Think Before You Sell: Why a “Trigger Happy” Approach to Selling Gold is a Bad Idea

Posted on August 22, 2014 @ 3:51 PM EST

Shoot first, ask later. It’s a mentality and style adopted not only by film and T.V. characters, but by your average Joe and Jane Doe who have ambitions or tasks to complete. That doesn’t mean they’re gun-toting war mongers (we would hope not!), but they have the propensity to do things without thinking about the effects of their actions. These are often the people who say things like, “I regret buying that” or “I should have thought about that before coming here”. Usually, they say these statements when it’s too late. When it comes to selling gold, things are no different. There are many people who give up their gold for the prospect of cash, without thinking about how they’ll feel when these items are no longer with them.

Are you planning to give some of your gold away? No one can tell you what to do with it, but you should think twice about your choices. If you enthusiastically say, “I’m gonna sell my gold!”, add this one step – think about the emotions you may feel in the days, weeks, months, and years to follow. After all, once the gold is gone, it’s not coming back!

Beyond the Physical

Gold handed down from previous generations has much more than monetary valueWe humans are visual and physically-oriented beings. In other words, we think of what we can see and feel – often the things that are immediate. That’s why it’s easy to forget the “thinking” part of making decisions, and often reflect on our choices after the fact. We do this more with some objects as opposed to others. Enter gold. In the 18th and 19th centuries, you had scores of people joining the gold rush to acquire their own fortunes. In more recent times, recessions have led people to sell their gold to make ends meet. But historically, gold has carried a much heavier value than monetary worth. That is emotional weight.

Think about a gold chain, necklace, or bracelet handed down from grandparent to parent or to a grandchild. It’s symbolic. It’s a relic that should pass on for generations to come. With that said, the intent is to keep such items within the hands of the family, not a vendor.

The After Effects of Selling Without Thinking

As mentioned earlier, there are consequences to selling gold jewelry and other items before giving it enough forethought. They are mainly emotional, which are usually worse than any physical or financial effects. Remember, the value of gold goes farther than dollar signs.

How You May Feel for Selling Gold Before Its Time:

  • Regret Regret is the strongest emotion felt by those who sell gold without thinkingConsider this scenario. You learn that selling a gold necklace will fill your wallet and pockets with a large, lump sum of cash. So you sell it. A few days later, a family member tells you a story about the necklace, detailing the pain and effort your great, great grandparents endured to preserve and pass it on to you. You’d most likely feel regret, knowing that you gave it up without a knowledge of its history and significance.
  • Frustration – Once sold, you’re most likely not getting the gold item back. It’s gone. So that decision you made to sell – a “trigger-happy” one – may ring in your mind as an unwise choice which you could have avoided. Consequently, you might feel tempted to beat yourself up about it (which you shouldn’t), and it’s a feeling that could linger for a while.
  • Sadness – Finally, there’s the emotion of sadness. It may hurt you to know that you gave up something of precious value. There may be a desire to make things right, but you have to acknowledge that you can’t bring it back. The result? You might feel like you’ve betrayed the wishes of family members who hoped you would have kept this treasured jewel.

Holding Back

You’ve probably been told by others that you shouldn’t hold back on things. It’s true to a certain extent, in that you shouldn’t hold back on something in which you have the utmost confidence. You might say, “Yes, I know I can sell my gold with confidence!” However, think twice about the future and some of the emotions you may feel as time passes. They are often burdensome and long-lasting. Therefore, give it some thought before you set foot in a refining company’s doors.

Thinking it Through:

  • How Will Your Family Members Feel?Think about the family members who you won’t hear the end of it from. You know who they are. Let their voices serve as a mental reminder for why it may not be a good idea to sell your gold for cash.
  • How Might You Feel in the Years to Come? Look back at the feelings listed earlier. You may act tough now, but a rock-like temperament might soften rather quickly.  So consider the long -term and the emotions that may arise later on.
  • Are There Other Ways to Earn Needed Cash? Perhaps there are some other things kicking around your house, or collecting dust that could earn you a few bucks. There’s a good chance that you have such objects in your home. Think of outdated electronics, old toys, and clothing that you no longer make use of. Make the sale of gold jewelry – especially those given as a gift – your last option.

Not for Sale!

 Think long and hard before selling your gold itemsJust because you can sell something to make a profit, doesn’t mean you should do it. Think about some of the greatest inventions, startup businesses, and sports deals – if the “star” folded, the integrity of what they did wouldn’t be the same! Likewise, gold jewelry that was handed down from family members should stay with you. A farsighted approach will help you see the real value of what you’re about to give up if you say “I’ll sell my gold no matter what!” With that said, there will be times when you want cash for gold, and it’s okay to sell items that don’t hold much emotional weight to you. Overall, the only right decision is the one that will leave you feeling free of regret.

Looking for info on what do with your gold items? Give us a call for advice!