If you have decided that you want to profit from gold, you have an admirable goal. However, it is important to understand what you are doing and be aware of your many options. Keep reading to see why gold is a valuable and great investment strategy.
Get an estimate from several buyers before selling your gold. Different gold purchasing entities are at your disposal, and they all require different profits from the purchases. By getting multiple estimates, you can be certain of getting the best price.
Check the current price in the gold market before you sell your jewelry. Doing so will help you figure out if a dealer’s offer is a good one or not. Though many deals will provide you with its true value, others will try to deceive you so they can get a better deal for themselves.
You should think about selling gold over the Internet. You no longer need to buy and sell gold at a physical location. There are plenty of websites that are ready and willing to buy your gold. The site sends you a prepaid mailer to put the gold pieces in. If when they receive it, all is as they expected, you’ll get their current rate.
If you buy gold for your retirement fund, be sure it’s the proper kind. The gold has to be IRS approved. They have to be 24 karat coins or bullion bars. Try going with bars over coins since they tend to be more valuable.
If you are going to buy a particular gold piece from any seller, be certain that you know exactly when to expect the delivery. When the seller doesn’t ship immediately, you must get their promise to ship in writing. Their expected delivery date should be indicated. Proceed with an order only if this information is forthcoming.
When you buy gold for another, make sure it has a return policy. It’s not uncommon for many pieces to not be the receiver’s taste or the wrong size. It is always best to have the value appraised before you accept an offer.
Before you mail any jewelry to a particular company which purchases such items, be sure to do your homework and check out the company thoroughly before you do so. Insure your shipment, and get a solid confirmation of when you can expect to be paid. Also you need to be sure to photograph everything you’ve put in your package in case they start a dispute.
If you’re going to sell scrap gold for cash, be sure you’re looking into everything. The current value of gold may be one price, but that certainly doesn’t mean every buyer is willing to offer it. Stores which are not centrally located may be able to give you a better price.
If you are buying gold jewelry as a gift, make sure you have a money back guarantee. It’s entirely possible that a particular piece ends up being improperly sized or simply unappreciated by its recipient. This is a huge problem.
Get your jewelry appraised. This will cost a little money up front, but it’s important to know what you have. You will want to find someone who is accredited in gold appraisal to get the proper value of the piece. Understand that you’ll be paid less than the appraisal value of your gold by gold buyers, however.
Take a look at the spot price prior to going out to purchase gold. A number of websites feature this information, and it changes daily. 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.
Make sure you’re only selling to someone who has a license to purchase gold. They are likely to be honest. 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.
GoldMoney could be a good resource when you want to buy gold. It’s like opening a bank account which trades in gold. You create an account and fund it; then your account is given some gold at the market price. The gold rests in the bank where you can trade it for cash, portion it out, or redeem the gold for bullion bars.
Thrift shops, antique stores and estate sales can be fantastic sources for finding gold jewelry at a good price. If you have a discerning eye, you can locate great pieces. Lots of folks are unaware of the value of the items they donate to these places. Their loss can be your gain.
Don’t avoid searching antique shops or thrift stores for gold. A smart and educated gold shopper can make some great finds. Many people don’t understand how valuable their items are, so they sell for cheaper than they could at these places. Their loss can be your gain.
Know what you actually have in your possession. Pieces that appear to be gold may not be worth gold’s weight. Quite often, other metals are mixed with gold to give some strength to the metal. This reduces its price though. This also applies to pieces that are plated with gold. When you don’t know what you’ve got, have it appraised ahead of selling it.
A magnet can be used as a cheap and fast way to determine if a piece is really made of gold. Real precious metals do not stick to magnets. Sometimes you’ll find a clasp to be something solid, but everything else is plated. This can be a useful method of testing for that.
When you attempt to sell gold, make sure you know the current market prices. You should shop around to get an idea of what others are offering for similar gold pieces. This is a price point that you can work with. Begin the negotiations by asking for more than you expect to receive.
Inquire with the area BBB prior to selling gold items to jewelry stores, dealers or any other sort of buyer. In this way, you can get sound information on the performance and history of these entities. Pay special attention to any complaints and if they were resolved or not. If you see many complaints, then you need to find another business.
A fast, cheap way to test for gold’s authenticity is to use magnets. Gold and other real precious metals aren’t attracted to magnets. Check the clasp separately from a chain. This can be a useful method of testing for that.
If you’re not looking to own gold, you’ll still be able to invest in it. Buying gold-focused mutual funds and stock in companies that mine gold are other options for investing in gold. If you choose to purchase actual coins or bars, take into account the cost of secure storage of your gold.
Prior to investing in gold, research the current market. There will probably be people saying that they know what they’re talking about just so you’re likely to invest with them. Be skeptical of “get rich” schemes. Don’t think of gold as easy money, and you can avoid fake claims.
One thing you can do to sell gold is to do so through the mail. Lots of sellers prefer this process, as it is easy. You put jewelry in a prepaid envelope and you’ll eventually get a check. Although this method of selling your gold is convenient, you might not get top dollar for your gold. You might receive up to 30 percent less concerning an item you sell, so be aware of this.
Earring backings are often solid gold, even when the earrings are not. The bands to rings and necklace clasps are often times real as well. They don’t weigh too much so you may want to sell them all together. By selling them as a collection you will get a higher price.
Get to know the dealer before buying gold. To help ensure you are buying from a reputable dealer, contact your Better Business Bureau. By contacting the BBB, you can see if they have any complaints against them. If there are complaints, you need to find a different dealer.
You don’t have to own gold to invest in it. You can invest in gold mining stocks or purchase shares in an exchange traded fund or mutual fund that focuses on gold. If you buy real gold bars or coins, consider safe storage of your pieces.
Never sell some gold just for the sake of doing so. Gold tends to increase in price, so waiting may yield even greater profits. Retaining ownership of gold may be a great benefit in the future.
Gold is a very lucrative but volatile investment. If you’re not wanting to stomach the ups and downs, then you need to steer clear. Even if you’ve got the stomach for it, you still need to minimize your risks. Invest only a tiny percentage of your portfolio in gold. It should be no more than five percent.
Make goals before you make investments in gold. The gold market is volatile, even though it is a good investment when the economy is in trouble. Give yourself the best chance for success by deciding how much risk you are willing to take and what you want to accomplish.
You can find good deals from public sellers. However, you need to know that there is risk in buying that way. Have a professional appraise the gold coins, jewelry or bullion you want to buy. If someone is selling a coin for bargain basement prices and you have some reason to believe they’re not ripping you off, you might skip the appraisal and hope you’re not a sucker.
Since gold is better as a long-term investment, don’t worry about trying to buy when prices are low. You should instead think of it as some kind of a wealth insurance. If you want to attempt to time your investing, buy during quiet market conditions. There could be a gold shortage when the economy is bad.
If you are new to gold investing, keep it simple. You should steer clear of gold futures and the likes. Futures markets are volatile and complicated, and this includes the market for gold futures. You can sometimes lose money pretty quickly if you’re not sure about your moves. Let people that are pros deal with things like investments that are complex.
Ask about reimbursement beforehand when dealing with a mail-in company. This will ensure that the company can’t deny receiving it and your losses will be covered if the package actually is lost in the mail. If the company doesn’t offer much in the way of liability, see about purchasing insurance for the items yourself.
Does gold seem like a reasonable investment to you now? This strategy joins the gap between mutual stocks and funds and liquid cash savings. Learn more about why so many people are interested in gold, and discover what you can do to balance the risks.
Selling your junk gold will more than likely not cause you to get rich quick. Many ads you see on TV promise a large amount of money for your gold. But, this usually is not true. Try to remain as realistic as possible, and do your homework so you will know what to expect.