Gold investing has a number of great benefits. If you’re thinking about getting involved with it, you’re making a wise decision. But you have to know all choices, and you need to know what you are doing. This article will provide you with great advice on investing in gold.
It is important to only do business with people who have a good reputation. You are able to find out more about their reputations with the local BBB and through online reviews. A legitimate buyer will pay you fairly for your gold while giving you great customer service. Do your homework in order to safeguard both you and your financial investment.
Get a good education in precious metal pricing before you try to buy or sell gold. Metal prices fluctuate constantly, so you need to know the price on any given day for a transaction. Gold pieces with fractions of an ounce will command higher prices than pieces weighing one ounce.
Consider delivery time when buying gold. 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 not follow through with the purchase unless you have this in hand.
If you’re thinking of mailing off some jewelry to someone, you need to be sure you do your research first. Be certain you have a clear understanding of the timeline involved, and make certain your jewelry is insured. Also, make a photographic inventory of every item you send.
When buying gold jewelry as a gift, make sure that the return policy is sound. You do not know if the gift receiver will like it or if the piece fits. It’s always a good idea to be able to get your money back on a jewelry purchase if it doesn’t work out for you.
If you’re not sure about the value of your jewelry, you can have an appraisal done. It costs a bit of money, but you’ll have a good idea of what your gold is worth. Be sure to select an appraiser who is accredited and independent for a realistic appraisal. When you sell, you won’t get the whole appraisal value, though.
When selling any gold, you have to decide if it will be as jewelry or for its melt value. If you are selling to pawn shops or most private sellers, expect them to offer the melt value. Don’t give up; eventually, the right buyer will come your way.
The day that you plan on buying gold, check its spot price. Many websites update this information daily. As you prepare to make a purchase, it is best to avoid any price with a markup of greater than 8 percent. If you find a dealer asking for more than 8%, they’re overcharging and may not be ethical.
If selling gold using a mail service, find out how much shipping will be. Many companies advertise no shipping costs, but they often hide large handling fees in the fine print. 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.
With luck, you now feel comfortable adding gold to your portfolio. It can be a bridge between liquid cash reserves and mutual funds. Gold is a great investment that requires knowing the different types of risk in the different choices out there.