Gold Price per Gram - New Zealand
Unless you live in a cave you’ll have heard about the record high gold prices per ounce – at the time of writing the price of gold is around US$1212 per ounce! The prices of gold have doubled in…
Unless you live in a cave you’ll have heard about the record high gold prices per ounce – at the time of writing the price of gold is around US$1212 per ounce!
The prices of gold have doubled in recent years meaning the old gold jewellery that you no longer need or wear can be converted into cash. When selling gold you should keep in mind exchange rates as we buy gold in New Zealand dollars – this can create times when gold prices per gram are very high however a strong New Zealand dollar can cancel out gains made in the spot prices.
Gold price movements are impossible to predict and are affected by many variables including currency strength, stock markets, interest rates, inflation or deflation, sentiment and so on. It’s possible to bet on price movements through Options and Futures however these are considered quite risky and only for sophisticated investors.
Warren Buffett in a 1998 presentation at Harvard said of Gold, “It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.”
Another more recent and famous commentary made by Warren Buffett came in an article he wrote for the Wall Street Journal in October 2008…
“A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions. But fears regarding the long-term prosperity of the nation’s many sound companies make no sense. These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records 5, 10 and 20 years from now.” “Let me be clear on one point: I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as to whether stocks will be higher or lower a month — or a year — from now. What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over.”So what’s holding you from turning that old gold into good cash to invest in things you need?
