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CNBC
30-04-2025
- Business
- CNBC
Here's what experts say about selling gold jewelry for cash
Gold prices have been on a tear, and with that comes an opportunity, at least for anyone with estate jewelry tucked away. "We're seeing an increasing number of people — mostly regular individuals and families, not investors — selling or melting old jewelry to access quick cash while the market is strong," said Tim Schmidt, the founder of Gold IRA Custodians, an online resource for buying gold. "For some, it's a way to cover urgent expenses; for others, it's an opportunity to capitalize on long-forgotten pieces that have suddenly become far more valuable than they were just months ago," Schmidt said. More from Personal Finance:International vs. U.S. stocks: what experts are sayingTrump-fueled backlash 'intensified' flight from ESG fundsWhat typically happens to stocks after high volatility The recent surge in gold prices is pushing more people to consider unloading their family heirlooms and other valuables, which can be melted for cash, according to Schmidt. Spot gold prices hit an all-time high above $3,500 per ounce last week. The record follows a barrage of tariffs announced by President Donald Trump in April, fueling concern that a global trade war will push the U.S. economy into recession. One year ago, prices were about $2,200 to $2,300 an ounce. As of Wednesday morning, gold futures prices were up about 23% year-to-date and 36% higher compared to the price a year ago. "Gold tends to trade on fear, and we have a lot of fear in the markets right now," said Kathy Kristof, a personal finance expert and founder of "If you can find a moment when people are the most fearful, that's an ideal time to sell your gold," she said. "Strike while the iron is hot." Many consumers who hold physical gold — such as higher-karat jewelry, bars and coins — view it as "financial insurance," said Jordan Roy-Byrne, founder of The Daily Gold, an online resource for gold, silver and mining stocks. "Gold is reassuring," Schmidt explained. "It offers something tangible, dependable, and easily liquidated when times get tough." One downside of selling physical gold is traditionally high trading costs — and those costs are typically not transparent, Kristof said. Consumers should check the spot price of gold online before hawking their gold at a pawn shop or online marketplace like Alloy or Express Gold Cash, Kristof said. Sellers can use the spot price to get a rough sense of what their gold is worth, if they know its weight and purity, to sense if they're being ripped off, Kristof said. (Keep in mind: 24-karat gold is pure gold; an 18-karat piece is 75% gold and 25% other metals.) "Do the math before you even go," she said. "Fools get creamed." Price comparisons and deal shopping are "always wise" moves for consumers, Kristof added. "It is a competitive marketplace," she said. "You can get a better deal." Some experts say prices may have topped out, but others think there is still room to run. "My view is that gold hit an interim peak, which should hold up at least into the fall," Roy-Byrne said. Ultimately, it's impossible to know what the future holds. Consumers should assess if they made a good return on investment, and if the risk of holding and hoping for a better profit "is wise or foolish," Kristof said. One cautionary note: Sellers may pay a higher tax rate on their gold profits than they may otherwise think. That's because the Internal Revenue Service would likely consider physical gold like jewelry, coins or bars to be a "collectible," for tax purposes, explained Troy Lewis, a certified public accountant and professor of accounting and tax at Brigham Young University. Federal long-term capital gains taxes on collectibles can go as high as 28%, while those on other assets like stocks and real estate can reach 20%. Schmidt recommends proceeding "thoughtfully" before selling or melting down gold jewelry. "It can be a smart move for those needing immediate funds, but not every piece should be melted down," he said. "Items with historical or artistic value, like family heirlooms or antique jewelry, may be worth more in their original form than as melted metal." Schmidt recommends consulting with a reputable jeweler or appraiser before selling as well as considering the cost of cashing out. "Gold may be in high demand, but once a unique piece is melted, its original value is lost forever," he said.
Int'l Business Times
29-04-2025
- Business
- Int'l Business Times
Want $1 Million In Retirement? What Americans Need To Save Each Month By State
The 2025 Planning & Progress Study from Northwestern Mutual revealed that Americans think they require £939,462 ($1.26 million) to comfortably retire. To reach that goal by 65, the study estimated that one must save £246 ($330) monthly if they begin at 20. The estimated monthly savings more than double every decade you delay. For instance, someone starting retirement savings at 40 would have to set aside £1,153 ($1,547) monthly to reach that magic number. However, these average estimates might vary significantly across US states, primarily due to living costs. A Gold IRA Custodians study showed that a Hawaii resident needs to save £330 ($443.06) monthly starting at 25 to amass £745,605 ($1 million) by 66, compared with £222 ($298.45) monthly for a West Virginia resident – a nearly £111 ($150) per month difference. 'The path to a million-dollar retirement isn't one-size-fits-all,' says Tim Schmidt, founder of Gold IRA Custodians. 'Where you live plays a huge role in how much you need to set aside each month. What might seem like an impossible goal in Hawaii could be much more achievable in the Midwest.' 'Our findings highlight the critical importance of two factors in retirement planning: location and timing. Where you live significantly impacts how much you need to save, with a nearly $150 monthly difference between the most and least expensive states. But even more vital is when you start saving,' he added. The study assumed a 7% inflation-adjusted annual return on investments, state-wise inflation levels and cost of living index based on post-tax estimates. Hawaii has the highest cost of living index at 125.25, meaning it is over 25% more expensive than the national average, which can be attributed to its isolated location and reliance on imports. 'Almost everything costs more there, from housing to groceries, which translates directly into a higher savings requirement to maintain comfortable living standards in retirement,' Schmidt said. California, Massachusetts Come Second to Hawaii California residents need to save £326 ($438.49) monthly to amass a million dollars by age 66. The Golden State's cost of living is 123.96, and the inflation rate is similar to Hawaii's at 3.28%. However, California's cost of living varies within the state, with lower costs in inland areas compared with higher prices in coastal regions. Meanwhile, Massachusetts residents have to save £324 ($435.20) monthly despite a lower cost of living index than California at 123.03. This is because of the high inflation rate of 3.77%.'The state combines high housing costs with above-average expenses for healthcare and education, creating a perfect storm for retirement savers,' Schmidt said. These top three expensive states are followed by New York, Washington, New Jersey, Maryland, Colorado, and New Hampshire. West Virginia Happens to be the Most Affordable Retirement Destination The Gold IRA Custodians study found that West Virginia residents can save £222 ($298.45) monthly to become a millionaire by 66, given the lowest cost of living index of 84.37, implying that it is 16% cheaper than the national average. The Mountain State offers relatively lower housing costs, and daily expenses are more affordable. However, the state faces several economic roadblocks. Arkansas follows West Virginia in terms of the lowest monthly savings required to secure retirement goals, with a cost-of-living index of 84.88. In Arkansas, residents can save £223 ($300.25) monthly in investments to grow their retirement corpus to $1 million by age 66. With a low inflation rate of 2.24% and affordable housing and transportation costs, the state offers a feasible gateway to retirement wealth. The third US state requiring the least monthly savings is Kentucky with an 86.35 cost of living index. Despite one of the highest inflation rates at 4.82%, residents benefit from considerably lower baseline costs. People living in this state are required to save £227 ($305.45) monthly. These top three affordable states are followed by Oklahoma, South Dakota, North Dakota, Alabama, Louisiana, Ohio, and Mississippi. Starting Early is Key to Keeping Monthly Retirement Contributions Manageable Starting to save at 25 in Hawaii with $443.06 monthly contributions towards retirement funds is more manageable than waiting till 40 when you have to save £870 ($1,167.25) monthly to reach the same retirement goal by 66. 'The power of compound interest is dramatic,' according to Schmidt. 'The 15-year difference between starting at 25 versus 40 more than doubles the monthly amount needed, regardless of which state you live in.' For those who are behind on retirement savings, several strategies can help, such as maxing out contributions to 401(k) and IRA accounts and diversifying their retirement portfolio with tangible assets like gold to hedge against inflation and market upheavals. One can also relocate to a more affordable US state in retirement to prolong their life savings by years. 'Remember that even if you're starting later, consistent saving habits and smart investment choices can still put a comfortable retirement within reach. The key is to begin today, regardless of where you are in your journey,' Schmidt concluded. Originally published on IBTimes UK
Yahoo
27-03-2025
- Business
- Yahoo
Texas is the best state to retire to in 2025, study shows. Here's why
If you're a Texan nearing retirement age, you may not need to look too far to find a comfortable place to live out your golden years. In a recent study, retirement experts at Gold IRA Custodians analyzed data from all 50 U.S. states to determine the best and the worst destinations to retire to in 2025. "Finding the right retirement location involves balancing multiple factors that impact both quality of life and financial security," Gold IRA Custodians founder Tim Schmidt says. "Our research aimed to provide a clear picture of which states offer the most favorable conditions for retirees." States were evaluated along six key metrics: average cost of living, median house prices, number of healthcare facilities, number of nursing homes, crime rates and tax benefits for retirees. These metrics were weighted to calculate a final "retirement score." Texas was deemed the best state for retirees in 2025. Here's a breakdown of the findings. People are also reading: Southern Living named this Austin barbecue joint the best in Texas for the third year When compared with other states, the Lone Star State claims the most healthcare facilities and nursing homes. It also boasts below-average living costs and accessible home prices in relation to other coastal states. Without a state income tax, retirees in Texas can often comfortably live on fixed incomes. "Texas provides a balance that appeals to retirees," Schmidt says. "The state offers relatively affordable housing below many coastal states, while maintaining a manageable cost of living below the national average." However, there is also much room for improvement. For one, Texas' crime rate is higher than any other state on the top ten list. The study also doesn't go beyond the numbers: If it did, it would show that while Texas has the most care facilities and nursing homes, long-term institutions are facing staff shortages. Advocates are looking to lawmakers for more support to combat this, including improving the ombudsman program through additional funding, establishing stricter discharge laws, and increasing staff at these facilities. Here's what the study found: Average cost of living score: 92.7 Median house price: $349,000 Number of healthcare facilities: 509 Number of nursing homes: 1,184 Crime rate: 406 Retirement score: 78 Rank State Average cost of living score(lower= better) Retirement score(higher = better) 1 Texas 92.7 78 2 Pennsylvania 95.1 62 3 Illinois 94.4 62 4 Florida 102.8 58 5 Mississippi 87.9 57 6 Ohio 94.2 57 7 Alabama 88 53 8 Iowa 89.7 49 9 Indiana 90.5 49 10 South Dakota 92.2 48 Rank State Average cost of living score(lower = better) Retirement score(higher = better) 1 Hawaii 186.9 4 2 Massachusetts 145.9 23 3 New Mexico 93.3 26 4 Colorado 102 27 5 Maryland 115.3 28 6 Alaska 123.8 29 7 Montana 94.9 29 8 Oregon 112 30 9 Utah 104.9 30 10 Rhode Island 112.2 31 This article originally appeared on Austin American-Statesman: Best states to retire to in 2025: Texas is ideal for golden years
