If you have wanted to make a gold investment before but have not done so, you are in the right place. There is nothing to get anxious about; rather, you should learn all you can in order to participate in it. Read these tips to get you started on your journey into gold buying and selling.
When you sell gold, you should obtain a type of estimated value from multiple sources. 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. By getting multiple estimates, you can be certain of getting the best price.
Get multiple estimates for your gold pieces if you are looking to sell them. Different gold purchasing entities are at your disposal, and they all require different profits from the purchases. Getting multiple offers allows you to understand what you can get for your gold.
Realize that all items containing gold have some sort of resale value to dealers. Decorations, flatware, broken jewelry, anything you have with real gold content is potentially valuable. An item need not be made purely of gold. It could be part of an item that’s gold, or just gold-plated. You still stand to make a fair amount of money selling it.
Only sell to reputable buyers. Look them up using the Internet and the Better Business Bureau to find reviews. A good buyer is going to give you a good price, and will provide you with superior customer service too. You should do this to better protect your gold investment and yourself.
Never sell to an unlicensed gold dealer. This does not prevent you from getting scammed, but a licensed buyer probably has a better reputation. There are various people and stores that can buy gold, so do not think that you must go with the first one you encounter.
Always do your homework with regard to any person or entity from whom you are thinking of purchasing gold, and look around for a buyer with a good reputation. Check for online reviews and reports from the BBB and see how these dealers resolve complaints from their customers. Ensure you receive the maximum amount for your gold by shopping around.
Be cautious. There are many scammers in the gold market. Many people want to keep the money you are owed for themselves. Always err on the side of caution, and fully research every option before taking it.
Before you put down your money for gold, make sure you have a firm delivery commitment from the seller. To ensure timely delivery request a confirmation on the shipping date. There should be a date listed for when you can expect them. Don’t order anything without this document.
Check Better Business Bureau ratings for gold dealers and jewelry stores before deciding where you want to sell your pieces. You can usually find out about complaints and customer reviews. If there were any complaints, you will want to see how the company resolved the issue. If a business has a lot of customer complaints or unresolved complaints, avoid using them.
You can sell your gold by mail. Lots of sellers prefer this process, as it is easy. You receive a postage paid envelope, place your items inside, ship it and wait for a check in the mail. Just keep in mind that such firms usually don’t pay that much for your jewelry, as compared to other options. In certain instances, you might get roughly 30 percent less on the item, so stand guard.
Knowing the current market value of gold is important prior to selling or buying it. This way you will know if a dealer is offering you the proper amount for your items. A lot of dealers provide you with market value, but there are some who will just assume you want quick cash and will make a deal that is best for them.
When working with a dealer of precious metals, carefully examine every page of the contract before signing it. This business is about the dollar signs, and you must recognize this. Be aware of what you’re signing. If you don’t like the terms, be prepared to move on. You absolutely must protect yourself financially.
If you want to invest in gold but do not have much money, think about purchasing scrap. Invest small amounts of money in scrap gold. After a few months, you will have accrued a significant store of gold. Be sure to stash your gold safely away until you decide to sell it.
Never sell gold simply for the sake of selling it. Gold prices always go up. Why not wait until you can get a better price? Retaining ownership of gold may be a great benefit in the future.
If you’re clueless about the value of your gold jewelry, have it appraised. This may cost a small fee, however it is crucial if you want to know the true value of your item. Look for an independent appraiser who is properly accredited if you want the most accurate value. When you sell, you won’t get the whole appraisal value, though.
Knowing how to test the grade of the gold will make you a smart investor. Gold is measured by karats. The higher the karat, the purer and more expensive it costs per ounce. Do not always trust the karat stamp. Knowing when you should test gold’s purity can help you avoid overpaying for poor quality.
You might sell gold melted down or as a jewelry item. Private sellers and pawn shops just want the melt value. If you are selling a piece of jewelry, you should pursue a better deal.
If investing in gold is new to you, keep your strategy simple. Shy away from investments such as gold futures markets. Futures are not only complicated, but they tend to change. You can lose a lot of money in a hurry if you don’t know what you are doing. Let more experienced investors make these kinds of complex investments.
Find out if the firm you are mailing your gold to will ship it back, and how much that will cost. Many companies advertise no shipping costs, but they often hide large handling fees in the fine print. Be certain you know exactly what those fees will be.
If your gold pieces are going get melted down, you probably have the option of retaining any small gems currently in them. If they’re tiny, they may be very hard to remove. Small gems are not worth anything when an item of jewelry is melted, so most dealers don’t care about them.
Shop around before you decide which gold buyer you will use. The offers you get might surprise you! Shaking hands with a buyer who brings you the first offer may actually shortchange you. Instead, do your research and get the most for your gold.
Before you sell, monitor the gold price. Gold prices change every day, so you have to figure out when is the best time to sell. You have to sense how the price is going. Doing your research can help you to get the very best deals out there.
An inexpensive and simple way to see if an item is gold is with a regular household magnet. It is true that precious metals are not attracted to magnets. In some cases, only an item’s clasp is solid gold, while the remainder is merely plated. Using this technique will help ensure your pieces are solid gold.
Weigh your jewelry by karat. That way you get an accurate assessment of all your pieces worth. Understand that a necklace made of 18K gold weighing an ounce is more valuable than a ring made of 10K gold also weighing an ounce.
To make sure you get a fair deal, conduct sufficient research on your gold buyer. This is key if you are using mail-in services or buyers who are not local. Gold purchasing firms ought to have a BBB listing so you will be able to determine whether any complaints have been filed.
One place to figure out what gold is worth is to look at gold charts that are updated monthly and weekly. To plot market trends and make valuable use of data, look to MCX charts. It is smart to make use of both kinds of charts to research best.
If investing in gold is new to you, keep your strategy simple. You should steer clear of gold futures and the likes. Investing in futures is extremely unpredictable and risky. You may end up losing your investment if you don’t do your research first. Let more experienced investors get into such complicated transactions.
Take pictures of your jewelry before you let someone handle it. A reputable dealer will have a replacement policy in place in the event your jewelry is damaged, lost or stolen. Get everything written down because it will protect your interest.
When selling a piece of gold with embedded stones or non-gold pieces, ask the buyer to return them once the gold has been melted and extracted. They might be hard to get out if they are tiny. Most dealers are not interested in very small gems, as they hold no value when a piece is melted down.
When selling gold, do not forget to bring your I.D. with you. Thieves target gold for a lucrative heist. To catch these crooks red-handed, the government passed a law to require the presentation of an ID during a sale. That way, stolen gold is found more easily.
When you mail your gold pieces to a buyer, create a list with details about each item. Include that list with the mailer. Have at least two copies of this list. One copy for yourself and another copy to include with the package.
A great way to acquire gold is to buy US gold coins minted before 1933. Gold coins were regularly minted and circulated by the US treasury before that date, when FDR recalled the coins. Some people didn’t heed that recall, so there are some very valuable coins still available.
How was your gold made? If a piece of gold jewelry is stamped out with a machine, it will not be as valuable as a handmade item. This won’t affect its melt value per se, but it will make a huge difference if it’s sold as jewelry.
Since gold is better as a long-term investment, don’t worry about trying to buy when prices are low. It’s an investment that is like wealth insurance. Watching the market and buying when the market is at its lowest is a smart idea. Many times gold shortages occur during turbulent economic times.
Take pictures of all items that you are sending to a mail-order jewelry buyer. This is a good way to document what you are sending. Take special notice of any distinguishable marks that are contained within each jewelry piece. Photograph all identifying marks including engravings.
Keep an eye on gold prices prior to unloading your items. It changes every day so you need to figure out when is the best time to sell. This means feeling the rhythm of the price changes. It’s smart to check that out before you sell.
Never purchase gold with a high premium. Unless prices increase, you won’t make much off your investment if you pay a lot. Lower premiums will give you a better return on what you invested.
Gold maintains it’s popularity no matter what the market conditions are. Therefore, it is possible to make profits even in economic down times. This is what makes gold such a great investment, but you absolutely know what strategies to employ.
In the long-term, a good investment can be gold coins. Plan on keeping gold coins for a minimum of three years before putting them up for sale. The availability of certain coins is what determines its value. Look for those coins likely to increase in value in the next couple of years.
Now you have all the information you need to get started. Make the most of this information to begin your foray into gold investment. Before long, you will see the many benefits that are available by investing in gold.
Just like other investments, it is good strategy to buy gold in regular time increments, a method called dollar-cost-averaging. If you put a certain set amount into gold investing on a monthly basis, you spread out the risk and lower your risk for loss.