Most serious investors have a slice of their overall portfolio in precious metal commodities. Gold is the number one commodity available. It doesn’t matter if you are trying to make extra money or saving it for something else, these tips will help you out.
Prior to selling or buying gold, be certain you know how precious metal pricing works. Gold, platinum and silver prices tend to fluctuate daily, so make sure you check the spot price on a specific day before you make a transaction. Watching the market can help you to buy or sell your gold at a great price.
Before selling gold jewelry, see what the current prices are in the gold market. That is going to help you figure out whether you are being offered a good deal. Most dealers will make you a fair offer, but some will try and rip you off.
Have a professional appraise your gold jewelry if you do not know how much it is worth. This adds an up-front cost, but it could save you a lot of money later. An independent appraiser should be used in order to receive the best value. If you continue with your plan to sell, do be aware that you won’t receive the price the piece has been appraised at.
Make sure you know the spot price of gold the day you plan to buy or sell. A number of websites feature this information, and it changes daily. When you do buy, avoid more than an 8% markup. If you find a dealer asking for more than 8%, they’re overcharging and may not be ethical.
Know the true value of your gold. Many things look like solid gold but are not. Many times, gold is mixed with other metals to increase its strength. This reduces its price though. So can gold-plating. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.
Talk to a the gold party representative to learn how they make karat determinations. Often, the item will be stamped. Sometimes, though, an eye test is insufficient and buyers have other ways of making that determination. A way to tell if a gold representative is new and inexperienced is if they use an acid test. This is a simple test used by newer gold dealers.
Do not sell your gold for scrap until you have it appraised. This is especially true for one-of-a-kind pieces like jewelry with intricate details and workmanship. You may have to pay for the appraisal, but it might help you get more money. An appraiser may also have connections with jewelry buyers.
Those costume earrings you’re holding in your hand may have real gold backs or hoops. Necklace clasps and bands to rings are usually real, too. They don’t weigh too much so you may want to sell them all together. The more you have, the more they will weigh.
When you go to sell your gold have it separated into how much each karat weight. Once you get to the gold buying shop, the merchant may attempt to dupe you by grouping everything together and treating it as though it had the minimum karat weight of the bunch. This is a scam that will cost you money. Before making your trip, have your pieces separated before you walk in.
After reading the above article you should know that a lot more about the trading in the gold market. Use these tips to increase the value of your investments, or just as a way to make a profit. Keep all these tips in mind to have the best success when it comes to gold.