scrap gold or jewellery or gold coins you can part with today. It’s understandable if some family mementos or antiques are too valuable to sell, but many Canadians have gold bars or jewellery they may want to sell on a rainy day…or during a thunderstorm of good news for gold aficionados. After all, with the price of gold in Canada dipping below its highs earlier in the month, you never know when it’ll be this good for the gold selling price in Canada.

How to sell gold in Canada

When you’ve decided to sell your gold to earn some extra income during this tough times, when you may be working less or out of a job altogether, it’s integral to do some research on the most reputable gold buyers in Canada. 

How to sell your gold in Canada requires you to learn who to trust and who to avoid. In our recent blog post on tips on how to avoid shady gold buyers, we advise sellers to ensure the buyer is being transparent about the offer on the table. You should also be there in person, ideally, to watch how your gold items are being weighed and valued.

You want to find a business, such as Muzeum, that has a history in the market of knowing the many facets of how you want to sell your gold, what items are most valuable, and much more. Muzeum’s staff features a wide array of experts and collectors built over 10 years travelling across Canada, Europe and Asia. As Muzeum’s executive team noted in a previous blog post: “If you bring to us an item with little information attached to it, we work our extensive network to get you the highest price possible, usually the best and highest price out of eight offers.”

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You may want to keep track of the gold price in Canada to see if it surges to a level that entices you even more to collect your gold items for a possible sale. 

Finding out what the price of gold is in Canada doesn’t require a lot of legwork, but be sure you check daily since the price of gold fluctuates with the market and current events, including coronavirus responses from major powers such as the US and negotiations between countries such as the US and China.

Muzeum co-founder Max Smirnov in the Yorkville store in Toronto

What buyers are looking for in your gold collection

How do you sell gold coins in Canada? How do you sell gold bars or jewellery? Be sure to clean your items before bringing them to a reputable buyer, and just some polishing with soap and water is all you need.

When you seek to preserve and clean your jewellery, for example, you’ll want to avoid cleaning products. They could contain ammonia, which can be damaging to certain necklaces and bracelets. And the chlorine in cleaning products can discolour gold and silver, with the latter being especially susceptible to ammonia’s harmful properties.

How you sell your gold coins in Canada is up to you, but it may involve researching how rare and unique your gold coins are, which you can do online or with precious-metals experts. When you consider selling your gold in Canada, buyers such as Muzeum may inquire about the history behind your items, so be sure to have all relevant dates and countries of origin written down.

It also never hurts to level up your research on gold terminology. For example, do you know the difference between karats and carats? We got you covered. 

If you’re looking to sell your gold in Canada, we are happy to evaluate and assess any items you wish to sell. Contact us anytime to schedule an online or in-person appointment. 

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