I'm writing this late Friday, May 11th and the price of gold this week tumbled by about $62. I've been telling you for weeks now that gold was in a pullback to the $1300 price point, so the selloff this week comes as no surprise to me or to those of you who read my weekly report on the gold market on our website.

Here is the page on our website with my weekly gold and silver report:

http://alanbestbuys.com/id82.html

Even if you like the current price for gold, selling your gold this weekend isn't going to be like pulling teeth, because the selloff this week has many gold dealers hurting -- and hurting bad.

Whenever there is a sudden, sharp pullback in gold prices they are stuck with inventory that they paid too much for. The gold dealers will now have to lower their "buy prices" fearing that prices will drop even more. (I think they will.)

On the other hand, don't expect gold dealers to cut their prices in the face of this selloff. Gold dealers are likely to keep their sell prices high to make up for the hit they took this week on their inventory.

The best time to sell gold is when prices are shooting up. The best time to buy gold is when prices have been steady for a long time.