Gold is a treasured commodity and is universally valued, and has been since its discovery centuries ago. Not everyone knows how to acquire gold, even though we all love it. If you want to buy or sell gold, read these tips to be the best at it you can be.
When selling gold, it is a good idea to get an estimated value from more than one source. There are lots of services, jewelry stores and pawn shops that buy gold. Of course, they will want to make a profit when they sell it. When you have several estimates, you’ll have a better idea of what fair market value is.
Before you buy gold, be sure you know exactly when it will be delivered to you. When the seller doesn’t ship immediately, you must get their promise to ship in writing. Their expected delivery date should be indicated. Don’t buy without such a contract.
Before you buy gold, be sure you know exactly when it will be delivered to you. If delivery isn’t immediate, then you need written confirmation from the seller about your pieces. There should be a date listed for when you can expect them. Don’t not follow through with the purchase unless you have this in hand.
Whenever you buy gold jewelry on the behalf of another person, make sure that it can be returned. What if it doesn’t fit? If you have the receipt, they can easily trade in the piece for something more to their liking.
Gold prices may be so high that you may feel that it is best to choose jewelry that is gold-filled or gold-plated instead. You can still buy gold jewelry without spending too much at the jewelry store. You can get gold jewelry cheaper online or in pawn shops.
Be aware that any items containing gold can be sold to someone dealing in gold. For example, you might sell home accent pieces, dinnerware, and old or broken rings and necklaces. It doesn’t have to be all gold either. It may simply be gold plated or part of the item has gold within it. You will still stand to make a bit of profit.
Fully research any buyer that you’re considering sending jewelry to through the mail. Ensure you understand the reimbursement terms, and don’t neglect to purchase postal insurance for the package. Take a photo of what you mail to battle against disputes down the road.
If you do not have a large amount of money to start off with, why not consider purchasing scrap gold. This can be done over time, maybe some each day so that you can get some valuable gold in about a year. Protect your gold until you can sell it.
When you decide on buying gold the first thing to do is look at the spot price. You can find that on a lot of websites, and that can change every day. When going to buy the jewelry, you should not have to pay higher than 8% markup over the spot price. Many dealers try to overcharge you; however, by being informed you can avoid this trap.
Whenever you’re looking at selling scrap jewelry or gold it is best to explore many different companies to know the offers are legitimate. You cannot count on these stores to pay the national standard of the day. Independent gold dealers with low overhead, for instance, may be in a position to offer you better terms than upscale jewelry stores.
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. The majority of companies pay for you to send the jewelry to them, but they charge high fees to return it to you. It’s best to be prepared so you are not surprised by return shipping charges.
While gold buying can be fun, don’t tell everyone about it. Someone around you could be listening in and be untrustworthy. Make sure you keep your gold investments to yourself and protect them by storing them in a local bank safe deposit box. This ensures that your gold is protected under all circumstances.
Only make a sale to buyers who hold a state license in buying gold. Licensed buyers are generally more reputable than unlicensed buyers. There are many people who will buy your gold, but some are out to rip you off.
Be fully aware of what you have. Many things look like solid gold but are not. Many times, other metals get mixed with gold for more durability. That can make it less valuable. Gold plate is also not very valuable. If you’re not sure about the value of your items, you should have them appraised before you try to sell.
Be careful approaching the gold market. There are some shady companies in the gold market. Many people would like to take advantage of your lack of knowledge on gold. You need to do your research and be careful.
A fast, cheap way to test for gold’s authenticity is to use magnets. Gold and other precious metal will not be affected by a magnet, which means that they won’t stick to it at all. Sometimes you’ll find a clasp to be something solid, but everything else is plated. The magnet test is an excellent way to find out.
Understand what you really have. Not all pieces that appear to be gold are worth their weight in gold. Gold is mixed with other metals for strength. This can lower the price. This also applies to pieces that are plated with gold. Having an appraisal done to your gold can help you get the best idea of its actual worth.
Very often earring backs are made from gold even when the earring itself is not. The bands of rings may be as well, even if the rest is an alloy. Since such items weigh relatively little, you might want to sell them as their own “lot.” This just pulls together a number of gold pieces as a quantity, which might help you make a little more money.
Be knowledgeable about market prices before you accept someone’s offer to buy your gold. Check out the competition and what they are offering. That way, you will have a good starting point. Always start a little higher that what you are actually hoping to get, so you have room to negotiate.
One thing you can do to sell gold is to do so through the mail. Although this process may be easier, you may not earn as much money. Simply receive your prepaid envelope, place the gold inside of it, ship it and wait for your check. But, keep in mind that you may not get as much money this way. Sometimes you’ll find that people are only willing to give you 30 percent less of what an item’s worth, so watch out.
Investigate several gold dealers before choosing one to do business with. You may be shocked to see how different the offers are! Going with the very first buyer who comes along might prove a bad deal. Take time to get the most cash you can for your pieces.
Read the fine print on all forms you have to sign. Gold is a major business that involves lots of money. You need to completely understand the contract you are signing. If you aren’t a fan of the terms, go somewhere else. It’s important to protect your finances.
If you’re at a gold party you should speak with the person in charge so you can figure out what karats are in the jewelry. In most cases, gold will be stamped with the karat it is made with. Other times, though, there are no outward signs, and therefore representatives rely on other techniques. The most simple test involves the use of acid. If the company claims to use that type of test, it may be an indication that they are not as experienced with accurate testing methods.
Be sure to divide your gold holdings by karat value when selling. The karat value determines the gold’s value, so you are unlikely to receive the best price for your gold if it is all weighed together. Gold with a higher karat value is worth more.
Before you buy gold, find out something about the dealer. Check the Better Business Bureau to make sure a gold dealer can be trusted. If you contact the BBB, they will tell you if the dealer has complaints filed against them. If you find complaints, think about going elsewhere for your transaction.
You can often find a good price on gold by purchasing old gold jewelry from relatives. Buy a jewelry scale and weigh the gold so you can give your loved ones a good deal and still make money for yourself.
Gold prices have increased substantially during the past decade, making it a great value investment for anyone dealing in it. It may or may not be the best time to purchase gold depending on the worth of the dollar. Generally, a weak dollar equals strong gold prices.
Map out your goals prior to investing in gold. Though gold stands up well against a bad economy and inflation, it can be risky. You will get a better return on your investment if you have some clear expectations and choose an investment adapted to your needs.
Figure out what you want from buying gold before putting your money into it. While the price of gold does fluctuate, it does protect your investment from economic turmoil and inflation. As long as you establish limits regarding exposure and make certain your goals are clear, you stand a good chance of doing well.
Always check the price of gold a few times before jumping into any online market transaction. Many times, you can obtain better deals with local stores and dealers. Yes, mailing it in may be more convenient, but is it worth potentially hundreds of dollars more in your pocket?
Be sure you double check prices before you sell gold online. Frequently, you can find better values with a local trader than with a retail location. Sending your gold in by mail may be much more convenient, but you’re going to end up losing money!
If you’re just starting out with gold investing, you should try not to make things complicated. Try to avoid buying gold futures, for example. Gold futures are complicated and incredibly volatile. You stand to lose a great deal if you lack sufficient knowledge. Be sure you let seasoned investors grab these types of investments.
As you’ve read, gold is a precious commodity in a market that you can easily get into. It makes sense to invest in gold because it retains its value and increases in value as time goes on. You should start working on building your portfolio with some precious metals.
Know you aren’t going to get the full price for any gold you sell. Gold buying companies need to make profits too, and you must realize this. Try to get the best deal you can while still making the price attractive to the buyer. Generally speaking, you should get between fifty and seventy percent of the true value of your gold.