If you have desired entering the gold market before but didn’t do so, then this article is for you. There is nothing to get anxious about; rather, you should learn all you can in order to participate in it. The tips below will help you make the right decisions.
Be sure to find a reputable gold buyer to do business with. Their reputation can be verified though online sources, as well as the BBB. A buyer with a good reputation is going to give you a better deal for the gold you have, and they probably will have great customer service too. This will protect you from rip off artists.
Gold prices constantly change so you must know your piece’s value before selling it. Weigh your gold by karat for the greatest deal. Avoid selling any jewelry that’s worth is dependent on the designer.
You might balk at the high cost of gold, causing you to select gold-filled or gold-plated items. You still can get gold jewelry items without spending a lot at a local jewelry store. You can get gold jewelry cheaper online or in pawn shops.
Before you get into investing or selling gold, it’s best to understand how it works. Daily fluctuations are the norm, so you must be current on the spot price. Also be ready to pay increasingly higher percentages above melt values for any gold pieces that are fractional. These include 1/10, 1/2 and 1/4 ounce pieces.
Look at the current gold market price prior to selling your pieces. This will assist you in determining if the offer you receive is fair. Most dealers are honest and stick close to market value, but a minority try to rip desperate people off by low-balling their offers.
Compare different gold buyers if you want to sell some gold jewelry or gold scraps. Many stores will charge a higher rate than the posted spot rate for gold. Independent gold dealers with low overhead, for instance, may be in a position to offer you better terms than upscale jewelry stores.
Shop around town if you are taking scrap jewelry or gold pieces to sell to a store or pawn shop. Bear in mind that the market price for gold you can find online (the “spot”) is only an average; different dealers will offer you different prices under (or even over) the spot. Independent gold dealers with low overhead, for instance, may be in a position to offer you better terms than upscale jewelry stores.
You can get varying prices depending on how you sell it. Many buyers only want to pay for the melt value of the jewelry. Don’t let this hamper you, because you’ll find the right buyer eventually.
When it comes time to sell your gold, figure out if you would like to sell it for its melt value or simply as a piece. Many private buyers and pawn shops are only willing to give the melt value. Don’t let this hamper you, because you’ll find the right buyer eventually.
It’s always a good idea to verify the spot price before making a purchase the same day. Many websites update this information daily. As you prepare to make a purchase, it is best to avoid any price with a markup of greater than 8 percent. Anything more is unethical.
You need to only sell your gold to buyers that are licensed. Licensed buyers are generally more reputable than unlicensed buyers. Lots of shops or individual operators are willing to purchase gold, so you should never feel you need to go with the first offer you get.
As exhilarating as gold gets, don’t run your mouth about it. You don’t know who to trust or who is listening. Keep investments private and guard them in a quality safe or in a bank. Doing so means you are protecting your gold.
Speak with the representative at the gold party to find out how they determine how many karats a piece of jewelry is. Many times, the items are stamped. Sometimes, however, there is no visual sign, so many representatives have other methods of figuring it out. Dealers using an acid test may be newcomers, as this is a very basic test.
Be aware of the true value of your items. Everything that appears to be gold isn’t worth its own weight in it. Quite often, other metals are mixed with gold to give some strength to the metal. This makes the value lower. This is the case with gold plated items. If you don’t know how much your gold is worth, then it would be wise for someone to appraise its worth if you intend on selling it.
Always read any fine print on your contracts. If you’re trying to sell gold to people through the mail, then you have to go over the fine print carefully before you sell gold. This lets you learn the amount of proceeds you need to pay for fees and commissions.
Research gold before investing in it. Some people will claim to be experts in the field. However, you have to be careful about get rich promises. Avoid get-rich-quick schemes, and avoid being scammed.
A lot of times, the earring posts are made from solid gold even though the earring may not be. Sometimes rings are only partially gold, and sometimes necklaces just have gold clasps. The weight is low, so sell these items together. A larger profit can be obtained this way as many pieces are being sold in one “lot”.
Always read the fine print of any contract so you understand it completely. If you use any of the abundant mail-in gold buyers, study the fine print carefully before making the sale. This way, it will be clear how much you are paying in fees.
You can make gold investments in ways other than actually having physical possession of gold. For example, many people purchase investments in gold mining corporations and mutual funds primarily made up of precious metals. If you decide to buy gold bars or coins, consider how much it would cost to store it securely.
Before you sell your gold as scrap, it is wise to have it appraised first. This is true for pieces made with fine craftsmanship. Even though the appraisal will cost you money, you may get more for your jewelry in return. An appraiser may know someone that’s interested in your jewelry.
When you go to purchase gold know who you are dealing with. It’s always a wise decision to check to see if a company has any complaints on file with the BBB, prior to giving money to any company. Doing this will help you find any complaints lodged against the dealer. If there are any, try using another dealer.
Divide any gold you plan to sell into groups that contain specific karat values. Since a piece’s value can vary considerably based on its karat value, weighing and selling it all in one batch may lead to you missing out on some potential profits. Gold with higher karat values is more valuable.
Divide any gold you plan to sell into groups that contain specific karat values. Gold prices vary based on karat weight. Therefore to get the best money on your investments, it should be separated by karat value. The higher the karat value, the higher the value of your gold.
Now you have the knowledge you need to start off on the right foot. Use these tips to help you become a master gold investor. It won’t be long before you start witnessing the perks of being a gold investor.
One thing to see if you can get cheap gold is to see if you know anyone that has broken jewelry for sale. Purchase a quality jewelry scale on which to weigh the gold. This allows you to compensate your relatives better than a pawnshop while still earning money on the deal.