Just wanted to get an idea. If one were to find some gold at a yard sale (or silver) would you keep it for a long term investment or sell it now for a profit. I want my husband to sell a ring he bought for a $1.00 14k. He says keep it for investment. What is everyone's thoughts?
Sell or keep!
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dejapooh
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Every situation is different. I would not count on gold or silver being higher in the future, nor would it surprise me if it were. The question is what would you use the money for NOW as opposed to how you would use it in the future.
worldtalker
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It cost a buck,the way the world is headed folks soon will see for themselves what that Federal Reserve Note is worth,that buck can make some good barter,I'm looking forward to it!!! GodBless Chris
Iron Patch
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If I liked it, I'd keep it, but would not consider it an investment. In fact, I'd only hang on if I liked it enough that I would be willing to lose on it in the future because that's how I'd look at it. So unless I was in love with the thing it would go, and even more so if the money I would make could be reinvested into more stuff. For my Ebay I can spend more money on deals than I am fast enough to sell, so cash matters and it would be crazy for me to sit on gold or silver for a few years even if it went as as high as a 20% increase, because in the same time I can roll that money over for much MUCH more. That's how I've lived off $300 for the last 12 years... and even though gold has gone up, it hasn't gone up that much. 
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If I liked it, I'd keep it, but would not consider it an investment. In fact, I'd only hang on if I liked it enough that I would be willing to lose on it in the future because that's how I'd look at it. So unless I was in love with the thing it would go, and even more so if the money I would make could be reinvested into more stuff. For my Ebay I can spend more money on deals than I am fast enough to sell, so cash matters and it would be crazy for me to sit on gold or silver for a few years even if it went as as high as a 20% increase, because in the same time I can roll that money over for much MUCH more. That's how I've lived off $300 for the last 12 years... and even though gold has gone up, it hasn't gone up that much.
That's where I am at too. We sell on ebay and he is stay at home dad. With eBay full time when baby is sleeping. We would spend the money on something else to resell. For instance we just went to the lcs and bought 5 silver rounds for $25. Sold them on line for $38 each! Guess where I'm headed tomorrow when they open up again!! But he wants to keep, I want to sell it!
Iron Patch
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Dealing stuff you're interested in is definitely a double edge sword. It's where you tend to get the best deals, but also makes you more inclined to want to hang on to the stuff. When I first started out I collected a bit as I went, but found myself buying not necessarily what made the most money, so down the road when I ran short on a little project I was doing I sold the little collection I had going and have never looked back... never keeping a single thing again. (but I certainly spent lots of my profits on other misc. things) Fast forward to now I plan to start collecting a bit, just as much for motivation as anything, but the key is it will all still be for sale... maybe just a little higher prices on the things I really like. Maybe that would work for you, call it yours but also list it on ebay for whatever it would take for you to sell. Thinking about that might also make him consider how much he really likes it... or how much he likes it because it was cheap. In my world EVERY piece of metal (basically everything I sell is metal) has a price with no exceptions.
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cyberdan
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If it is nice enough, polish it and round it up again and sell on feeBay. Thats your business so it would be a good idea to sell. I always look for gold and silver. It is getting pretty slim pickins out here. So I also look for collectibles while at YS.
killian110
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If he wants to keep it and wear it, let him. It's only a buck. From an investment standpoint, if you can sell it and turn that money into more money over and over again you'll make more money from that ring than you will ever make holding it as a gold investment.
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If I could afford to keep it I would. It is a good long term investment I think.... However if I needed to feed my family and need the money I'd sell it....
Keep @ it and HH ! !
Keep @ it and HH ! !
trdhrdr007
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Assume the item you bought for $1 would immediately sell for $100. You have made a $99 return on your investment. Your item is now an asset with a value of $100. The value has to rise at an acceptable rate over whatever time period you hold the item to be considered a successful investment. I've talked to many people that will hold an item for many years, sell for a very modest amount over what they could have sold it for the day they bought it & then claim they made a good investment. Buying an item for $1 & immediately reselling for $100 is a good investment. Holding that item for 10 years & selling for $150 is not.
GTzer
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All good advice.
On the flip side-$1 is not much $ to worry about tying up. Polish it and wear it. It's gold-basically instant cash or trade anywhere. You'd have it on you if you ever needed for gas or food for ANY possible reason. It would look valid if you wanted to trade your gold ring at the sale places you attend to find stuff for resale. Perhaps someone would want to trade a piece that weighs more just because they like yours better etc. For a dollar item-I'd keep it for one of those purposes.
On the flip side-$1 is not much $ to worry about tying up. Polish it and wear it. It's gold-basically instant cash or trade anywhere. You'd have it on you if you ever needed for gas or food for ANY possible reason. It would look valid if you wanted to trade your gold ring at the sale places you attend to find stuff for resale. Perhaps someone would want to trade a piece that weighs more just because they like yours better etc. For a dollar item-I'd keep it for one of those purposes.
Iron Patch
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You never look at what you paid as being what you tie up because with that way of thinking selling for $2 is 100% profit, and even though it looks good on paper, in reality is a brutal decision and sale. The second you own an item you have to think full retail and go from there.
If you like something keep it, but only if you like it enough to keep it at full value. To keep it just because it was a dollar makes no sense at all because you could sell it and buy something you do like. I'm not a collector for the items I buy and sell, but have spent a good amount of my profit on other misc. things I wanted.
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We went to the local flea market here. One vendor had nice jewelry. The rig was solid gold, 4.5 grams. Nothing special at all. The vendor says ill give you $250 cash right now. Never weighed it or tested it. Needless to say my husband sold it to him. Not sure why he offered so much, impulse maybe? We got his number he wants more. At two times scrap he can buy it!!!
GTzer
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Excellent turn over- it is possible that he was influenced by seeing the piece as a personal item. If he wants more at that price -by all means provide him.
Iron Patch- words of a much more dedicated, seasoned trader than myself.
I would have sold it for the deal described also.
For the $1 spent (actual outlay) I would generally save an item like that for minor emergency cash or trading up for something that I would personally desire but couldn't usually afford. If the scrap value was $100 I'm certain I would end up with a coin, fishing reel, MD coil etc in excess of that amount. Due to my resources (lack of) if I paid $50 for the same thing I would NOT keep it for those purposes. I would have to sell it because I couldn't afford to tie up $50.
Iron Patch- words of a much more dedicated, seasoned trader than myself.
I would have sold it for the deal described also.
For the $1 spent (actual outlay) I would generally save an item like that for minor emergency cash or trading up for something that I would personally desire but couldn't usually afford. If the scrap value was $100 I'm certain I would end up with a coin, fishing reel, MD coil etc in excess of that amount. Due to my resources (lack of) if I paid $50 for the same thing I would NOT keep it for those purposes. I would have to sell it because I couldn't afford to tie up $50.
Iron Patch
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That is a factor people often overlook when pricing items... some buyers will overpay! I remember when I first got into selling coins I had a dealer that was paying me way too much. I'd buy the coins at a moderate price, and then he'd pay me a premium. It was cracking me up at the time because I was so new, and he probably had 25 years in the business. Some would read that and think there's no way, and it was probably me who just didn't get it, but the reason he paid me so much is because he prices his inventory extremely high. (and rarely sells anything)
Iron Patch
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Makes sense. I guess it's easy for me because it's all for sale, just a matter of deciding if it's better to move fast for the quick cash or to sit on it.
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Iron Patch - on that point - what do you think is a reasonable period of time to leave something up for sale? I've noticed that we get burned on some items at auctions (on ebay) and have begun to list them as buy it nows at higher prices. Trying to figure out how long is long enough to know that I've over priced it.
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Leave it up til atleast February. Through Christmas is a must. I had a belt on my store for a year paid .25 for it. Costs .05 a month to relist it. Finally sold for $28. It took me two hours to find it! Ill list as much as I can and around oct-nov put it on sale, 10-30% off and it just flies off the shelf. Nov-feb is just as crazy. It's great!
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