Gold investing is a safe place for your money to go. Perhaps you’ve been curious about it yourself, but haven’t been sure how to get started with it. If this is true, you are in the right place. The information in the text below will help you become a gold investor.
Before buying or selling gold, know how precious metal prices work. The value of gold tends to fluctuate, which is why it is important to understand the market trends. You might need to pay a higher percentage for melt values such as 1/10, and 1/2 fractional pieces.
If you’re selling gold through a mail-in service, do your homework on the company and its policies before you make a commitment. Find out when you can expect your payment, and make sure you insure your package. Take a snapshot of everything that you send in the mail for security.
Get an appraisal if you do not know the value of your gold jewelry. This requires a bit of an investment, but it is worthwhile. You will want to find someone who is accredited in gold appraisal to get the proper value of the piece. If you still decide to sell your gold, you should know that you will not be paid the full appraisal value.
Realize that all items containing gold have some sort of resale value to dealers. Valuable gold can be made into anything that is now broken such as jewelry and any home items that could be around. In fact, a gold piece doesn’t have to be 100-percent gold to be worth something. It just needs to be plated or maybe only a part of it’s gold. It’s still possible to make money this way.
Make sure you verify the price of gold the same day you plan to buy it. This price changes every day. You can locate it on several different websites. Never pay in excess of 8% markup above the spot price. Many dealers try to overcharge you; however, by being informed you can avoid this trap.
You need to know what you’ve got. Even if something looks similar to gold, it may not have the same value. It’s not uncommon to find gold that has been mixed in with other, lesser metals. This makes the value lower. This also applies to gold plated items. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.
Don’t go into the situation blindly when selling gold; always know what the market price is. It’s also a good idea to research what similar pieces have for asking prices. That allows you to get an idea of the market value. Always start a little higher that what you are actually hoping to get, so you have room to negotiate.
Don’t sell your items to the first buyer you come across; always get a few quotes. You may get a wide variety of offers. If you sell hastily, you may wind up with a poor return. Take your time to help you net the most cash.
Check Better Business Bureau ratings for gold dealers and jewelry stores before deciding where you want to sell your pieces. This agency can give you a good indication of whether the business you are dealing with is on the up and up. Complaints that have been resolved are actually a good thing, so factor those in as well. If a business has a lot of customer complaints or unresolved complaints, avoid using them.
Sort your gold by how many karats it is. If the vendor weighs all of your items together, you will not get a fair price for your higher karat items. This of course results in fewer dollars for you. So keep each piece separated to ensure you get the most you can.
Investing in gold is not just for the smart seasoned investor, rather it can be for anyone looking for a safe place to put their money. Now that you have learned the basics on gold buying, you can be more confident with your abilities in the market. Keep in mind the tips you learned here, to help you.