Look for gold to continue on an upward trend while seeing the other currency take a tumble. This makes gold a solid investment, and a good thing to own when you’re short on cash. When you consider transacting in gold, you need to keep certain things in mind. This piece will give you proficient tips to have the very best gold sales and purchases.
Bullion bars are hands down your best gold investment. They come in varying weights. Bars may be a half ounce, 400 ounces or anything in between. The larger sizes are considerably more challenging to find.
Get valuations for your tangible gold from a handful of dealers at a minimum. From pawn shops to jewelry stores, each location will charge a different premium on gold. If you’re able to work with a couple of different places, you can see if you’re getting the best deal.
If you’re sending your gold to some company via the mail, check them out before doing business with them. Insure your shipment, and get a solid confirmation of when you can expect to be paid. The final step is to take photos of your jewelry, just to be sure you can fight any future problems that may occur.
Gold fluctuates a lot, so be aware of the purchase price before selling your gold. Pieces with differing karat values are worth different amounts, and should be weighed separately for selling. Avoid selling jewelry that is worth more because of the designer or maker.
You must be sure to purchase the right type of gold if you hope to rely on it in your golden years. The IRS must have approved the gold that you receive. It needs to be either 24 karat coins or bullion bars. The bars are a better buy than the coins are because they are more likely to retain their value.
Read reviews and do your research before choosing a dealer to buy your gold. You can look at online reviews, check at the consumer protection organizations or read on message boards about complaints. Check for offers through different buyers to make sure you get the best price for your gold.
Think about GoldMoney and other such services when you want to buy gold. This is the equivalent of establishing a gold bank account. You set up an account, deposit your funds, and you’re assigned some gold at a price that prevails to your account. Although you own the gold, it remains stored securely in the company’s vaults. You can sell it, portion it out, or even (given the right conditions) arrange to take deliver of it yourself.
Talk to someone at a gold party to learn how they figure out the number of karats in a jewelry piece. Many items are stamped. In other cases, there’s no visual evidence and the rep must make the determination by an alternate method. An acid test is one of the least complex ways of doing so, so if the representative is using that test, they may be new to the business.
You may think that solid gold jewelry is too expensive and choose to purchase gold plated or filled jewelry. You do not have to spend lots of money at a jewelry store to buy nice gold jewelry. Buy cheaper gold jewelry online or at a local pawn shop.
Before selling your gold, contact your local Better Business Bureau. You may find complaints that have been listed by the customers who feel slighted. Look carefully at complaints and whether they were solved or not. If there’s a lot of complaints about one company, consider not using them.
You can sell anything that contains gold to gold dealers. For example, you might sell home accent pieces, dinnerware, and old or broken rings and necklaces. Even things that are not pure gold can have value. A gold plated item or an item that is not entirely made from gold is still valuable. You still stand to make a fair amount of money selling it.
When you are negotiating with someone dealing in gold, read all the forms that are given to you. There’s a lot of money involved in this business. You need to know precisely what you are signing. Move on if their terms don’t meet your needs. It pays to watch out for yourself in this way.
Understand what you really have. A lot of the time, gold isn’t really worth what it looks like it’s worth. Often, you will find other metals mixed into the gold in order to strengthen the item. These metals can reduce the value of gold. Gold-plated items apply the same principle. Getting gold jewelry appraised is always a good idea if you want to be clear about the potential sale value it represents.
Only deal with gold buyers you have researched and approached on your own. If you choose to use a mail-away gold buying service, be sure you requested the service. Don’t just mail your gold and personal information off to someone who has asked you to. Ensure the gold-buying companies you’re using are listed with the BBB to see if any issues or complaints were filed against them.
Before you go with one gold buyer, shop around. You might just be shocked at the spread of offers you wind up getting! When you just take buyer number one, you may lose money. Think about this ahead of time so that you can put the most money inside your pocket.
If you are looking to buy reasonably priced gold, ask your family if they have discarded jewelry they would consider selling. Purchase a quality jewelry scale, figure out the weight of the jewelry they are willing to sell and offer them a good price. You will end up paying them more than they would get from a pawnshop, and you will make a profit.
Use a magnet to quickly determine whether an item is really made of gold or another precious metal. If the piece is real gold, the magnet will not be attracted to it. Many times you see the clasp gold plated but not the rest of the piece. The magnet test is simple and effective for this purpose.
Set goals as you plan to invest in gold. Gold is good to have around in a bad economy, but it is volatile. Give yourself the best chance for success by deciding how much risk you are willing to take and what you want to accomplish.
Talk to a the gold party representative to learn how they make karat determinations. Often, the item will be stamped. Other times, there is no way of knowing. Using an acid test can be a great way to determine the karat of the gold.
If your gold pieces are going get melted down, you probably have the option of retaining any small gems currently in them. But, if they are tiny, it can be tough to separate them. Since it doesn’t have value when gold is melted, many dealers have no interest in tiny gems.
When you go to sell your gold have it separated into how much each karat weight. Keep an eye on the gold buyer because they may try and deceive you. A common trick is to weigh everything together and then give you the price for the karat that is the lowest weight. That always means less cash for you. The way around this is to present the gold to the buyer pre-separated so that you get fair market value for each piece.
Gold isn’t an investment you should try and time perfectly. Instead, it is an investment that can be thought of more as wealth insurance. Only buy when the market is stable. In difficult economic circumstances, gold shortages can be rampant.
Gold has been a popular investment for the last few years, for very good reasons. This type of monetary exchange is only increasing in value – making resells highly profitable. Just remember you have to have great information if you want to really do well in the gold market. Take note of the advice that has been provided here and put it to use when you next buy or sell gold.
If you’re selling multiple items have each piece weighed and sold individually. The price you receive will be more accurate this way. The higher karat items are worth more than lower ones, and you don’t want to get the lower price for all.