Gold 101: Tips And Advice For Buying And Selling

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It’s pretty undeniable that gold has gained in popularity since the economy has done a nosedive in recent years. While investors frequently rely on gold as a means of securing their futures, few are knowledgeable about the best way to do so. Use the following article to get the most value out of your gold, or show you how to buy gold at good prices.

Try selling gold online. You don’t need to visit an actual store to do this. You can use one of many websites out there to sell your gold. The online business will provide you with a special kit that you can use to send your gold pieces. If everything is together, you’ll get paid their going rate.

Gold is high in price, and this deters some. You might choose gold-plated or gold-filled pieces instead of ones that are full gold. You can still buy gold jewelry without spending a ton at a jewelry store. It is easy to get great deals on gold jewelry from online retailers or pawn shops.

If you buy gold for your retirement fund, be sure it’s the proper kind. You want to ensure that it is IRS approved. They have to be 24 karat coins or bullion bars. Bars are often a better deal than the coins.

If you plan to sell jewelry through mail-in companies, make sure to do your research first. Make sure you know when payment will be sent to you and insure your package as well. Take a photo of what you mail to battle against disputes down the road.

On the day you are planning to buy your gold, check the spot price. A number of websites feature this information, and it changes daily. When purchasing, don’t pay greater than 8% markup above the spot price. While many companies attempt to charge more, this is simply not ethical and should be viewed with caution.

If you are purchasing gold jewelry for another person, you must be certain about the return policy. You can’t be sure of another person’s preferences; they may not care for it. If that happens, you want to be able to send the jewelry back and get your money back as well.

GoldMoney can be a good resource when buying gold. It is kind of like setting up a gold “bank account.” You will simply establish and account, deposit fund and receive the value of your account in gold. The gold resides in a bank. From there, you can sell it or do a number of other things with it.

If you don’t know what your gold jewelry is worth, consider having an appraisal done. It costs a little, but the knowledge gained is valuable. Make sure to choose an accredited appraiser from an independent shop to receive the most accurate appraisal. Remember if you sell, you will not receive the full price of the appraisal.

Keep your gold investing to yourself. The fact is that some people just aren’t trustworthy. Keep investments private and guard them in a quality safe or in a bank. That will help protect your gold and you at all times.

Check the price when you are buying gold. Many sites offer this information, plus it changes every day. Never pay any more than an 8 percent markup on the gold prices. Some dealers will try to charge more, but they are overcharging and oftentimes, not ethical.

Be careful before getting involved in the gold market. Of course, all markets have their bad apples. However, the gold one has lots of them. There are individuals who will not hesitate to take advantage of you if you give them the opportunity. Doing a good amount of research will ensure that you are getting the very best deal.

When sending off your jewelry, you need to consider the shipping cost to you if you’re not satisfied with the offer given. Companies often provide free shipping, but it can be costly to get them back to you in the mail. Understand what you will have to pay if you don’t like their offer. Protect yourself.

Know what you’ve really got. There are many things that look like gold, but are completely worthless. Other metals are frequently put together with gold in order to make it stronger. This actually lowers the price of the gold. This is the case with gold plated items. If you don’t know what you have, have it appraised before trying to sell it.

Know what you’ve really got. Even though the item looks like gold, it may not have much value. Many times, other metals get mixed with gold for more durability. This can lower the price. This also applies to pieces that are plated with gold. If you are unsure of what you have, you may want to get it appraised prior to going to sell it.

You can use a magnet to test precious metal inexpensively. Precious metals that are true like gold aren’t going to be magnetized. Sometimes a jewelry piece is only plated in gold with a solid gold clasp. A magnet is an easy way to test.

Fine Print

Always read any fine print on your contracts. This is especially important if you decide to sell some of your gold items through a mail-in program. That way, you will be aware of the cut of your proceeds that will go to fees and commissions.

Figure out what all of the fine print means when you’re working with a sales contract. If you are going to sell gold pieces to a mail-in buyer, look at the fine print prior to selling to them. This helps you understand what you will have to pay in fees and commissions.

Before selling your gold, contact your local Better Business Bureau. Here, you will find information regarding the business, as well complaints and reviews from people who’ve dealt with them before. Pay special attention to any complaints and if they were resolved or not. If the purchaser has any unresolved complaints, steer clear of them.

It is a good idea to check with the Better Business Bureau before you deal with a gold broker. They will have basic information about the business listed, along with any reviews or complaints from others that have done business with them. Keep a close eye out for any complaints not fully resolved. If you see many complaints, then you need to find another business.

Gold can often be a lucrative but volatile investment. If you cannot handle sharp price swings, this investment is not for you. If you have enough tolerance, you should still limit your exposure. You want to maintain a diverse portfolio of other investments and make gold only a small portion of it. Five percent is often touted as an advised cap.

You don’t actually have to own physical bars, coins or jewelry to profit from gold. Buy shares in traded or mutual gold funds or invest in some gold mining stocks. If you buy physical gold, keep storage costs in mind.

Break up your gold into karat values when you intend to sell it. If you don’t do this, the buyer is likely to give you the price for the lowest karat. The higher its karat value, the higher the gold’s value.

If you are selling gold pieces you own, keep pieces of different karats separated. When you get into the weighing process during the sale, the vendor may try and trick you by weighing everything together at the lowest karat weight. You’ll lose out on a lot of potential profit this way. Separate your items by karat in advance to avoid being tricked.

As with the majority of investments, gold investments are best entered into with a long-term expectation. For this reason, you should not only purchase gold when prices are high. In fact, when prices are high, you should be selling. You have to have your timing down pat.

When preparing to sell gold, separate it based on karats. The value of the gold differs by the karat value of each and if all your gold is weighed together, you will not receive the best cash value. Your gold means more at a higher karat.

If you have gold that has gems inside it, once it’s melted down see if you’re able to keep it. Most stone are quite easy to remove from gold jewelry. Most dealers will not be interested in the value of small gems, because they do not add value to a piece that will be melted down.

Be sure to learn how you can test the grade of gold you are considering purchasing. Gold is measured by karats. Higher karats include purer, more expensive gold. Never go by the stamp stating karat weight. You won’t pay too much for poor quality when you know the methods to testing gold purity.

Gold isn’t something that you’re able to time when you invest in it. It’s an investment that is like wealth insurance. If you insist on timing it, do when things are calm. Investing in gold can be quite profitable if done correctly.

Before investing in gold, you should establish a few goals. Gold is often used as a terrific hedge against economic turmoil and inflation, but it can be a volatile proposition. If you limit your risk and have set goals, you are more likely to profit.

Before you sell your gold, monitor gold prices for a spell. Gold prices change every day, so you have to figure out when is the best time to sell. You have to get a knack for the changes in pulse of the price, as it goes up and down. Before you sell, it is worthwhile to keep an eye on the prices.

Gold Jewelry

If you’re selling multiple items have each piece weighed and sold individually. That way you get an accurate assessment of all your pieces worth. For example, an 18 karat gold necklace that weighs one ounce will be worth much more than a 10 karat gold ring.

You can invest in gold by purchasing beautiful gold jewelry. You can buy gold jewelry as an investment or a fashion accessory. High-end jewelry is typically made with a great deal of craftsmanship, which adds value in addition to the gold itself.

Remember your identification when you go to sell gold. Gold is a large target for thieves that wish to make decent money. To catch them, the government made a law that anyone selling gold must present their I.D. Thieves can be captured this way.

Know the true value of your particular gold prior to going out to sell. Usually, if you want to sell gold, buyers know you would like to get money quickly. For this reason, they will believe they can give you a lower price. Check out www.goldprice.org to keep up-to-date with the price of gold.

Weight isn’t the only value to consider when selling coins, you also need to consider collector value. You may lose money if you sell it by gram weight alone. This is why you should always do the proper research and know exactly how much your items are worth before selling.

Before dealing with any gold service through the mail, speak with them about what happens if they should accidentally misplace your gold. Many companies will limit liability that’s assigned to their business for your lost items. See if you can get additional insurance if your package is worth more than the liability.

Make an itemized list of what you include in the mailer you send to the gold buyer. Have at least two copies of this list. One copy for yourself and another copy to include with the package.

Gold has been important and popular for many years. Nearly anyone can buy and sell gold. Gold acts as a hedge against inflation and tends to do well in tough economic times. This article has given you tons of advice, so make use of it.

Think about how the gold is made prior to purchasing. Gold that was handcrafted is worth more than gold made from a machine. This will not affect the melt value, but it can make a significant price difference when sold as a piece of jewelry.