Gold is valuable the world round, and this has always been the case. Not everyone knows how to acquire gold, even though we all love it. Keep reading for advice on how to buy and sell gold.
Investigate the reputation of any firm you are considering doing business with. You can find out if they’re trustworthy by looking at the BBB reviews. Reputable buyers offer great customer service along with fair prices. You have to protect your investment as well as yourself.
Gold bullion bars are great investments. There is a great variety of different weights. You can purchase a large, four hundred ounce bar down to a tiny half ounce one. However, the really big bars are very hard to come by.
You can get into the gold market with just a small investment in scrap gold. This is easy to do over time, and can lead to an accumulation of real value in the span of a year or two. Make sure you have a safe place to keep your gold (a safe deposit box is ideal) while you’re collecting it.
Conduct extensive research before you do business with a company specializing in gold. You can always find online reviews, inquire with the BBB and learn how each vendor handles complaints. By getting bids from several different gold buyers, you will be more likely to get top dollar for your gold.
If you’re clueless about the value of your gold jewelry, have it appraised. Although you’re spending some money up front, at least you’re getting fair market value for your items. You will want to find someone who is accredited in gold appraisal to get the proper value of the piece. If you choose to sell your piece, know that you probably are not going to get the full appraisal amount.
Always make delivery arrangements before purchasing gold from a vendor. Delivery times are important. If delivery isn’t immediate, then you need written confirmation from the seller about your pieces. This should be spelled out in no uncertain terms. Proceed with an order only if this information is forthcoming.
Don’t avoid searching antique shops or thrift stores for gold. If you understand what to look for, you really can find some great deals. Often, gold ends up in stores like this because the original owners didn’t realize the items they had were valuable. You can benefit from the seller’s loss if you research a bit.
Enter the market carefully. The gold market has more than its share of disreputable dealers. There are lots of people that want to rip you off by not giving you what you’re owed. Always exercise caution.
On the day you are planning to buy your gold, check the spot price. The spot price is readily found on the Internet. When you actually go to buy, do not pay more than an eight percent markup over this price. Some dealers charge more than that, but it is a rip-off.
Comparison shop when you are choosing a buyer. You may be surprised at the differences in the offers that you’ll get! Going with the very first buyer who comes along might prove a bad deal. Instead, do your research and get the most for your gold.
Sell gold to buyers that are state licensed to buy gold. There’s still a chance of getting a bad deal, but chances are your buyer will be more than reputable. There are various people and stores that can buy gold, so do not think that you must go with the first one you encounter.
You can easily test whether a gold piece of jewelry is real by using a simple magnet. It is true that precious metals are not attracted to magnets. Certain pieces have a clasp made of real gold while the remaining parts are plated. This can be a useful method of testing for that.
There are many unexpected places to find gold, including thrift stores and antique shops. You can find bargains in those places when you’re aware of what you want. A lot of people give these items to thrift shops or antique markets because they aren’t aware of their true value. You stand to gain a great deal if you come armed with a bit of research.
Never sell gold to a dealer or store with checking their ratings with the BBB first. They’ll have basic resources for you such as reviews and complaints from other customers. Pay special attention to any complaints and if they were resolved or not. If the number of complaints is high, it would be a wise decision to do business with a different company instead.
You can use a magnet to test precious metal inexpensively. It is true that precious metals are not attracted to magnets. The clasp may be solid gold, but it’s possible that the piece is almost entirely gold-plated. This can be a useful method of testing for that.
You can sell gold by mailing it to a buyer. A lot of sellers enjoy doing this because it’s not hard. You are given an envelope that is prepaid and you pack your jewelry into it. After a while, a check comes to you. However, remember that these companies often don’t pay as much for your gold as other places. Sometimes you’ll find that people are only willing to give you 30 percent less of what an item’s worth, so watch out.
Scrutinize any forms that a gold dealer gives you. This is a large money making endeavor with lots of dollars associated with it. You must be aware of any form you’re attaching your signature to. If you don’t care for the fine print, move on. Sometimes this is right thing to do to protect your interests.
Figure out who your dealer really is before you buy gold from them. Call the BBB or visit their online website to get assistance in finding a reputable gold 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 they aren’t resolved, move on.
To be a smart investor in gold pieces, learn how to test for the grade. You measure the purity of gold in karats. Purity will be indicated by higher karats and a higher price. Do not always trust the karat stamp. If you can test the gold for purity, you aren’t going to pay too much for pieces of low quality.
If you are trying to acquire some gold as an investment, check with friends and family to see if they have any broken jewelry pieces they want to sell. If you use an accurate scale that is designed for jewelry, you can offer friends and family a higher price than what they would receive at a pawnshop.
Assess your objectives prior to investing in gold. Gold is good to have in an unstable economy, but it’s not always a good investment. If you keep yourself protected, you’ll end up making more money with your gold.
Have a game plan when you’re planning on putting your money into gold. Gold is a great hedge against economic instability and inflation, but it can be a volatile investment. If you educate yourself on the gold market and have a game plan going in, you have a good chance at being successful.
Get information with regards to the buyback policy of your seller. Some buyers charge premiums to resell, but others don’t. Think of the logistics involved in mailing heavy packages of gold coins or bars to a dealer in another part of the country. Never leave the gold with the dealer you buy from.
Buying gold from private parties can result in some pretty great deals. Still, you need to know the risk that is involved when you purchase gold this way. You should ask for the gold coin to be appraised. When the deal is too good to be true, it really is.
Buy only jewelry that is pure gold. Golden jewelry will hold its value and can be worn as well. The craftsmanship of high-quality gold pieces add value to gold content that maker it desirable to invest in.
If you have gems in your gold, tell the dealer you would like to keep the gems once the gold has been melted. If the gems are really small, though, this might not work. Little gems aren’t worth anything to most dealers.
If your gold pieces are going get melted down, you probably have the option of retaining any small gems currently in them. Some may be more difficult to remove than others. Little gems aren’t worth anything to most dealers.
When you are selling your gold jewelry, don’t weigh items of the same karats together. Jewelry with higher karats are worth more. If you weigh all of your items together, you may get a lower price for your items. Therefore, separate them before you try to sell them.
A great way to acquire gold is to buy US gold coins minted before 1933. Before 1933, gold coins were circulated just like any other coinage, but then President Roosevelt recalled them. Some people kept their gold coins. These can be purchased today.
Gold is a valuable, durable, attractive resource. It’s still ideally suited for use as a tradeable commodity, too. It makes sense to invest in gold because it retains its value and increases in value as time goes on. Now that you are more educated about acquiring and owning gold, begin creating your own gold collection today.
Know what you’re buying. When you are looking to invest in gold coins, you want to make sure you buy solid gold and not gold plated coins. If gold coins appeal to you, asked for an independent certification from a certified appraiser.