Everyone knows how much popularity gold has gained since the economy has turned sour. Today lots of people turn to gold as a way of safeguarding their wealth; however, it’s important to know how to invest wisely. This article will help anyone and everyone learn about the market.
When you invest in gold, the best way to invest in is bullion bars. There is a great variety of different weights. They can be as small as half an ounce or as large as 400 ounces. The smaller bars are more common, while the larger ones are harder to find.
When you sell gold, deal with a reliable buyer. Verify their good standing by checking with the BBB and reviews online. Reputable buyers usually pay fairly for gold, and they often have much better customer service versus the less reputable ones. Research helps protect you and your investment.
Prior to buying or selling any gold, be sure you truly understand how gold 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. A higher percentage over the melt should be expected when purchasing fractional gold pieces such as 1/2 or a 1/4th ounce against a one ounce piece.
Make sure you research any gold broker you do business with. You want to work with a reputable gold broker. Look for online reviews and check the BBB website for complaints and resolutions. When you get bids from multiple buyers, you may be able to get top value for the gold.
Consider delivery time when buying gold. If the seller delays delivery, you have to get a written confirmation on when the expected delivery date is. The expected date must be listed. Don’t buy without such a contract.
Fully research any buyer that you’re considering sending jewelry to through the mail. You should find out how long the process takes, and get package tracking and insurance on your package, too. Take a snapshot of everything that you send in the mail for security.
Have a professional appraise your gold jewelry if you do not know how much it is worth. It costs a bit of money, but you’ll have a good idea of what your gold is worth. Only use an independent, accredited appraiser to get the most realistic value. If you do want to sell the gold, understand you won’t be offered full value it was appraised for.
If you are looking to sell gold, the first thing you need to figure out is if you’re going to offer it up as an entire jewelry piece, or seek the melt value. Private sellers and pawn shops just want the melt value. Try not to be discouraged. Sooner or later you will discover the purchaser you are seeking.
Do not discount the value of searching through antique stores or thrift shops for your gold. If you understand what to look for, you really can find some great deals. Often, gold ends up in stores like this because the original owners didn’t realize the items they had were valuable. If you’re educated on how to make these finds, you can score some great deals.
Use a magnet to test inexpensive jewelry to determine if it consists of steel. True precious metals such as gold will not stick to the magnet. Many times you see the clasp gold plated but not the rest of the piece. The magnet test is an excellent way to find out.
Ask what method is used to determine the purity or karats of your jewelry. Sometimes there is a stamp. If there is no stamp, there are different ways to test the gold to ensure it is solid. 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.
Following the global financial downturn, gold has become even more popular and important as an investment tool. You can use gold to ride out the tumultuous wave that the stock market may be going through. With any luck, readers will find much value in the tips found above.