With the current state of the economy and value of the dollar, many people are investing in gold. If you want to take advantage of investment opportunities in gold, then this is the article for you. Keep reading for some useful tips on investing in gold.
Do not dabble in the gold market until you are familiar with pricing of precious metals. Precious metal prices can fluctuate a lot, so check the markets daily, especially when making a transaction. Also, understand that some types of gold will be more expensive than others.
Before you buy gold from a dealer, get a guaranteed delivery date. When the seller doesn’t ship immediately, you must get their promise to ship in writing. The expected delivery date should not be a mystery; it should be clearly stated. Only go through with your order if you obtain this document.
Sometimes the cost of gold causes buyers to go for cheaper imitation jewelry instead. You don’t have to spend a fortune buying jewelry at a specialized shop. It is easy to get great deals on gold jewelry from online retailers or pawn shops.
When purchasing gold, check to see if the dealer offers a return policy. You’re not going to be sure about the jewelry fitting or whether or not a person actually likes the piece. If you have the receipt, they can easily trade in the piece for something more to their liking.
Be sure to consult the spot price on the day when you plan to purchase gold. Many websites update this information daily. When going to buy the jewelry, you should not have to pay higher than 8% markup over the spot price. If you find a dealer asking for more than 8%, they’re overcharging and may not be ethical.
When sending off your jewelry, you need to consider the shipping cost to you if you’re not satisfied with the offer given. The majority of companies pay for you to send the jewelry to them, but they charge high fees to return it to you. Be certain you know exactly what those fees will be.
Talk to someone at a gold party to learn how they figure out the number of karats in a jewelry piece. Sometimes there is a stamp. However, if there are no visual indications, there are other ways to determine purity. A representative using acid tests is a sign of a less-experienced gold agent, as this kind of test is not one of the more surefire methods for karat determination.
Earring backs are often solid gold when the earring isn’t. Clasps of necklaces and ring bands are often real gold as well. Attempt to sell pieces such as these as a “lot” since those pieces are fairly lightweight. With a quality of items, you may be able to get someone to buy them together, hoping for greater profits.
Gold has always been an excellent investment and a good way to insure wealth. This is even more the case given the economic turmoil of recent years. Use the information from this article as a valuable resource to help your build your wealth.