The use of gold as a physical security for preserving wealth runs back deep into history, but the acute value of this concept is sharpened by recent economic turbulence. If you’ve been thinking about delving into the world of gold, the following information is definitely for you. Read this article for tips on gold investing.
Bullion bars are a great choice if you wish to put your money in gold. They come in weights that vary. They range from just under an ounce on up to 400 ounces. For the record, four hundred ounce bars are very difficult to find.
Before you buy gold from a dealer, get a guaranteed delivery date. If the seller delays delivery, you have to get a written confirmation on when the expected delivery date is. Your expected receive date should be listed. Complete your order only when given this information.
Know the current price per ounce of gold before selling your pieces. That will help you determine whether or not a dealer is actually offering you a good price for your pieces. Many gold dealers will pay market value; however, some dealers try to get your gold cheap.
If the gold you are purchasing is an investment in your future, you must be aware that there are certain kinds you should target. It has to be IRS approved. They require that the gold be coins or bullion bars that are 24 karat. The bars are a better buy than the coins are because they are more likely to retain their value.
Very often earring backs are made from gold even when the earring itself is not. Many rings and clasps for bracelets and necklaces are gold too. Because each piece does not weigh much, consider selling these as a group. Selling in quantity increases your profit.
Prior to selling your gold to a buyer, jeweler or dealer, check them out on the BBB. In this way, you can get sound information on the performance and history of these entities. The key thing to look for is how complaints against the business were resolved. If there’s a lot of complaints about one company, consider not using them.
Know your dealer before purchasing gold. Check with the Better Business Bureau to verify the reputation of a dealer. You can use the Better Business Bureau to see if complaints or adverse claims have been made about the dealer. If you find filed complaints, you may want to think about going with a different dealer altogether.
When selling gold, separate your pieces based on their karat values. Separating ensures you get the most money for the karats that you own. Gold with higher karat value is worth more money.
You need to know how to test the grade of the gold you buy. The purity of golds is measured by karats. Higher karats mean more value. Gold may be stamped with a karat stamp but you should always test it to be sure. You can make sure you never pay too much for poor gold quality when you know exactly how to test gold purity.
Gold has really changed people’s lives over time. The recent economic challenges have made this even more true. Hopefully, the tips above will help you turn gold into personal wealth.