Even as currencies and stocks fluctuate, the price of gold is steadily increasing. That’s why it is such a great investment, as well as a great thing to sell if you need quick cash. When buying or selling gold, there are some important things you must consider. In this article, you will find good advice about buying and selling gold.
When you decide to sell gold, you should get a few sources to give you an estimated value. There are a large number of venues for selling your gold, and they each have different target margins. When you get an estimate from more than one, you can help to ensure you’re getting a fair price on the gold you’re selling.
Bullion bars are an excellent gold investment. They come in weights that vary. You can purchase a large, four hundred ounce bar down to a tiny half ounce one. If 400 ounce bars interest you, know it will be hard to find them.
When you invest in gold, you can’t go wrong with bullion bars. They come in varying weights. Bars may be a half ounce, 400 ounces or anything in between. You will have a hard time if you are seeking the largest size.
Stick with a reputable buyer when selling your gold. Use resources like the Better Business Bureau and customer reviews. A legit buyer will offer a fair amount for the gold you have. Protect your invest and look into these companies.
Before you put down your money for gold, make sure you have a firm delivery commitment from the seller. When dealing with a vendor, it pays to seek written confirmation of the expected delivery date. This is crucial if they do not offer the option to deliver immediately. The expected delivery date should not be a mystery; it should be clearly stated. Only complete the order if given this documentation.
Consider selling gold online. You don’t need a storefront to buy and sell gold. Many websites want to buy gold from you. Most sites work by mailing you a mailer or kit. You then use your mailer to ship the gold. They will give you an offer, if everything goes properly.
You may think that solid gold jewelry is too expensive and choose to purchase gold plated or filled jewelry. Before settling for a gold plated piece, understand that there are great deals out there on solid gold jewelry. Pawn shops can offer many good deals and there are also many online buying options.
If you plan to invest in gold as part of your retirement plan, be sure to do it wisely. The IRS must have approved the gold that you receive. You need to buy only 24-karat bullion coins or bars. If you can, purchase bars rather than coins since they are more valuable.
If you intend to convert your gold jewelry into cash, you’ll have to choose between selling it as jewelry or for the “melt” value of the gold it contains. If you are selling to pawn shops or most private sellers, expect them to offer the melt value. It may take longer to find the right buyer, but you will get more money this way.
Check the return policy before you buy anyone a gift of gold. You can’t be sure when jewelry is liked by the other person or if it even fits them. It’s always a good idea to be able to get your money back on a jewelry purchase if it doesn’t work out for you.
Make sure that you know the current market value of your gold before selling it. This information can be found on several different websites. When going to buy the jewelry, you should not have to pay higher than 8% markup over the spot price. A few dealers attempt to charge you more than this, but this means they are trying to rip you off.
Before you ship gold jewelry to a buying service, find out whether you will be charged for return shipping. If you are not satisfied with the offer, you will have to pay this amount. Many companies advertise no shipping costs, but they often hide large handling fees in the fine print. Know what you’re up against before you mail anything away.
When you plan to buy gold, make sure you look at the spot price. The spot price is readily found on the Internet. Never buy something listed at more than ten percent of the spot price. A few dealers attempt to charge you more than this, but this means they are trying to rip you off.
Sell gold to buyers that are state licensed to buy gold. Licensure is not a guarantee of credibility, but it is certainly a good indicator. There are quite a few vendors that will purchase gold, so never go into it thinking you’ve got to sell your gold to the first seller you talk to.
You need to only sell your gold to buyers that are licensed. Licensed buyers are generally more reputable than unlicensed buyers. Remember that you have hundreds of options available, so do not be pressured into doing business with the first company to make an offer.
Try using GoldMoney to buy gold. It’s like opening a bank account, but for gold. After creating an account and depositing your money, you are allowed a corresponding amount of gold, which is then linked to your new account. The gold rests in the bank where you can trade it for cash, portion it out, or redeem the gold for bullion bars.
Avoid letting people know that you are planning to sell your gold. You don’t know who could try to keep tabs on this, and you don’t want to have to worry about trusting people. Keep your investment private and secured, preferably in a safe. This will help protect you.
As exciting as buying gold can be, avoid telling people about it. You may not know who is overhearing you, or who is trustworthy. Keep your investment to yourself and under lock and key, either with a bank or in a good home safe. This will protect your gold in all circumstances.
Know exactly what you have. Not all pieces that appear to be gold are worth their weight in gold. Quite often, other metals are mixed with gold to give some strength to the metal. This makes the value lower. Gold plated items may also be deceiving. If you don’t know what kind of piece you have, take it in to be looked at before you try and sell it.
Use a magnet to test inexpensive jewelry to determine if it consists of steel. True precious metals such as gold will not stick to the magnet. Many times you see the clasp gold plated but not the rest of the piece. You will find this to be an effective way of testing this.
Sending your gold away via postal mail is one option for selling it. Many people prefer this option because it is really easy. You put jewelry in a prepaid envelope and you’ll eventually get a check. Remember that these places usually do not pay as much as other places for gold. It’s possible that you might receive an offer that is up to 30 percent less than what you receive from another party.
If you’re at a gold party you should speak with the person in charge so you can figure out what karats are in the jewelry. In many cases, items are stamped. A visual cue may not be available so other methods are used to figure it out. Acid testing is a very simple method, so if a representative is using this, they might be new.
Many people love to sell and buy gold today. Golds price has generally risen over time, making it a good choice for investment. Just keep in mind that it is important to consider important buying and selling tips if you’re going to be entering the gold market. Use the tips you learn here to avoid the common pitfalls and make your gold investing a success.
Read and understand the fine print in a sales contract. If you’re looking at selling gold through a mail-in dealer, you will want to know all the finer details that entails the process. This lets you learn the amount of proceeds you need to pay for fees and commissions.