Since gold’s discovery in ancient civilizations, it has remained a treasured commodity in global markets. Everybody cherishes gold, but not everybody is familiar with how to get it. If you want to start buying gold, then keep going further into this article to learn some helpful hints.
If you take jewelry or scrap gold to local companies that will pay for it, shop around. Bear in mind that the market price for gold you can find online (the “spot”) is only an average; different dealers will offer you different prices under (or even over) the spot. Kiosks in malls and other high-traffic areas pay more in rent and operations, thus, reducing the amount of money they are able to offer for 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. Most private sellers and pawn brokers are only willing to pay melt value for gold jewelry. Selling your unique gold pieces to a collector can end up netting you more money.
Find out if the firm you are mailing your gold to will ship it back, and how much that will cost. Companies often provide free shipping, but it can be costly to get them back to you in the mail. Find out how much you will have to spend in order to get your gold back if you decide not to sell it for the price offered.
When you’re selling your gold, you have to do the proper research. Look around to understand what people are asking for similar pieces. This will provide you with a good starting point on pricing. People will haggle, so ask for more than you will actually settle on.
Ask the gold party representative about how the gold’s purity in karats is determined. Frequently, the gold piece will have a stamp on it. However, at other times, there is no stamp, so a lot of reps use other ways to find out. Acid testing is a very simple method, so if a representative is using this, they might be new.
Always make sure you’re researching the gold market prior to investing in anything. There are predators out there in the gold market that claim to be big shots but just want you investing with them. But, be weary about get rich-quick schemes. Don’t think of gold as easy money, and you can avoid fake claims.
Instead of immediately thinking you have scrap gold, take it to get appraised first. Fine details and other clear signs of craftsmanship may result in a piece’s value being worth more than just the value of the gold itself. Even though there is an appraisal fee, you could see a lot of extra money in your pocket. The appraiser may also know someone who maybe interested in your jewelry item.
Although gold can be a lucrative investment, it can be volatile. If you would be made anxious by unexpected peaks and valleys in the market, you should avoid it. If your stomach can handle the rough ride, you should still protect yourself from losing too much money. Invest only a tiny percentage of your portfolio in gold. 5% is a good amount.
A good way to get good value out of gold is to see if any relatives have broken items that they no longer want. Purchase an accurate jewelry scale to weigh your gold. With a good scale, you can offer to buy gold for more than pawn shops will offer.
As the article indicates, gold is a great commodity to have. Gold is good to invest in because it has a consistent value and even increases. Now that you are more educated about acquiring and owning gold, begin creating your own gold collection today.