Gold has worth around the world, and it has been that way for thousands of years. Lots of people are obsessed with gold, but not everybody can make a smart gold trade. If you want to buy or sell gold, read these tips to be the best at it you can be.
Get multiple estimates for your gold pieces if you are looking to sell them. Gold buyers and jewelry stores are out to make a profit, so they’ll all pay less than the actual value of the gold you’re selling. You’ll get a fairer price if you’ve gotten a few estimates.
If you’re selling gold through a mail-in service, do your homework on the company and its policies before you make a commitment. Be sure to understand when to expect payment and how to insure your items. Take pictures of anything you send so that you can settle any disputes that may occur later.
Bullion bars are a great way to invest in gold. Their weights can vary. The bullion bars come in half ounce bars and increase up to large bars weighing 400 ounces. However, the really big bars are very hard to come by.
If you’re selling a gold item that has value beyond its weight in gold, you need to choose whether to sell the piece for its intrinsic value or its melt value. Private sellers and pawn shops just want the melt value. Don’t let this discourage you, because you will eventually find the buyer you are looking for.
Look for a gold buyer that has a good reputation. Check for online reviews and reports from the BBB and see how these dealers resolve complaints from their customers. Check for offers through different buyers to make sure you get the best price for your gold.
Check gold prices on the day your are buying or selling gold. Many sites offer this information, plus it changes every day. When purchasing, don’t pay greater than 8% markup above the spot price. Some dealers charge more than that, but it is a rip-off.
Before you purchase a gold piece, know when it is going to be delivered. When dealing with a vendor, it pays to seek written confirmation of the expected delivery date. This is crucial if they do not offer the option to deliver immediately. Your expected receive date should be listed. Don’t order anything without this document.
Only make a sale to buyers who hold a state license in buying gold. Although anyone could rip you off, the chances are slim when working with someone who is licensed. Remember that you have hundreds of options available, so do not be pressured into doing business with the first company to make an offer.
Keep in mind that gold dealers will buy anything that’s got gold within it. This could be jewelry pieces which are broken, home decor, tableware or any other gold items you have around. It is not really necessary for these items to be solid gold. You could also sell something that is gold-plated or contains only a small amount of gold. They won’t be worth as much but you can still get money for them.
There are many sites where you can purchase gold, such as GoldMoney. It s sort of like a bank account for gold. You have started an account, and you’ve bought gold at a particular price. While the gold itself physically remains within a bank vault, you can deal with it as you see fit.
Make sure you verify the price of gold the same day you plan to buy it. This information can be found on various websites, although they tend to fluctuate each day. Never buy something listed at more than ten percent of the spot price. Some sellers try charging more, but that’s overcharging, which is generally unethical.
You may even be able to find old gold at thrift shops or garage sales. If you know what you are looking for, there are bargains to be found in such places. A lot of people give these items to thrift shops or antique markets because they aren’t aware of their true value. Their loss can be your gain.
Prior to coming to any decisions with regard to a gold buyer, shop around. You might just be shocked at the spread of offers you wind up getting! If you go with the first buyer that you meet, you may end up with the worst deal possible. Get the most money for your gold by spending time to comparison shop.
Approach the market with caution. Markets all have their share of unscrupulous players, but gold is a market that seems to have many. There are plenty of honest dealers; however, there are also people who are only out to steal your personal information. Stay alert and always take the time to obtain the information you need to make an informed decision.
Before you go with one gold buyer, shop around. You may be shocked to see how different the offers are! If you choose to sell to the first buyer, you might get a bad deal. Get the most money for your gold by spending time to comparison shop.
Use a magnet to determine if an item is made of gold. Real gold won’t stick to a magnet. Certain pieces have a clasp made of real gold while the remaining parts are plated. A magnet is a good tool for discovering fake gold.
Review all fine print in sales 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. There are going to be some fees and commissions to consider, and you don’t want them to be too steep.
You can invest in gold without actually owning physical gold property. One option is to buy shares for gold-based mutual funds. Another option is to stick with gold mining stocks. Before you buy bars and coins, you must also consider how much it will cost to store your gold.
Gold should be separated by karat weight before sale. When you start weighing gold at the time of sale, vendors might attempt to weigh all the pieces as once and claim they all fall under the lower weight. You will end up losing money. Have everything organized to maximize the amount of money you get.
As is now quite clear, gold is a precious commodity that is easily traded. Investing in gold makes sense, given how often it holds or even grows in value over time. Now that you’re initiated, start investing in gold today!
When you go to a dealer, make sure to read all forms clearly. This is a large money making endeavor with lots of dollars associated with it. Know fully just what you are signing. If you don’t like the terms, be prepared to move on. At the end of the day you are the one who stands to lose financially.