Gold just keeps going up and up. Thanks to this increasing value, gold is a great place to invest your money and a useful tool for managing your finances. When looking to trade in gold, it is vital that you are educated in some key areas before getting started. Use these hand-picked tips to maximize your profits from dealing in gold.
Be well informed about the value of precious metals before buying or selling gold. 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. You may have to pay higher prices, though, for pieces that have a small fractional measurement.
If you are going to buy a particular gold piece from any seller, be certain that you know exactly when to expect the delivery. If the seller delays delivery, you have to get a written confirmation on when the expected delivery date is. The date they expect you to get them should be listed. Proceed with the order only if you get this confirmation.
If you’re thinking of getting gold to help you retire, you need to get the right variety. It has to be given the stamp of approval from the IRS. Only 24K coins and bullion bars are eligible. You should be more inclined to buy gold bars, which hold greater value than coins.
Be aware that any items containing gold can be sold to someone dealing in gold. That could be broken pieces of jewelry, tableware, home decor, or anything else you have around. Having 100% gold isn’t required, either. It could just have a tiny amount of gold or be gold plated. You can still find a nice return on the sale of it.
There are many unexpected places to find gold, including thrift stores and antique shops. Many of these places offer great finds in gold at a cheap price if dig deep enough. The prices are low here as the items are often donated. You can benefit from the seller’s loss if you research a bit.
Know what you actually have in your possession. Not all pieces that appear to be gold are worth their weight in gold. Usually other metals are combined with gold to provide more strength. This will lower the price. Gold-plated items apply the same principle. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.
Ask what method is used to determine the purity or karats of your jewelry. Many times you will see the item have a stamp on it. In other cases, there’s no visual evidence and the rep must make the determination by an alternate method. An acid test is one of the least complex ways of doing so, so if the representative is using that test, they may be new to the business.
Always read the fine print of any contract so you understand it completely. If you’re using a mail-in gold program, read all the fine print prior to committing to the deal. This helps you understand what you will have to pay in fees and commissions.
It’s easy to see why the market for gold has remained so strong. Since this market is something that continues to go up in price, many people get tremendous returns. However, if you are a novice to the gold market then you need to be sure about what you are doing before you start trading. Keep the information shared here in mind when making any future gold investments so that you can try to avoid mistakes, and profit from your venture instead.