Gold has always had the reputation of being a highly prized commodity. Gold has been treasured for thousands of years. If you want to purchase gold jewelry or bullion, you will want to avail yourself of the tips presented here.
Bullion bars might be the best gold investment you can make. Their weights can vary. They start at a mere half-ounce, but also rise as high as four-hundred ounces. However, you may have a hard time locating bars that weigh four hundred ounces.
Bullion bars are hands down your best gold investment. They are available in various weights. You can find bars weighing anywhere from a half of an ounce, up to four hundred ounces. However, the really big bars are very hard to come by.
Gold’s price is always changing, which makes it important to know your piece’s value before selling it. If you make the decision to sell gold, separate your pieces by purity level. Try not to sell jewelry items that are valuable due to their maker.
Before you buy gold from gold sellers, ensure you have scheduled a quick delivery. When the seller doesn’t ship immediately, you must get their promise to ship in writing. There should be a date listed for when you can expect them. Only go through with your order if you obtain this document.
It is crucial that you have a solid idea about how the gold and precious metals market works. Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business. You must be prepared to pay higher percentages over the melt values for fractional gold pieces like 1/10, 1/4th, and 1/2 ounces versus one-ounce pieces.
Consider a fair return policy as an absolute necessity when you’re purchasing gold jewelry, especially if you intend to make a gift out of it. You never know if the jewelry will fit someone else or if the person will even like it. In those cases, you should return the jewelry for a refund.
When dealing with gold commodities, proceed with caution. There are many swindlers to be found in the gold market. Lots of folks are willing to steal right out from under you. You need to do your research and be careful.
Get an appraisal if you have no idea what value your gold holds. The up front cost is significant, but it can give you a better estimate of value. Make sure to choose an accredited appraiser from an independent shop to receive the most accurate appraisal. Understand that you probably will not get the full appraisal price when you sell your gold.
Be knowledgeable about market prices before you accept someone’s offer to buy your gold. Also, it might be beneficial to compare prices and see what others are selling similar items for. This lets you determine a fair market value starting price point. Always ask for a bit more than you really want in order to allow for negotiation.
When you plan to buy gold, make sure you look at the spot price. This price can be found on a number of websites. When you actually make your purchase, refuse to pay more than 8 percent more than this price. While many companies attempt to charge more, this is simply not ethical and should be viewed with caution.
Before selling your gold, comparison shop. The different prices you receive might shcok you. If you choose to sell to the first buyer, you might get a bad deal. Take your time so you can make the greatest return on your gold.
Know what you have when it comes to gold. Not everything is worth what you think it’s worth. Usually gold is mixed with other metals to give it strength. This will lower the price. Gold plate is also not very valuable. When you don’t know what you’ve got, have it appraised ahead of selling it.
A cheap and quick way to test gold is to use a magnet. Gold and other precious metals are non-ferrous, so they won’t 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. The magnet test is an excellent way to find out.
Before selling gold, separate everything by karat. Don’t allow the dealer to rip you off by pricing all the gold at the least pure karat weight. You will end up losing money. Instead go in with the piles pre-separated so that you’ll get the most for your gold.
Sometimes an item will have solid gold backing; although, the jewelry is not solid gold. This is true of earring backings, necklace clasps and the bands of rings. In these instances, it’s best to sell the gold parts in a lot. Selling in quantity increases your profit.
When you are selling gold,make sure you separate the pieces into similar karat groups. Gold values differ by karat, so if they are weighed together you will not get all it is worth. The greater the karat ratings, the more the gold is worth.
You can actually sell your gold through the mail! Lots of sellers like this because it’s convenient. You ship your jewelry in a prepaid envelope, and then you receive a check. The price they pay will be very low, though. Sometimes, you may get 30 percent under the value’s worth, so keep an eye out for this.
Check prices before selling online. Frequently, a local dealer who has a physical presence will provide a better deal. Although mailing does offer some simplicity, is it really worth losing out on a bundle of money?
You should know about your seller’s buy-back policy. While some do not add additional selling fees, others do. Think about the logistical hassle of sending large gold bars or coin collections to far-flung dealers. Don’t ever buy gold and then leave it with the seller. Take it home with you at the time of purchase.
Make sure you understand the buyback policy of your seller. Certain gold buyers charge premiums for re-selling your gold, though not all do. Think about the logistics of sending bulky coins or bars of gold to dealers out of state. To protect yourself, avoid buying gold and leaving it in the custody of a dealer.
Great deals can be had when you buy gold from the general public. Still, you need to know the risk that is involved when you purchase gold this way. It’s really important to request a coin appraisal. When the deal is too good to be true, it really is.
If your interest in gold is purely aesthetic, why not buy solid gold jewelry? Pure gold rings, earrings, and necklaces are fashionable forms of investments. High quality jewelry will be worth more than just its gold value.
You don’t want to get too complicated when it comes to gold investing in the beginning. Avoid using gold futures even though they are popular. Futures are complicated and unpredictable. It’s possible to burn through a great deal of money without turning a profit if you flounder into a market you don’t really understand. Be sure you let seasoned investors grab these types of investments.
When gold is at a high, then it is time to consider selling your gold coins. The stock market goes up and down everyday. When you understand this market, you will get the most money. Wait for the market to climb, and then sell your coins when prices are high.
One method of buying gold is to buy pre-1933 U.S. gold coins. In 1933 President Roosevelt recalled the gold coins that were circulating around the United States. A lot of people kept them anyway, and dealers have them today.
Gold isn’t a short-term investment. It’s an investment for long term wealth. If you insist on timing it, do when things are calm. There could be a gold shortage when the economy is bad.
Before selling your gold, find out the value of gold on the market. Dealers may try to rip you off, so make sure you do your homework. Knowing that helps them to think they are able to give you less than you deserve. Goldprice.org is an excellent resource for locating current pricing information for the gold market.
To help understand the gold market when doing technical analysis, look at the gold charts that come out weekly and monthly. You can plot trends as well as look at applicable data when you use MCX charts, which are a great choice. It’s better to use both of these charts for better research.
Weight isn’t the only value to consider when selling coins, you also need to consider collector value. If you sell them simply to be melted down, you might lose a lot of money. For this reason, do your research to ensure you are making a wise decision.
When selling jewelry, weigh each type of gold separately. The higher the karat, the higher the value of the gold will ultimately be. If you weigh all of your items together, you may get a lower price for your items. Make sure you carefully inspect each piece and put it with similar items.
Have your gold appraised before you sell it. You will likely have to pay a fee for an appraisal. However, appraisals can be worth their weight in gold when you are trying to sell your gold.
Gold coins can be valuable because of their weight and also because of how “collectible” they are. If you want to just melt them down, you could lose a great deal of money. This is the reason that it is critical to do your homework ahead of time so that you know the value of what you are selling.
Consider how the gold was made when you buy it. A gold piece that was made by machine is not as valuable as something that was totally hand crafted. Melt value won’t be affected, but jewelry pricing will.
Never do business with a dealer unless you have looked into their history first. There are certainly some unscrupulous dealers in the precious metals market. These dealers will try to get your gold at extremely low prices. Research and have knowledge of today’s gold prices before selling. The more knowledge you have, the better your decisions will be.
If you wish to sell or buy gold from individual sellers or pawn shops, try getting a scale. While pawn shops tend to have scales, they may lack the accuracy of yours. Scales are cheap and can assist you in getting the best deal for your gold.
After reading this article you should be better educated in the investment of gold. Not only is gold a luxurious item to wear, it is truly a solid investment. Take the things you’ve learned from the above article and use them to your advantage when dealing with gold.
Thinking gold could be worth something is no reason to purchase it. For instance, be sure a coin has actual historical or collectible value by researching what people are willing to pay for it in today’s market. A lot of people are selling coins as if they will be valuable in the future, but many times that is just not true.