With the current gold price you could be laughing all the way to the bank

In recent times the price of gold has gone through the ceiling, so those of you with a lot of unwanted gold jewellery can cash in and significantly increase your bank balance. Gold has always been a valuable commodity and the price of gold per ounce has always been quite high, but why have the price of gold increased so much? The answer to this depends on who you ask and different people have different opinions.

Turn your surplus gold in to cash

In times gone by property and real estate were viewed as sound investments and many people ploughed their spare cash and savings in to property. Due to a number of different reasons, the property market has crashed and the bottom has fallen out so it is no longer considered a good place to invest. Similarly, stocks and shares were seen as a good investment, but just like the property market the value of stocks and shares has plummeted the world over, so it is no longer worth investing in these markets. As a result of the market crashes investors have started putting their money in gold therefore the price of gold has gone through the roof. This is bad news if you are an investor but if you have a stash of gold jewellery lying around the house you could stand to make some additional cash, which is always nice.

In order to get some indication of how much your surplus gold is worth you could go on line and search for the cost of gold per ounce. You have to remember the price fluctuates and is constantly changing so the exact price depends on when you decide to cash in the gold. Alternatively, you can use an online gold price calculator. You should only use these sources as a guide as the exact price you get for your surplus gold will depend on other factors, such as the gold content of the jewellery.

With the increase in the price of gold and the increased activity in the gold market there has been an increase in the number of merchants buying and selling gold. If you take your gold to these merchants they will make you an offer, which you can accept or decline. You need to remember these merchants are looking to make a profit on your gold therefore they will not offer you top dollar for it. These merchants offer free valuations for people who are actively looking to sell their gold, so for a valuation take your gold to a merchant and decline the offer. Once you have the bottom offer you can then try and sell your surplus gold jewellery yourself using the professional valuation as the rock bottom price.

So, you cash in all your unwanted gold and want to bank the money in to the best type of account to get even more bang for your buck. With so many different banks and so many different types of bank accounts available, which is the best one and what one do you choose? There are some great banks out there, such as the Bank of America, Chase Bank and Capital One Bank to name but three so there is plenty to choose from. It is always advisable to research a product or service before making a final decision even when choosing a bank account this is no different. Get on the banks’ websites, look at the forums on financial product comparison sites and look at consumer sites, there are loads of different sources you can look at.

Despite what the reviews say all these banks offer the same types of accounts and services at the similar costs and neither bank is better or worse than the others.  At the end of the day the final decision is likely to depend on which bank is closest to you as it is far easier to manage your banking affairs when you live close to the branch.