There are millions of people who love to wear gold jewelry, but for the most part, they know very little about gold investing itself. This lack of understanding can make people vulnerable to scams. If you are not that knowledgeable about it, the following tips should help you navigate the world of buying and selling gold.
If you are looking to gold as a retirement vehicle, be certain you invest in the proper kinds of gold. The gold must be approved by the IRS. Only 24K coins and bullion bars are eligible. Buy bars instead of coins to increase your profits.
Research any gold buyer you are considering using and shop around for a reputable buyer. Look at the BBB website online for ratings, reviews, complaints and more. Soliciting bids from multiple companies ensures that you receive the most money per transaction.
Have your jewelry appraised before selling it if you are unsure what it is worth. This may cost a small fee, however it is crucial if you want to know the true value of your item. For the most accurate appraisal, use the services of an accredited and independent appraiser. If you choose to sell your piece, know that you probably are not going to get the full appraisal amount.
You can sell gold online. There’s no reason to confine yourself to brick-and-mortar stores when selling your gold. There are dozens of reputable websites where you can buy and sell gold. The online business will provide you with a special kit that you can use to send your gold pieces. If everything is okay, they will pay you whatever their current rates are.
Look around before buying from a particular gold buyer. It might come as a surprise and you never what kind offers are out there! If you take the first offer, you might get the worst deal ever! Take your time so you can make the greatest return on your gold.
If you’re thinking of supplementing your retirement funds with the help of gold investing, it’s important to understand what type of gold to invest in. The IRS must give its approval for your investment. They must be 24 karat bullion bars or coins. Consider buying bars instead of coins, since they tend to be more valuable.
Research the market ahead of investing. You will find that there are fraudsters waiting at every corner wanting to take you for a ride. But, beware of over the top promises about getting wealthy. Don’t think of it like a get-rich-quick scheme to avoid false expectations.
Anything that contains gold can be sold. That could be broken pieces of jewelry, tableware, home decor, or anything else you have around. Nor does it have to be 100% pure gold. It could be plated gold or it could be that just a portion of the item is made of gold. You can still turn a profit on these pieces.
A lot of times, earring backs are gold, even when the earrings themselves are not. In addition, necklace clasps or ring bands may be gold, too. If you want to sell these, though, you need to get quite a few of them together to make it worth it. The more you have, the more they will weigh.
Never neglect the idea of hunting in antique shops or flea markets to find gold. You can find gold in unexpected places, but you have to know what to look for. Many people do not realize what they have and sell it or donate it to these shops. Their lack of knowledge can be used to your benefit, if you know what to look for.
Before you consider selling your gold, check the BBB.org website. Here, you will find information regarding the business, as well complaints and reviews from people who’ve dealt with them before. You definitely want to notice any complaints, whether resolved or not. If there are many unresolved complaints, or a huge number of overall complaints, think about giving your business to someone else.
Look around before deciding on purchasing from a gold buyer. The offers you get might surprise you! When you just take buyer number one, you may lose money. Taking your time can really end up getting you the best deal out there.
You can make gold investments without owning gold. You might invest in an ETF or an individual gold mining stock when buying gold stocks. For those that want to buy real gold, make sure you think about how you are going to keep the items safe.
Many people don’t know that a magnet can be used to test whether something is made of gold or some other type of metal that is precious. Precious metals, such as gold, are not magnetic. In some cases, jewelry may have a clasp that is made of gold, but the rest of the jewelry piece is made of plated metal. Using this technique will help ensure your pieces are solid gold.
You can sell your gold through the mail. Many sellers like this process because it is simple. You obtain a prepaid envelope, put the jewelry in it, ship it, and get a check for it. The price of this convenience, though, is that you will be paid considerably less for your gold. Sometimes, you can obtain 30% less for the item, so be careful.
When at a gold party, talk with the rep about how they make the determination on the karats of the jewelry being sold. Items are usually stamped. A visual cue may not be available so other methods are used to figure it out. Acid tests are simple ways to do this, so if the rep does this, they’re probably new to the business.
Think carefully before you sell off any gold. The price of gold fluctuates, which is currently at its record high; eventually it will become an even higher price. The longer you can hang onto gold, the more money you stand to make with it.
Check Better Business Bureau ratings for gold dealers and jewelry stores before deciding where you want to sell your pieces. You will see if there were any complaints and be able to read reviews from consumers who have conducted business with them. Heed any complaints to see if the company resolved them or not. If you see many complaints, then you need to find another business.
To get the best deal and to protect yourself, always research the buyer of your gold. If you plan to mail the gold out of state, this is even more important. Look for gold companies that are listed in the BBB to ensure that you are working with a reputable business.
You don’t have to physically own gold to invest in it. It is possible to purchase stocks of gold mining companies, shares in a gold ETF or a mutual fund whose focus is gold. Choosing to own gold means that you must have a secure place to store it.
Do a little price verification before you set your heart on selling your gold via an online service. Frequently, you can find a better deal at a physical business of a local dealer. Sending your gold in by mail may be much more convenient, but you’re going to end up losing money!
Before you sell gold, put it in different karat weights. 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’ll get less money that way. Separate your items by karat in advance to avoid being tricked.
Gold is best when looked at as a long-term investment. If you take this approach, you don’t buy at high prices and sell at low prices. Wait for prices to become lower before investing in gold. You will get the best price overall if you purchase gold all the time.
As previously discussed, for as many people as there are that love gold, very few know much about it. Now that you’ve read all this, you should be comfortable with your gold knowledge. Use these tips to turn gold into a profitable hobby.
You may get great deals by purchasing gold from individuals. But, you need to know why this can be risky. If you are buying gold coins from a private dealer, get them appraised. If you can find someone that will sell you a real gold coin at a low price, you can take the chance and hope it’s a genuine gold coin.