Many people are using gold as a more stable form of currency.However, you have to be sure you know everything about gold before getting into it, which many investors don’t. Read these tips for some knowledge about the benefits and possible risks of trading in gold.
Before buying or selling gold, know how all the prices work. Gold, platinum and silver prices tend to fluctuate daily, so make sure you check the spot price on a specific day before you make a transaction. You should be ready to pay a higher percentage for fractional pieces like half ounces and quarter ounces over the melt prices.
Stay with reputable buyers when selling gold.You can find out their reputation by looking at the BBB reviews. A buyer will give you fairly for your gold while giving you are selling. You should do this to better protect your investment as well as yourself.
Think about selling gold via the web. You don’t need to have a store location anymore. There are dozens of reputable websites out there you can buy and sell gold. You will receive a kit to return gold.
Save your money to buy higher quality gold and avoid gold-filled and gold-plated pieces. Before settling for a gold plated piece, understand that there are great deals out there on solid gold jewelry. Find cheap gold in pawn shops or online.
If you want to send jewelry to a gold company via mail, check them out before doing business with them. Find out when you will receive your payment, and never send your package without insuring it first.
This is easy to do over time, and you can see how this can make a valuable investment. Keep your stash in a safe until you have enough of it to cash in.
If you don’t know what your gold jewelry is worth, consider having an appraisal done. Although appraisals cost money, you will know the value of your items. In order to have it valued most accurately, go with an appraiser who is accredited and independent. However, do not expect to receive the exact amount suggested by the appraisal when you sell the gold.
Most private sellers and pawn brokers are only willing to pay melt value for your gold.
There are some shady companies out there who deal with gold.You need to do your research to keep yourself safe.
Know that gold in any form can be sold. Examples of saleable items include broken jewelry, spoons, forks, household goods, etc. It need not be completely pure, either. Items that are partially constructed of gold or even gold plated are acceptable. You can still turn a profit on these pieces.
Research the daily spot price of gold before you sell your gold. Look to see what people are asking for similar prices. This will give you figure out a price point.
Look around before deciding on purchasing from a particular gold buyer.You may be surprised at the variety of offers are! Going with the very first buyer might prove a good idea. Take a little bit of extra time at first so you’ve got the most cash possible in your pocket.
When selling gold, you must decide whether you’re selling a piece for its melt value or just jewelry. You will see that pawn shops and private buyers only pay melt value. It may take longer to find the right buyer, but you will get more money this way.
Separate your gold into groups based on karat weight. Some vendors may try to weigh all of your gold at once and offer you what the lowest karat. This is a scam that will result in you money.
Gold is a safe investment but volatile investment. If you’re not ready for a roller coaster ride, avoid this market. Even if you are okay with taking the risk, it is wise to be careful. Only a very small portion of your portfolio should be tied up in gold. A good limit is about five percent.
If you’re going to ship your jewelry to a mail-order buyer, know how much return shipping is going to cost you in the event you don’t accept their offer. A lot of companies say they’ll let you ship for free, but to get things back they charge quite a bit. Know beforehand how much you would have to send in order to get your pieces back.
This is especially important when using a mail-away type service with a buyer that is out of state.
Gold Jewelry
While purchasing gold can be quite exhilarating, try not to discuss your purchase with others. You don’t know who to trust or who is listening. Keep your investments safe and secured in a bank or home safe. This ensures that your gold is protected under all circumstances.
If you are investing out of a sheer love of gold itself, why not buy solid gold jewelry? You can use your gold jewelry as an investment or a fashion accessory.
If you are melting down a piece of gold jewelry, once it’s melted down see if you’re able to keep it. If they are very small, though, this might not work.
Talk to a gold representative to learn how they test gold for purity. Is it based on the stamp? In some situations, though, no visual sign presents itself, so there are other ways of determining it. If a buyer uses acid testing, it’s an indication they are a newer business.
A good way to invest in gold is to buy US gold coins minted before 1933. Gold coins were prevalent until that year when President Roosevelt put a stop to their circulation. Many people chose to keep the gold coins anyways and they are sold still.
You will not get full price of gold when you sell it. Gold dealers work like any other business. Expect to receive offers that are 30 to 50 to 70 percent of the gold’s total value.
Go over the fine print of the contract offered by your buyer. If you use any of the abundant mail-in gold buyers, study the fine print carefully before making the sale. This lets you learn the amount of proceeds you need to pay for fees and commissions.
You cannot deny the important role gold has always played in creating personal fortunes, large and small. To be knowledgeable in gold and make smart decisions you must be educated on the basics. This article will provide you with this important information.