While the price of gold is always in flux, one thing that can be counted on is that the general value is always rising. Any precious metal, especially gold, always has a verdant market for trading, selling and buying. When financial times are tough, the value can spike like never before. Read this article to figure out the best way to profit from this metal and the market.
When you sell gold, get an idea of value from a number of sources. From pawn shops to jewelry stores, each location will charge a different premium on gold. When you have several estimates, you’ll have a better idea of what fair market value is.
Gold prices fluctuate on a regular basis, so make sure you have up-to-date information about gold prices before selling something. Weigh your gold by karat for the greatest deal. Don’t sell gold jewelry that may be worth more when sold as a designer piece.
You’ll want to know just how much your gold will be worth when selling it. If you choose to go ahead with the sale, separate different karat items and have them appraised individually. Don’t sell gold jewelry that may be worth more when sold as a designer piece.
You should always ask for timely delivery when purchasing some gold from a reliable seller. 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. There should be a date listed for when you can expect them. Don’t go through an order without this documentation.
If you’re not sure about the value of your jewelry, you can have an appraisal done. This requires a bit of an investment, but it is worthwhile. If you want to obtain an unbiased value, retain the services of a certified appraiser. However, do not expect to receive the exact amount suggested by the appraisal when you sell the gold.
On the day you are planning to buy your gold, check the spot price. Many websites update this information daily. Never pay more than 8% premiums on your gold. Some dealers will try to charge more, but they are overcharging and oftentimes, not ethical.
Compare different gold buyers if you want to sell some gold jewelry or gold scraps. The current value of gold may be one price, but that certainly doesn’t mean every buyer is willing to offer it. Try to focus on stores that are not located in a mall, as their overhead may not be as high, which means they might have the ability to give you a better return on your gold.
If you plan to mail your jewelry, be sure that you find out how much the return postage will cost if the price offered you is too low. Many companies offer free shipping but charge more for mailing items back. Be sure you figure out what things will cost before you start mailing off your jewelry.
Selling gold depends on what sort of piece it is, be it a coin, bar or piece of jewelry. You will only get melt value at pawn shops or with most private buyers. Don’t give up; eventually, the right buyer will come your way.
Sell only to gold buyers who are licensed by the state. Licensed buyers are much more reputable, and then you can stop worrying. There are a number of people out there willing to buy, so avoid thinking you have to go with the first buyer you see.
Know what you’ve really got. A lot of the time, gold isn’t really worth what it looks like it’s worth. Usually other metals are combined with gold to provide more strength. This makes the value lower. Gold-plated items apply the same principle. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.
A fast, cheap way to test for gold’s authenticity is to use magnets. Precious metals, gold included, are not magnetic. Sometimes a jewelry piece is only plated in gold with a solid gold clasp. The magnet test is simple and effective for this purpose.
Whenever you begin the gold selling process, you need to be educated on the market price. It’s also a good idea to research what similar pieces have for asking prices. This will give you a price point to work with. You should always ask for a slightly higher price so you can negotiate with the buyer.
Never sign a contract without thoroughly reading it first. This is especially important if you decide to sell some of your gold items through a mail-in program. Doing so makes it easier to keep track of what portion of your earnings go toward fees and commissions.
You can easily test whether a gold piece of jewelry is real by using a simple magnet. Gold and other real precious metals aren’t attracted to magnets. The clasp may be solid gold, but it’s possible that the piece is almost entirely gold-plated. A magnet is an easy way to test.
Many times earring posts are made of solid gold, even when the actual earring is not solid. Necklace clasps and ring bands are usually real as well. These sorts of items are often lightweight and should be sold as a collected lot rather than individually. Selling lightweight gold in a lot will increase your chances of selling them.
Talk with a gold expert on how they go about attaching a price to a piece of gold, so you know how much a karat is worth. Sometimes there is a stamp. Other times, though, there are no outward signs, and therefore representatives rely on other techniques. Using an acid test can be a great way to determine the karat of the gold.
Inquire with the area BBB prior to selling gold items to jewelry stores, dealers or any other sort of buyer. They’ll have basic resources for you such as reviews and complaints from other customers. Heed any complaints to see if the company resolved them or not. If you see many complaints, then you need to find another business.
Talk to the BBB before selling your gold to a jewelry store, dealer or gold buyer. This agency can give you a good indication of whether the business you are dealing with is on the up and up. Pay special attention to any complaints and if they were resolved or not. Too many complaints are a warning sign and it’s a business you should definitely avoid.
When negotiating with the dealer, be sure to read everything with a fine tooth comb. Gold buying and selling is serious business, not a game. Understand precisely what you are asked to sign. If you don’t care for the fine print, move on. Find a broker you are comfortable with rather than signing a sub-par deal.
The value of gold has been on the rise over the past decade. It may or may not be the best time to purchase gold depending on the worth of the dollar. The weaker the dollar, the stronger the gold price.
Gold is a very lucrative but volatile investment. If you’re not ready for a roller coaster ride, gold investing is probably not for you. Even if you are okay with taking the risk, you need to prevent downside risks. Only a very small overall percentage of your portfolio should be invested in gold. Five percent is often touted as an advised cap.
Make sure you understand the buyback policy of your seller. Reselling gold is often done at a premium. Think about how much it would cost to send things like gold bars that are bulky to dealers far from where you live. Don’t ever buy gold and then leave it with the seller. Take it home with you at the time of purchase.
If you want to be an intelligent gold investor, learn to test gold for its grade. Karats are used to measure gold purity. Twenty-four karat gold is the purest form of gold and is the most expensive. You should not just rely on the karat stamp. Knowing how to verify the karat of gold will help you keep from overpaying for bad quality gold.
Don’t let the buyer lump all your gold pieces together and weigh them as one unit. You need to have each karat type weighed separately. This is so you can get proper payment for your gold. 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.
You are probably aware that many currencies used to be backed by gold. You can take advantage of this precious commodity as long as you understand it. Use the stuff you’ve learned here so you can take on the market gold is in and win.
When you sell gold jewelry, never allow items of differing karat weights to be measured at the same time. The higher the karat, the higher the value of the gold will ultimately be. Lumping all your jewelry together can significantly reduce its value if high- and low-karat pieces are weighed and priced equally. Separate, weigh, and then sell.