What if you were told that gold investments could solve all your money problems? With the right knowledge, you can build your profits into a hefty amount. This article is packed with hand-picked tips and tricks to maximize your profits.
Attain more than one estimate of the value of your gold. Gold buyers and jewelry stores are out to make a profit, so they’ll all pay less than the actual value of the gold you’re selling. You’ll get a fairer price if you’ve gotten a few estimates.
Read reviews and do your research before choosing a dealer to buy your gold. The BBB can be a great research, as can online customer reviews. You have a better chance of getting the highest possible price for your gold when you obtain bids from a number of different gold buyers.
Before you put down your money for gold, make sure you have a firm delivery commitment from the seller. If your seller can’t commit to immediate delivery, get the delivery date in writing. There should be a date listed for when you can expect them. Proceed with an order only if this information is forthcoming.
If you are thinking about selling some of your gold jewelry, know what the going market price for gold is. You can then discern whether you are getting the right price for your jewelry pieces. Most dealers are honest and stick close to market value, but a minority try to rip desperate people off by low-balling their offers.
Understand that any item containing gold carries value with gold dealers. Decorations, flatware, broken jewelry, anything you have with real gold content is potentially valuable. Even things that are not pure gold can have value. It may just be plated or partially pure. You will still receive money from the sale of these items.
When you decide on buying gold the first thing to do is look at the spot price. This information is available on a number of websites. When you buy, don’t pay over 8% markup over the price. Anything more is unethical.
As exhilarating as gold gets, don’t run your mouth about it. You have no way of knowing who might overhear your conversation and who is truly trustworthy. Keep your gold investments to your own self, locked up and secure. Consider a bank lockbox or a safe at home. That way, your gold will always be secure.
When at a gold party, talk with the rep about how they make the determination on the karats of the jewelry being sold. In most cases, the item is simply stamped. Sometimes, however, you won’t be able to see any kind of a stamp, so the people should have another way to figure these things out. The most simple test involves the use of acid. If the company claims to use that type of test, it may be an indication that they are not as experienced with accurate testing methods.
Mail-in options exist for those wanting to sell gold. A lot of people who sell gold prefer this simple option. You obtain a prepaid envelope, put the jewelry in it, ship it, and get a check for it. Just keep in mind that such firms usually don’t pay that much for your jewelry, as compared to other options. Sometimes, you get paid 30 percent less, so you should be aware of that.
As you prepare to sell your gold pieces, divide it into separate piles based on karat values. Depending on the gold piece, it can be worth substantially more than a different item, and you will want each one to be weighed individually to get the maximum value. The greater the karat ratings, the more the gold is worth.
Follow the tips presented here to earn a steady profit buying and selling gold. You can witness your profits gradually grow over time by setting small goals and working hard in their pursuit. Being patient will help you find more success, so avoid rushing things.