What You Need To Know About Buying Gold


Gold has always had the reputation of being a highly prized commodity. Gold has been treasured for thousands of years. If you are looking to invest in gold or perhaps buy a some gold jewelry, then here are some tips to help you get the most value for your money.

Gold fluctuates a lot, so be aware of the purchase price before selling your gold. You need to sort your gold according to its karat value before weighing and assessing the value of each item. You should not sell jewelry as gold scraps if its worth is higher because of the brand or design.

Attain more than one estimate of the value of your gold. There are quite a few stores selling jewelry or that buy it, and they sometimes make more money on the gold than you make on it. You’ll get a fairer price if you’ve gotten a few estimates.

Before buying from a gold seller, schedule a timely delivery. If your seller doesn’t give you an immediate deliver, get it in writing confirming when you are to expect your piece. This should include the date the gold will arrive to you buy. Do not finalize your order until you receive written confirmation.

Make sure that you understand the terms when sending jewelry back through the mail. Understand when you will be paid and how you can insure the mailer. You can also protect yourself in case of any disputes by snapping some photos of your jewelry before sending it off.

If the reason for purchasing gold is for your retirement fund, it’s crucial to purchase the appropriate kind. This needs to be gold investments that have IRS approval. They require that the gold be coins or bullion bars that are 24 karat. You should be more inclined to buy gold bars, which hold greater value than coins.

When purchasing a piece of gold jewelry for someone else, be sure there is a return policy. You do not know if the gift receiver will like it or if the piece fits. Because this isn’t rare, it’s crucial that you have the ability to return the jewelry for a refund if it’s necessary.

Have a professional appraise your gold jewelry if you do not know how much it is worth. The small investment required will ensure you get what your jewelry is worth. Use a licensed appraiser only. 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.

Make sure you know the spot price of gold the day you plan to buy or sell. You can find this on a variety of websites, and it can change daily. Paying for gold that is any higher than an 8% markup is not a wise investment. There are dealers who attempt to charge a higher amount, but they are unethical and simply overcharging.

Shop around before you decide which gold buyer you will use. You may be surprised at the differences in the offers that you’ll get! If you do not get several offers, you may not get the best price. Putting in a little time at the beginning can mean maximum cash in the end.

Don’t sell to entities that are not licensed by the state to buy gold. Though you still may be taken, licensed buyers tend to be more trustworthy. There is a lot of competition out there, so you can sell to someone else if you’re not happy with the first offer.

Investigate with the Better Business Bureau before selling your gold to any purchaser. The BBB’s website will share any negative reports made against a company through the BBB’s service. Keep a close eye out for any complaints not fully resolved. If they have a ton of complaints or many that are unresolved, you should consider a different business.

As exhilarating as gold gets, don’t run your mouth about it. You don’t know who to trust or who is listening. Keep your investment private and secured, preferably in a safe. Doing so means you are protecting your gold.

Separate your gold by karat weight. You don’t want everything thrown together in one pile, because it will all be weighed as if it is the same karat. You will get significantly less money that way, and the dealer gets more. Separating the gold before you go prevents this from happening.

Know the true value of your gold. There are many things that look like gold, but are completely worthless. Some jewelry is a composite of a number of different metals. This can lower the price. This is the case with gold plated items. If you aren’t sure what you’ve got, you should get it appraised before you sell it.

Before you buy gold, find out something about the dealer. To ensure you’re dealing with someone legitimate, do some research with the BBB. By contacting your Better Business Bureau, you can find out if there are any complaints filed against your dealer. If complaints have been filed, use another dealer.

Be sure to do your homework about current gold values prior to any investment decision or action. There will probably be people saying that they know what they’re talking about just so you’re likely to invest with them. However, you need to be very careful when it comes to promises about making you rich. Gold investing should be long term investments.

Do not sell your gold for no good reason. Although the price of gold has hit record peaks repeatedly in the lat few years, in the long term it continues to climb over time. If you don’t need the money, hang on to your gold.

Get a jewelry appraisal before you consider selling it for scrap. This tends to be true for pieces that have intricate workmanship and details. You may have to pay for the appraisal, but it might help you get more money. In addition, appraisers may know people who may be interested in your jewelery.

When selling gold, separate your pieces based on their karat values. The karat value determines the gold’s value, so you are unlikely to receive the best price for your gold if it is all weighed together. The higher the gold content, the better the price.

These tips should give you a good foundation for understanding how to trade in gold. Gold is one of the best investments you can make. Take the things you’ve learned from the above article and use them to your advantage when dealing with gold.

Know what your goals are before you invest money in gold. Gold is often used as a terrific hedge against economic turmoil and inflation, but it can be a volatile proposition. If you keep yourself protected, you’ll end up making more money with your gold.