Given that the dollar seems to be headed forever down in value, a lot of investors find precious metals like gold to be a trustworthy and rock solid investment. The dollar is decreasing, and the value of gold is increasing at pace. Read these tips to make the most out of what gold can do for you.
When you sell gold, you should obtain a type of estimated value from multiple sources. 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 should get your gold appraised by a professional and compare prices offered by different buyers.
When you invest in gold, you can’t go wrong with bullion bars. They come in varying weights. You’ll see them as four-hundred ounces or even a half ounce. If you want a 400 ounce bar, you may have a hard time finding one.
Find out the spot price for gold on the day that you’re planning to buy. You can find that on a lot of websites, and that can change every day. Never pay more than 8% premiums on your gold. Occasionally an unethical dealer may try to overcharge their customers.
Never sell to an unlicensed gold dealer. Licensed buyers are much more reputable, and then you can stop worrying. There are various people and stores that can buy gold, so do not think that you must go with the first one you encounter.
Keep your gold investing to yourself. You may not know who is overhearing you, or who is trustworthy. Keep investments private and guard them in a quality safe or in a bank. This keeps the gold and you safe under various circumstances.
Do not discount the value of searching through antique stores or thrift shops for your gold. Just make sure you know what to look for. Often, gold ends up in stores like this because the original owners didn’t realize the items they had were valuable. Your knowledge will help you get the better end of the deal.
Make sure that you step up to the market with a sound mind and wary eye. There are many unscrupulous companies out there who deal with gold. There are those out there that will intentionally offer you a much lower price than the gold is worth if you are selling, and increase the price if you are buying. The benefits of caution and careful research simply cannot be overstated.
Know what you actually have in your possession. Not all gold piece are worth their weight in gold. It’s not uncommon to find gold that has been mixed in with other, lesser metals. This has a detrimental effect on value. Many items are only gold plated. Getting gold jewelry appraised is always a good idea if you want to be clear about the potential sale value it represents.
When you attempt to sell gold, make sure you know the current market prices. See what others are bidding for gold items similar to yours. This lets you determine a fair market value starting price point. Always start a little higher that what you are actually hoping to get, so you have room to negotiate.
How does the seller know what the karat rating is? In most cases, the item is simply stamped. However, you may see no sign at all but there are ways to determine its value. The simplest test is the acid test, so if a rep is using this method, he may be a novice to the market.
There are different strategies involved when you decide to invest in gold and other precious metals. While many find riches dealing in silver or platinum, others are able to reach their goals with gold. The article above has great information on how to deal with gold.