Many people look towards the gold market as a means to keep their investment portfolio safe. Many will say that in uncertain times, you should put the majority of your cash in the current gold market. If you’re seeking additional knowledge about gold and entering this market, read on for solid tips.
Always use a reputable company when selling gold. Look them up using the Internet and the Better Business Bureau to find reviews. Reputable buyers will pay fair rates for gold and will provide solid customer service. Stick with them to protect your own interests.
Bullion bars are usually the safest way to invest in gold. You can find them in several different weights. They can be found in sizes as small as a half-ounce or as large as four hundred ounce bars. However, you may have a hard time locating bars that weigh four hundred ounces.
Prior to purchasing a gold item from a seller, you must be certain you have a firm delivery agreement. If your seller doesn’t give you an immediate deliver, get it in writing confirming when you are to expect your piece. The date they expect you to get them should be listed. Proceed with the order only if you get this confirmation.
Before buying or selling gold, know how precious metal prices work. The prices of precious metals fluctuates daily, so it’s best to know the price of the day. You should be ready to pay a higher percentage for fractional pieces like half ounces and quarter ounces over the melt prices.
Research the current market price of gold before you attempt to sell your old and unwanted jewelry. That way you will be able to ascertain if a dealer is providing you with a fair price or not for your pieces. A lot of dealers provide you with market value, but there are some who will just assume you want quick cash and will make a deal that is best for them.
You should think about selling gold over the Internet. Visiting a broker to make a gold purchase is no longer required. There are dozens of reputable websites where you can buy and sell gold. They’ll mail you a kit which you use to send them the gold. You will receive payment based on the current market value of gold when your items arrive.
If you’re sending your gold to some company via the mail, check them out before doing business with them. Find out when you will receive your money, and never send your package without insuring it first. To avoid problems later on, photograph each item you are sending.
You might balk at the high cost of gold, causing you to select gold-filled or gold-plated items. It is very possible to buy real gold without spending a lot of money at a jewelry store. Pawn shops and online sites have hundreds of gold pieces for sale.
Check the price when you are buying gold. Many websites contain this information and it varies every day. Only place your order if you can find a dealer willing to sell for an 8% markup or less over the spot price. Paying that price would simply be unfair to you.
Before going to sell your jewelry, investigate what the current market price of gold is. This can help you discern whether you’re being offered a good price or not. Although there are many honest gold dealers out there, there are also those who will try to offer you much less than it is worth.
Antique stores may hold valuable gold. Just make sure you know what to look for. Many people donate or sell to these places at low prices because they don’t know what they own. Their loss can be your gain.
If you’re buying gold to save for your retirement, buy the right type. The IRS must give its approval for your investment. Gold for this purpose must be bullion bars or gold coins of 24 karat weight. Gold bars tend to hold their value better than gold coins.
Make sure that you step up to the market with a sound mind and wary eye. Markets all have their share of unscrupulous players, but gold is a market that seems to have many. They want to take your money and take advantage of you. For this reason, it is very important to thoroughly research any gold buyer you are considering.
Know what you have. A lot of the time, gold isn’t really worth what it looks like it’s worth. A lot of the time there will be something mixed with the gold so it holds up better. This will lower the price. This also applies to gold plated items. Have an appraisal done on large amounts of jewelry or gold whose value you are uncertain about before selling it.
Is it better to sell your gold jewelry for melt value or as jewelry? If you are selling to pawn shops or most private sellers, expect them to offer the melt value. However, if you are patient, you will find a buyer who is willing to pay top dollar for your jewelry.
You should note that even if a whole piece of jewelry is not solid gold, the backs of earrings or clasps may be. Many rings and clasps for bracelets and necklaces are gold too. Attempt to sell pieces such as these as a “lot” since those pieces are fairly lightweight. This is various gold pieces in one quantity and it can help you earn more money.
Before selling you gold through the mail, be sure you know what the procedure is for getting your items back and any costs involved in doing so. Most companies will give you free shipping to them but charge you an arm and a leg for return postage. Be sure that you find out ahead of time how much it will cost to get back your jewelry.
Investigate with the Better Business Bureau before selling your gold to any purchaser. You may find complaints that have been listed by the customers who feel slighted. Take a close look at complaints, and look to see if resolution was achieved. If you see lots of complaints that have gone unresolved, think about moving on.
Get a good grasp on what you own. There are many things that look like gold, but are completely worthless. Gold is mixed with other metals for strength. This reduces its price though. Gold plate is also not very valuable. If you don’t know what you have, have it appraised before trying to sell it.
Mailing away your gold to a buyer is always an option. Sellers often like the simplicity of this process. A prepaid envelope comes to you; you place your jewelry inside and send it back to the company. These companies won’t pay the same amount for gold as others though. Some of these outfits pay you a third of the money for the item than you might get elsewhere, so be cautious.
Talk to someone at a gold party to learn how they figure out the number of karats in a jewelry piece. A lot of the time you’ll find a stamp on the item. Other times, though, there are no outward signs, and therefore representatives rely on other techniques. 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.
Do not sell your gold for no good reason. Just because the price is higher than ever doesn’t mean it won’t go even higher, since gold is something tends to continually increase in value. You may benefit in the future by keeping your gold.
While many people think that investing in general is hard, investing in gold is not hard if you learn a little about how it works. Now that you have read these great tips about gold, nothing should prevent you from participating in this market. Use what you have learned here to maximize your investment.
Gold prices have skyrocketed 400% in the last decade. Nobody really knows when the best time to purchase gold is, as it mainly relies on the price of the dollar. Essentially, a weak dollar means strong gold prices.