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Gold And The Recession

A majority of economists believe that we are heading for a recession. They have warned that we should prepare ourselves for a downturn in the economy which will come with highly levels of unemployment, rising costs for goods and services as well as investment losses. Businesses may have to reduce products for about six months or two successive quarters. 

According to a CNBC article published on the 29th September 2019, more than 50% of the world’s ultra-rich people are making preparation ls for an impending recession. This means that they are adjusting their investment portfolios, buying gold and liquidating other assets.

Recessions aren’t new. People have gone through them, survived and learnt something valuable. There are some practical steps that one can take, these include: 

Simplify your life

The most important thing that you should when heading into a recession is to take stock of your life and reducing waste. Use money wisely. Find simpler and cheaper ways of doing things. Get rid of clutter. This means getting rid of those things you have no use for anymore. Have a garage sale to sell what you no longer use or sell it to a pawnshop. Go through your jewellery box and find those pieces you no longer use; pieces that are old or broken. You can sell these at one of the many cash for gold Brisbane dealers. At the current spot price, you are likely to get a good price from Brisbane gold brokers.

Have a financial plan

If you don’t have a financial plan, this might be the most opportune time to create one. A financial plan is simply a roadmap outlining the financial steps you need to take to get to a particular goal. Your might have a goal to either pay off your debt, buy a car or a new house, retire, start a college fund, go on holidays, renovate your house, etc. It might seem impossible to think of such goals during tough financial times but you shouldn’t have to defer your goals. Gold could come in handy during these times. The price of gold has been known to go up during recessions and already it has reached record highs. This means that if you need cash to realise some of those financial goals you have set for yourself you might have to consider selling your gold. 

Where to sell your gold?

You have a couple of places you can sell your gold at. You could walk into one of those shops with big “We Buy Gold” to get Brisbane gold brokers. They will weigh the gold, test your gold and give you a quote. It helps if you go to such a place when you have weighed and checked the purity of your gold yourself. There are online gold buyers that will also buy your gold. 

You can also take your gold to a pawnshop to get a quote. Try not to take the first offer that someone makes you.