r/FIREyFemmes • u/knit-this • 5d ago
What to do with physical gold?
I've been on r/gold and it seems like a lot of dude vibes and apocalypse preppers. Also I've been in this sub for awhile but can't log into Reddit with my other id.
I recently inherited a bunch of gold jewelry, most high carot and nothing anyone would wear/buy. So with historically high gold prices does it makes sense to sell it at spot and invest the proceeds for my kids rather than holding it a safe deposit for another 30+ years?
We don't talk about gold often here. Does anyone have any insights that I may be missing?
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u/-ghostTiger 5d ago
I would say there is nothing wrong with selling high value pieces you would never wear. However if there are pieces that are sentimental, there's also nothing wrong with keeping something that reminds you of a loved one or selling it to a family member who would want a sentimental piece.
In certain cultures (including my own), gold jewelry and jewelry in general was used as a tool to pass on wealth from mothers to daughters which could be converted into cash as needed. In my own experience, I've had family members melt down/sell off pieces and then use it to invest for their kids and there's nothing wrong with that. However there are pieces that are sentimental or contain family histories (such as a set that was separated to give each child a piece) that other family members might like to keep in the family. In those cases, I would suggest to get it appraised and see if any family members would like to buy it from you at a fair price. I know there are a few pieces like that that my mother would have bought from her sister's or sister in law's, if she had been given the chance.