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Cashing In – In New Zealand DollarsPosted on: 22nd February 2013 By Anita
Personal story: I earn money in one currency and live and spend in a location that uses another currency. I exchange money on a weekly basis and currency conversions still give me a headache. If this one is going up or down is it good or bad for this other currency? The mental gymnastics to answer this question never come easy.
When looking at the price of gold and the New Zealand Dollar, the same issue rears its head. Throughout the world gold is quoted in U.S. dollars. Even the widely watched London gold fix – where they use pounds – is a USD price. However if you are looking for gold buyers NZ and want to sell some gold in New Zealand, the price in USD must work its way into a value in New Zealand’s currency.
If you are selling gold, you obviously want the price of gold to be high. On the global front your wish is granted. From around $1,000 USD a few years ago, gold now trades in a $1,500 to $1,800 USD range. Not a bad range if you are looking to convert gold pieces for cash.
For your local currency, you want your currency to be worth less in U.S. dollar terms. So if the value of the New Zealand dollar falls in relation to the USD, you get more local dollars when you go to sell gold. So with the NZD worth about 83 cents in USD terms, you get more New Zealand dollars when you sell some gold. An ounce of gold worth $1,600 US equates to over $1,900 NZ at current prices and rates.
Of course, it is not possible to accurately predict the future prices of gold and currencies and know for certain when is the exact best time to sell your gold. As I noted above, gold currently trades close to historic record high prices, which is good. The best course of action is to work with a gold buyer that will give you the best value for your gold, based on the current price of gold and currency exchange rates.