Since it’s discovery a few millenia ago, gold has been a sought after commodity with intrinsic value. Everyone loves gold, but most people don’t know enough about it. This article will help you learn about buying and selling gold.
If you are selling gold then shop around to get an idea of what its true value is from different companies. Venues that buy gold will only pay you a percentage of what your gold is worth in order to make a profit. You can be certain you’re getting the best deal by shopping around.
Before buying or selling gold, be sure you are aware of how metals are priced. With silver, platinum and gold the prices vary wildly throughout the day, and in order to get the correct price you must spot check it on the day before making a purchase. Also be ready to pay increasingly higher percentages above melt values for any gold pieces that are fractional. These include 1/10, 1/2 and 1/4 ounce pieces.
You’ll want to know just how much your gold will be worth when selling it. If you choose to sell gold, weigh and value pieces that have different karat values separately. Do not sell your designer jewelry for its weight in gold because you will lose money.
Prior to buying a piece of gold from a seller, make sure you schedule for timely delivery. If the person selling you the gold does not deliver the product right away, it is necessary for you to obtain a written estimate of when your items should arrive. A date should be spelled on this piece of paper. Do not complete the order unless you have this in writing.
You should always ask for timely delivery when purchasing some gold from a reliable 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. Your expected receive date should be listed. Don’t go through an order without this documentation.
If you’re thinking of getting gold to help you retire, you need to get the right variety. The IRS must have approved the gold that you receive. Gold for this purpose must be bullion bars or gold coins of 24 karat weight. Lean towards buying the bars over the coins as they hold more value than coins.
Always check out the up to date market value for gold before you seek your gold jewelry. This will assist you in determining if the offer you receive is fair. 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.
Have a professional appraise your gold jewelry if you do not know how much it is worth. This can cost you a little initially, but you want to know right? Use an accredited appraiser for best results. Do not expect to get the full value of the appraisal, but you should try finding a buyer who will give you an amount as close to the appraisal as possible.
If you do not have a large amount of money to start off with, why not consider purchasing scrap gold. Use the capital you have and purchase what you can and add to it as money becomes available. Just make sure you have a safe place to store your little stockpile until it is time to upgrade.
Check the prices of golds the day you plan to buy. This information is available on a number of websites. When you actually make your purchase, refuse to pay more than 8 percent more than this price. Many times sellers will try to sell it at a higher price.
Know that anything that has gold in it is sellable to a gold dealer. That could be broken pieces of jewelry, tableware, home decor, or anything else you have around. It is not really necessary for these items to be solid gold. Plated gold will do. You will still stand to make a bit of profit.
Always do your homework before investing. Any market has its bad companies, but the gold market is notorious for having a lot of them. You must be diligent and do your homework. Always err on the side of caution, and fully research every option before taking it.
Check the price when you are buying gold. The spot price is readily found on the Internet. When going to buy the jewelry, you should not have to pay higher than 8% markup over the spot price. Some dealers are going to try and charge you more, but don’t pay it.
You do not have to physically own gold to invest in it. Stocks in gold mining or gold based mutual funds are two such alternatives. If you want to get physical gold, factor in the cost of storage in a secure location.
Never pass up an opportunity to search for gold in a thrift shop or antique store. When you know what to look for, you can find a great deal. A lot of people don’t know the value of what they have, and just give or sell cheaply to those places. You can take advantage of this if you just know what to look for.
When dealing with a gold dealer, fully read every form that’s placed in front of you. This business deals with large amounts of money. Know what you’re agreeing to when signing anything. If you do not agree with the term, go to another dealer. You have to make sure you financially protect yourself.
Understand what you really have. Pieces that appear to be gold may not be worth gold’s weight. Some jewelry is a composite of a number of different metals. This may lower the price. This is also true of items that are just plated. If you are not certain about what you have, an appraisal before selling is wise.
Do not sell your gold for no good reason. You want to get the best price you can. If you try to sell quickly you may leave profits on the table. The longer you can hold your gold, the more profit you can make on it.
Don’t sell your items to the first buyer you come across; always get a few quotes. You might be amazed by the variety of offers received. Selling your gold to the first dealer you see could result in a very lousy deal. Take a bit of extra time upfront so that you have the most cash possible in your pocket.
If you want to be an intelligent gold investor, learn to test gold for its grade. Karats are used to rate the purity of gold. The higher the karat, the purer and more expensive it costs per ounce. Gold may be stamped with a karat stamp but you should always test it to be sure. Figuring out how gold’s purity can be tested is going to allow you to pay only for good quality gold.
Make sure to conduct independent research prior to investing any money. Some people swear they’re market experts and attempt to get you to invest with them. Do not buy into promises of quick riches. Do not think of gold as some way to get rich quickly, and you won’t be disappointed.
As you can now agree, gold is a treasure. Gold is also a highly traded commodity. It is sensible that gold keeps its value since it goes up in value while time passes. This article has hopefully given you an excellent start on your journey to becoming a savvy, well-informed gold investor.
Go over the fine print of the contract offered by your buyer. If you want to sell gold to mail-in gold buyers, read the small print carefully before you sell. This way, it will be clear how much you are paying in fees.