Untold numbers of investors use gold to secure their wealth during economic uncertainty. Yet, a proper knowledge and comprehension of gold economics proves elusive to some. Continue reading this article to educate yourself about the process of buying or selling gold.
Always use a reputable company when selling gold. Check reputations at the BBB and via online reviews. Reputable buyers offer great customer service along with fair prices. Research helps protect you and your investment.
Before you buy gold from a dealer, get a guaranteed delivery date. If the person selling you the gold does not deliver the product right away, it is necessary for you to obtain a written estimate of when your items should arrive. This should include the date the gold will arrive to you buy. If you cannot get this document, do not complete your order.
If the reason for purchasing gold is for your retirement fund, it’s crucial to purchase the appropriate kind. The IRS needs to approve the gold. It has to be in the form of 24-karat gold bullion or coins. Bars typically are more valuable than coins are.
If you don’t have lots of money to buy gold, but still want to profit on the upside, think about buying scrap gold. You can buy a little at a time, building up a stockpile. This will not break the bank. Store your scrap gold in a secure location until you are ready to sell it.
The day that you plan on buying gold, check its spot price. This information can be found on several different websites. When purchasing, don’t pay greater than 8% markup above the spot price. Anything more is unethical.
GoldMoney is a popular resource to use in gold buying efforts. It’s akin to opening up a bank account but with gold instead. You can open an account, fund it and then determine what price you wish to pay for gold allocation. The gold rests in the bank where you can trade it for cash, portion it out, or redeem the gold for bullion bars.
Do your homework about the market value of gold before you sell. Research the selling price of pieces similar to yours. This allows you to get an idea of what you should be asking for. Always ask for a bit more than you really want in order to allow for negotiation.
A lot of times the backs of the earrings are gold. The bands of rings may be as well, even if the rest is an alloy. Since such pieces often weigh little, attempt selling them in a “lot”. This is when many pieces are sold together to net a larger profit.
Prior to selling gold, make sure you separate it by karat weight. Some buyers will weigh all your gold at once and offer you what the smallest karat weight is worth. This is a scam that will cost you money. Separate and weigh your gold so you know the true value before selling.
When selling gold, separate it into different karat value groups. Gold values differ by karat, so if they are weighed together you will not get all it is worth. Gold with higher karat values is more valuable.
Investing in gold has a rich tapestry of history attached to it with many fortunes being enhanced because of this valuable metal. It is important, however, that you are well educated before entering the gold trade market. Fortunately, you now have some degree of knowledge along those lines.