Nuggets Of Wisdom For Successful Gold Investing


Ever since gold was discovered, it has been a hot commodity. Outside of buying jewelry, few people know how to invest in gold. If you are in the market to buy gold, then keep reading for some helpful tips on how to get some gold.

Gold bullion bars are great investments. They come in weights that vary. They can be found in sizes as small as a half-ounce or as large as four hundred ounce bars. The larger sizes are considerably more challenging to find.

You can’t beat bullion bars for a solid gold investment. These bars come in varying weights. They can range from a half an ounce to bars that weigh four-hundred ounces. You will have a hard time if you are seeking the largest size.

Before you get into investing or selling gold, it’s best to understand how it works. Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business. There are different percentages owed based on the sizes of gold you own.

Think about selling your gold on the Internet. You don’t have to go to a jewelry store or pawn shop. You can buy and sell your gold at many websites online. You can get a kit to send your gold to these websites for money. They end up paying you once they receive it, but they usually won’t pay you a lot.

Sometimes the cost of gold causes buyers to go for cheaper imitation jewelry instead. You still can get gold jewelry items without spending a lot at a local jewelry store. Online auctions, estate sales and pawn shops are only some of your options.

If you plan to invest in gold for retirement, be sure you purchase the right kind. The gold has to be IRS approved. They must be 24 karat bullion bars or coins. Bars typically are more valuable than coins are.

Check the current price in the gold market before you sell your jewelry. This way you will already know what to expect for your gold. 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.

When you buy some gold jewelry for another person, make sure they have a refund policy. You can’t be sure when jewelry is liked by the other person or if it even fits them. If this happens, you need to return it for a complete refund.

If the gold you are purchasing is an investment in your future, you must be aware that there are certain kinds you should target. The gold must be approved by the IRS. Only 24K coins and bullion bars are eligible. Buy bars instead of coins to increase your profits.

Think about having your jewelry appraised if you are not sure of it’s true value. It costs a little, but the knowledge gained is valuable. And make sure you only hire an independent and accredited appraiser to be sure you get an honest appraisal. If you’re going to sell the gold you have, you’re not going to get the appraisal value.

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. Look for stores off the beaten path as they often have lower overhead and better deals.

Only make a sale to buyers who hold a state license in buying gold. They are likely to be honest. Many establishments purchase gold, so there is no need to sell yours to the first buyer you deal with.

When selling jewelry, be aware that most gold buyers will only pay you on the melt value. Many buyers only want to pay for the melt value of the jewelry. Selling your unique gold pieces to a collector can end up netting you more money.

Never neglect the idea of hunting in antique shops or flea markets to find gold. You can find great bargains if you understand what to look for. Often, gold ends up in stores like this because the original owners didn’t realize the items they had were valuable. You stand to gain a great deal if you come armed with a bit of research.

If you think you’re going to mail off your jewelry, you should see what it’s going to cost to have things mailed back if you don’t like their offer. They may not charge you to send it to them, but they could gouge you to send it back. Know what you’re up against before you mail anything away.

Comparison shop prior to selecting your gold buyer. You’d be surprised in the variance of prices you’ll get offered. If you select the very first buyer you encounter, you may get a terrible deal. Take a little bit more time at first so you’ve got the maximum return on your gold investment.

Don’t let others know you invest in physical gold. Someone around you could be listening in and be untrustworthy. Do not tell others about your investment, and keep it locked up either in a home safe or at a bank. That way, your gold will always be secure.

If there are any forms involved in your gold dealing, make sure to read them word for word. Gold is a huge business that makes a lot of money. You need to know what you’re signing. If the terms are unacceptable, get ready to keep looking. It can be worth it to make sure you have that extra protection.

You can use a magnet to test precious metal inexpensively. If the piece is real gold, the magnet will not be attracted to it. Often the clasp of a piece is real gold, while the rest of the piece is just plated. That’s a great way to make sure.

Never sell gold simply for the sake of selling it. The price of gold fluctuates, which is currently at its record high; eventually it will become an even higher price. You may be able to sell your gold for even more later if you hold onto it now.

You should rely primarily on independent, personal research to learn about the market for gold before investing in it. There may be individuals that claim to be professional market gurus, but they’re just scam artist that want your investment. You must be extremely careful about any promises concerning getting rich quick. If you do not buy into the premise that you will get rich quickly, then you won’t be disappointed.

Karat Values

You can still invest in gold without physically owning any. Mutual funds and ETF’s, as well as gold mining stocks, are avenues of gold investing. If you buy physical gold, keep storage costs in mind.

As you prepare to sell your gold pieces, divide it into separate piles based on karat values. The gold values differ by karat values so if all the gold you have is weighed together, it won’t be the best value you can get. When the karat value is higher, more money goes in your pocket.

Be sure to learn how you can test the grade of gold you are considering purchasing. Karats are used to rate the purity of gold. Twenty-four karat gold is the purest form of gold and is the most expensive. Never go by the stamp stating karat weight. You will not inadvertently purchase bad quality if you know how to do gold purity tests.

Gold prices continue to rise. The exact best time to really buy gold is not fully known, but it largely depends on how the dollar does. Basically, weaker dollar value boosts gold value.

Assess your objectives prior to investing in gold. It’s something that is great when used to shield yourself against inflation, but the investment is volatile. Knowing your goals and limiting your exposure beforehand can help improve your chances of earning money.

Know your goals before investing in gold. Though gold stands up well against a bad economy and inflation, it can be risky. If you educate yourself on the gold market and have a game plan going in, you have a good chance at being successful.

Sell your gold coins when the price of gold is high. The stock market changes daily. When you understand stocks, you can also understand the gold market. When the stock market is on the rise, you should sell your gold.

If you are new to gold investing, keep it simple. Don’t venture into complex investment strategies like gold futures right away. Futures are not only complicated, but they tend to change. When you don’t know about gold, you could end up losing tons of money. Professional investors are better for dealing with complicated investments.

If gold investing interests you, there is not necessarily a need to have cash upfront. Beginning the process with small amounts of money is fine. Look for coins and a piece of jewelry here and there, when you have the money. In time, you’ll amass a decent collection with a sound amount of gold within.

If you are selling gold that has gems connected to it, find out whether you can keep them. But, if they are tiny, it can be tough to separate them. Most gold dealers aren’t interested in the gemstones in your gold jewelry.

Gold maintains it’s popularity no matter what the market conditions are. Therefore, it is possible to make profits even in economic down times. This flexibility is what makes trading gold so effective, but you must learn strategies which work in both conditions to capitalize on the situation.

There is no doubt that gold is a valued commodity which trades well. Investing in gold makes good sense because it not only retains value, but can increase in value over time. Now that you have a basic understanding about gold and its value as an investment, go out and learn all you can to help gold make money for you.

Always bring at least one form of identification when you go to sell your gold. Thieves target gold for a lucrative heist. To stop people from stealing and then reselling, it is required that you show your I.D. when trying to unload your wares. That way, stolen gold is found more easily.