How You Can Make Money By Selling Gold

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Gold has become more and more popular as the economy declines. Nearly everyone is looking to gold right now to help them out of a financial jam, but most don’t know how to go about it. Find out how to get the best return on your gold investment.

When you first check out gold jewelry, you may be in for a bit of sticker shock and decide to buy gold-plated jewelry, instead. You do get to buy gold jewelry without spending a ton at an actual jewelry store. You can buy gold jewelry more cheaply in pawn shops or online.

You can’t beat bullion bars for a solid gold investment. They come in varying weights. The weights range from 0.5 oz to 400 oz bars. If 400 ounce bars interest you, know it will be hard to find them.

If you’re thinking of getting gold to help you retire, you need to get the right variety. This needs to be gold investments that have IRS approval. Only 24K coins and bullion bars are eligible. Bars are often a better deal than the coins.

It is important to research the current value of gold before selling your gold. If you have made the call to sell any gold you have, group your pieces by karat value. Don’t sell jewelry with a designer name that has a higher worth than straight melt value.

You can get varying prices depending on how you sell it. Pawn brokers and private sellers may just want to pay melt value. If you want to sell your gold as a jewelry item, you should keep looking for a good buyer.

Read reviews and do your research before choosing a dealer to buy your gold. Read online reviews, check with the BBB, and see how the dealers resolve complaints. Shop around to get the best price for your gold.

The day that you plan on buying gold, check its spot price. This information is available on a number of websites. When you actually go to buy, do not pay more than an eight percent markup over this price. Many dealers try to overcharge you; however, by being informed you can avoid this trap.

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. Gold, unlike other metals, will not be attracted to a magnet. 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. A magnet is an easy way to test.

Never sell your gold to someone who does not have the appropriate state licensure. A buyer who is licensed is likelier to be legitimate. There are many stores and individual buyers looking to purchase gold, so always know you have multiple options, and never just the first deal that comes up.

Fine Print

Research the daily spot price before you sell your gold. You should see if you can figure out what people are selling pieces like yours for as well. This will give you a price point to work with. Request a bit more than you will settle for to give yourself some room to bargain.

Review all fine print in sales contracts. If you choose to sell your gold through one of the many mail-in gold purchasers, carefully read the fine print before selling your gold. This allows you to know how much of your proceeds will be used to pay for commissions and fees.

Check out a number of gold buyers before making a deal. You will get many different amounts. If you take the first offer, you might get the worst deal ever! Take your time to help you net the most cash.

Scrutinize any forms that a gold dealer gives you. The gold market is one filled with money. Know exactly what you are putting your signature on. If you don’t agree with their terms, find another dealer. You have to make sure you financially protect yourself.

Speak with professionals to learn different strategies to find the karat value of gold. Is it based on the stamp? A visual cue may not be available so other methods are used to figure it out. One simple way to do this is to use the acid test; if your rep does this, he might be a novice in the business.

Get to know any dealer you’re going to buy gold from. Check with the Better Business Bureau to verify the reputation of a dealer. You can phone the BBB or visit their website to see if any customers have filed any complaints against a company for not-so-great business practices. If there are complaints, you need to find a different dealer.

Always read any fine print on your contracts. If you want to sell gold to mail-in gold buyers, read the small print carefully before you sell. You can then ascertain the amount of fees and commissions you will be charged.

Gold has gone up in value over the years and that’s great news for those that have invested in gold. The ideal time to buy or sell will depend on the strength of the dollar. Weaker paper currency equates to a stronger gold market.

Many times the backs of earrings are solid gold, even if the earring itself is not solid. This is true of earring backings, necklace clasps and the bands of rings. You can often sell these smaller pieces together to get more money. You may be able to sell them for more as a bunch.

A good way to get a good price on gold is to ask your relatives for their broken jewelry. Buy your own little scale, weigh each piece and give people a fair price for their items. You should make a profit in the end as well.

Talk to the BBB before selling your gold to a jewelry store, dealer or gold buyer. Here, you will find information regarding the business, as well complaints and reviews from people who’ve dealt with them before. Look at any past complaints customers may have had and how they were resolved. Avoid using any business that has a lot of complaints or unresolved complaints.

Many great deals are able to be found in public for gold buying. It is important to fully understand the risks you are taking. Because of this, requesting an appraisal for the coin in question is key. When the deal is too good to be true, it really is.

One thing you can do to sell gold is to do so through the mail. This does not involve posting any advertisements or going into different shops. You simply drop your jewelry items in a prepaid envelope and wait for your check to come in the mail. Just keep in mind that such firms usually don’t pay that much for your jewelry, as compared to other options. You might even take a thirty percent loss. Understand that going in.

The appeal and value of gold continues to gain strength following the global economic slump. With proper information in your hands, you can use gold for safe-harboring financial resources in these troubled economic times. Hopefully, this article has helped you see how to do that.

Be sure to divide your gold holdings by karat value when selling. 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. The greater the karat ratings, the more the gold is worth.