Investing in gold is one of the safest places you can put your money into. Perhaps you’ve been curious about it yourself, but haven’t been sure how to get started with it. If that’s true, this article is for you. Keep on reading to learn more about what you need to know about investing in gold.
If the gold price is not to your liking, perhaps going with gold-filled or gold-plated jewelry is something to consider. You don’t have to spend a mint at a jewelry store, though. You can get gold jewelry cheaper online or in pawn shops.
Prior to selling or buying gold, be certain you know how precious metal pricing works. 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. You must to pay a premium to the melt values if you’re buying less than one ounce pieces.
Research the market price before selling any of your gold jewelry. That way you will be able to ascertain if a dealer is providing you with a fair price or not for your pieces. Many gold dealers will pay market value; however, some dealers try to get your gold cheap.
Look for a gold buyer that has a good reputation. The BBB can be a great research, as can online customer reviews. You have a better chance of getting the highest possible price for your gold when you obtain bids from a number of different gold buyers.
Consider a fair return policy as an absolute necessity when you’re purchasing gold jewelry, especially if you intend to make a gift out of it. You do not know if the gift receiver will like it or if the piece fits. If you have the receipt, they can easily trade in the piece for something more to their liking.
Before you mail any jewelry to a particular company which purchases such items, be sure to do your homework and check out the company thoroughly before you do so. Insure your shipment, and get a solid confirmation of when you can expect to be paid. Make sure that you photograph each piece of gold you’re sending before you mail it off.
Realize that all items containing gold have some sort of resale value to dealers. It could be a broken jewelry item, table settings, home decor items or anything that is in the house. Mixed metal items can be sold as well. It could be gold plated or a bit of gold and still be sold. You’ll still get a decent return on your sale.
When buying gold jewelry as a gift, make sure that the return policy is sound. You can’t be sure of another person’s preferences; they may not care for it. If you have the receipt, they can easily trade in the piece for something more to their liking.
On the day you are planning to buy your gold, check the spot price. You can find this on a variety of websites, and it can change daily. As you prepare to make a purchase, it is best to avoid any price with a markup of greater than 8 percent. Be on the lookout for any unscrupulous dealers who try to get away with overcharging you.
If you’re going to sell scrap gold for cash, be sure you’re looking into everything. Many stores will charge a higher rate than the posted spot rate for gold. Stores that are not near shopping malls may have lower overhead and are able to pay more.
Be careful before getting involved in the gold market. Of course, all markets have their bad apples. However, the gold one has lots of them. They want to take your money and take advantage of you. The benefits of caution and careful research simply cannot be overstated.
Earring backs are often solid gold when the earring isn’t. Clasps of necklaces and ring bands are often real gold as well. They don’t weigh too much so you may want to sell them all together. Selling in quantity increases your profit.
Check with the BBB before you sell gold to a dealer, jewelry store, gold buyer, etc. You can usually find out about complaints and customer reviews. Complaints that have been resolved are actually a good thing, so factor those in as well. If you see many complaints, then you need to find another business.
Know your dealer before purchasing gold. To make sure you’re dealing with someone good, talk to your BBB chapter. Contacting the BBB will tell you if any complaints have been filed about your gold dealer. Look for dealers who have few complaints and a good record of complaint resolution.
Always separate out your gold according to karat weight before you sell it. 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. Have everything organized to maximize the amount of money you get.
Be wary of selling your gold unless you really need to. Gold is something that tends to go up in price, and while it’s at an all-time high recently, chances are it’ll be worth even more down the line. You will get more out of your gold if you keep it for a long time.
As you prepare to sell your gold pieces, divide it into separate piles based on karat values. Don’t allow all of your gold items to be weighed together or you will not get the true karat value. Gold with higher karat value is more pure and therefore more valuable.
Never agree to buy or sell gold online without first verifying the prices. Frequently, you can find better values with a local trader than with a retail location. Although mailing does offer some simplicity, is it really worth losing out on a bundle of money?
Gold prices have increased substantially during the past decade, making it a great value investment for anyone dealing in it. Nobody really knows when the best time to purchase gold is, as it mainly relies on the price of the dollar. Usually, the price of gold goes up when the dollar’s value goes down.
IF you want to be a good gold investor, find out how you can test the grade. The purity of gold is measured by the karat. The higher the karat, the purer and more expensive it costs per ounce. Do not always trust the karat stamp. You will not inadvertently purchase bad quality if you know how to do gold purity tests.
You don’t want to get too complicated when it comes to gold investing in the beginning. Try to avoid buying gold futures, for example. Gold futures are complicated and incredibly volatile. In the blink of an eye, you can lose money. Investors who have been in gold investing for a long time are the ones that type of investing should be left to.
If you’ve come across a company over the Internet that buys old gold, shop around for pricing before doing anything. It’s not uncommon to find more favorable pricing from local buyers with physical locations. Although shipping it may seem easier, consider your profit before you do anything.
If gold pieces have tiny gems in them, try asking if you can keep them after your gold is melted down. Note that tiny stones are more challenging to extract. Small gems hold no interest to dealers and they have no value either.
If you want to make a gold investment for beauty and value reasons, think about pure gold. You can buy gold jewelry as an investment or a fashion accessory. The fine craftsmanship of high-end gold jewelry adds value to the actual gold content, making this a desirable investment.
Keep an eye on gold prices prior to unloading your items. In this way, you will be able to determine exactly the most advantageous time for selling. You should go with the price’s ebb and flow. Monitoring the markets prior to selling is always time well-spent.
If you happen to be just starting out with gold, do not make things complicated. Avoid gold futures and other popular types of gold investment. Futures are complicated and fluctuate wildly. If you do not understand the process, you can lose money fast. Rather than getting involved in these tricky investments, they should be left to someone that has experience in this area.
Gold investing isn’t just for a pro; anyone who wants to be safe with their money can do it too. After reading the tips in this article, you can rest assured that you will make wise decisions. These concepts and ideas can be referred back to whenever necessary.
When selling a piece of gold with embedded stones or non-gold pieces, ask the buyer to return them once the gold has been melted and extracted. Note that tiny stones are more challenging to extract. A lot of dealers don’t really care about small gems, since they’re not truly valuable once gold is smelted.