Gold has been valued for centuries. Outside of buying jewelry, few people know how to invest in gold. If you wish to enter the gold market, continue reading for useful advice.
When you sell gold, deal with a reliable buyer. You are able to find out more about their reputations with the local BBB and through online reviews. Reputable buyers usually pay fairly for gold, and they often have much better customer service versus the less reputable ones. Do this to protect yourself and your gold investment.
Before you get into investing or selling gold, it’s best to understand how it works. Daily fluctuations are the norm, so you must be current on the spot price. Gold pieces with fractions of an ounce will command higher prices than pieces weighing one ounce.
Before you put down your money for gold, make sure you have a firm delivery commitment from the seller. If your seller can’t commit to immediate delivery, get the delivery date in writing. The date on which you can expect to receive the items should be provided. Don’t buy without such a contract.
Be sure you research a company before sending them gold in the mail. Find out when you will receive your payment, and get insurance for your package. Take pictures of anything you send so that you can settle any disputes that may occur later.
Whenever you make an investment in gold in the form of jewelry, always ensure that you have sufficient documentation and can return it if required. It is hard to tell if that jewelry is going to fit another person, or if that person is going to want it. If this happens, you need to return it for a complete refund.
Be sure to select carefully when considering taking your gold to a pawn shop or jeweler for sale. Prices paid will vary from shop to shop. Try to focus on stores that are not located in a mall, as their overhead may not be as high, which means they might have the ability to give you a better return on your gold.
If you intend to convert your gold jewelry into cash, you’ll have to choose between selling it as jewelry or for the “melt” value of the gold it contains. You may get more if you can wait to sell it to a buyer who values it as a beautiful piece of jewelry. Don’t lose faith; there is always someone willing to buy the item as an entire piece.
Always check the daily spot price before you buy gold. You can find this on a variety of websites, and it can change daily. Never pay in excess of 8% markup above the spot price. There are dealers who attempt to charge a higher amount, but they are unethical and simply overcharging.
Figure out what you’re really in possession of. There are many things that look like gold, but are completely worthless. Gold is mixed with other metals for strength. The less gold, the less value. So, too, can items that are simply gold plated. If don’t know what you’ve got, have it appraised before you sell it.
Before you consider selling your gold, check the BBB.org website. They have rudimentary information about listed businesses, as well as reviews from clients who have traded with them. Look closely at complaints to find out whether or not they were satisfactorily resolved. If there are many unresolved complaints, or a huge number of overall complaints, think about giving your business to someone else.
As you can see, gold is a prized possession. It is also a precious commodity and can be easily traded. Investing in gold makes sense, given how often it holds or even grows in value over time. Now that you’re more knowledgeable about gold, you can begin making a collection today.