The prices of gold change rapidly. The gold market is always hopping, whether you want to buy, sell or trade. When financial times are tough, the value can spike like never before. Keep reading to discover how gold can fit into a smart financial plan.
Changes in the current price of gold will affect the price you will get. When selling gold, be sure that items of differing karat values are weighed separately. Avoid selling jewelry that is worth more because of the designer or maker.
If the gold price is not to your liking, perhaps going with gold-filled or gold-plated jewelry is something to consider. But, it is still possible to purchase gold jewelry without having to go to a jewelry store and spend a fortune. Online auctions, estate sales and pawn shops are only some of your options.
Be sure to select carefully when considering taking your gold to a pawn shop or jeweler for sale. While many stores state they pay the standard price for gold, there are a number of them that do not. Stores that are not near shopping malls may have lower overhead and are able to pay more.
Be fully aware of what you have. Not all pieces that appear to be gold are worth their weight in gold. A lot of the time there will be something mixed with the gold so it holds up better. Items that are not pure gold have a lower value. Also, some items may only be gold plated. If you are not certain about what you have, an appraisal before selling is wise.
Be knowledgeable about market prices before you accept someone’s offer to buy your gold. You should shop around to get an idea of what others are offering for similar gold pieces. This will help you establish a price level to utilize. Begin the negotiations by asking for more than you expect to receive.
Comparison shop prior to selecting your gold buyer. The different prices you receive might shcok you. If you do not get several offers, you may not get the best price. Instead, do your research and get the most for your gold.
A quick and inexpensive way to test a piece of gold or precious metal to see if it is real, is by using a magnet. Precious metals like gold are not going to be attracted to a magnet. There may be times when an item of jewelry has a solid gold clasp, but the rest of the item is only gold plated. Using this technique will help ensure your pieces are solid gold.
Make sure you read fine print in any sales contract to a full understanding. You should carefully read the whole contract especially if selling through a mail service. This helps you understand what you will have to pay in fees and commissions.
Investing in gold has significant profit potential, but it’s not for the faint of heart. If you cannot tolerate ups and downs, look elsewhere. If you have the fortitude, still limit your downside risk. Don’t over invest in a single market, like gold. Start with investing 5% of your portfolio in gold so you can get a better idea of how this precious metal fluctuates.
Gold is one of the oldest and most attractive ways to make money. If you want to make money with gold, you must have a clear understanding of its value in the market. You must also establish clear financial goals to govern your dealings. Use what you’ve just learned to find your pot of gold.