Since gold’s discovery in ancient civilizations, it has remained a treasured commodity in global markets. Everyone loves gold, however knowing how to get the most bang for your buck is a little harder. If you’re ready to start buying gold, read on for some important information.
You should always ask for timely delivery when purchasing some gold from a reliable seller. If a seller gives you anything other than immediate delivery, you need to have some kind of written contract or guarantee when your pieces are arriving. You should be provided with the estimated date of delivery. Don’t proceed with the order until you have this information.
Before you mail off your gold, make sure that you understand the polices, fees and terms of the company you are dealing with. You should find out how long the process takes, and get package tracking and insurance on your package, too. Make sure that you photograph each piece of gold you’re sending before you mail it off.
If you wish to enter the gold market but don’t have tons of capital, try buying scrap. You can accumulate scrap gold as you can afford it and have a pretty nifty next egg in a few years. However, ensure that you have secure storage for your collection.
On the day you are planning to buy your gold, check the spot price. This price changes every day. You can locate it on several different websites. When you buy, don’t pay over 8% markup over the price. Some dealers are going to try and charge you more, but don’t pay it.
Be sure the buyer you are considering is licensed by the state to make gold purchases. While you can still get taken for a ride, licensed buyers tend to be more reliable. There are plenty of buyers for gold, so do not think that you must make a sale to the first buyer that you meet.
Go through thrift shops and antique stores looking for gold. Many of these places offer great finds in gold at a cheap price if dig deep enough. Lots of folks donate items or sell them in such venues simply because they lack knowledge of their true value. Your knowledge will help you get the better end of the deal.
Ask the gold party representative about how the gold’s purity in karats is determined. In most cases, the item is simply stamped. However, there are some times when there aren’t visible signs, so the reps have ways to determine it. One method that can be used is the acid test.
Do not invest in any market before you have done your homework. Not everyone who claims to be a gold expert really is. They may just be trying to trick you. But, be wary of get-rich-quick promises. Avoid such talk and thoughts so you can avoid unrealistic expectations of what gold can do for you.
Read and understand the fine print in a sales contract. If you sell gold through a mail-in purchaser, make sure you understand the terms of the deal. This way, it will be clear how much you are paying in fees.
Earring backings are usually solid gold, no matter if the earring is or not. Many rings and clasps for bracelets and necklaces are gold too. Since such items weigh relatively little, you might want to sell them as their own “lot.” You may be able to sell them for more as a bunch.
You can make gold investments without owning gold. Buying gold-focused mutual funds and stock in companies that mine gold are other options for investing in gold. Buying gold bars or coins involves considerable storage. Remember you must keep these things in a safe place.
Before selling gold, separate everything by karat. When you try to sell your gold as one large group, the seller might attempt to weigh everything at the karat weight that is lowest. That’ll mean less money for you. Separating the gold before you go prevents this from happening.
Clearly, gold is a treasured commodity that has extraordinary trading value. Gold is good to invest in because it has a consistent value and even increases. Now that you’ve read this article, you are prepared to start dealing in it.