Nowadays it seems like more and more people are interested in buying and selling their gold. This could be because of the tough economic times that people are having to work with. Unfortunately, not enough potential gold investors understand the market well enough to make sound decisions. Keep reading to learn how to make the gold markets work in your favor.
Get your gold valued by multiple sources. There are many places where you can buy and sell gold, and they all use different metrics to decide on price. When you have several estimates, you’ll have a better idea of what fair market value is.
When you sell gold, deal with a reliable buyer. Check with the BBB and look at reviews online before you sell your gold to a buyer. A legitimate buyer will pay you fairly for your gold while giving you great customer service. Protect your gold investment and yourself.
Research a gold buyer before selling your gold. Look for online reviews and check the BBB website for complaints and resolutions. Ensure you receive the maximum amount for your gold by shopping around.
Before buying from a gold seller, schedule a timely delivery. It you don’t have it delivered immediately, find out when you will receive your gold. This should be spelled out in no uncertain terms. Only make the order if you have such a document.
Do your research and know what the latest gold price is before you sell your jewelry. This will indicate whether you’re getting a fair price or not. Most dealers should sell according to the market, but sometimes they’ll try to scam you if they think you just want quick cash.
Get an appraisal if you have no idea what value your gold holds. Although you’re spending some money up front, at least you’re getting fair market value for your items. Find a reputable appraiser, however, to visit. Also keep in mind you usually won’t get the full value if you do decide to sell the gold.
Check the price when you are buying gold. This price changes every day. You can locate it on several different websites. Never pay more than 8 percent over the current sales price of gold. There are dealers who attempt to charge a higher amount, but they are unethical and simply overcharging.
Before you ship gold jewelry to a buying service, find out whether you will be charged for return shipping. If you are not satisfied with the offer, you will have to pay this amount. Many companies offer free shipping but charge more for mailing items back. Know what this cost is before you mail your items.
Get a good grasp on what you own. Appearance alone is not an accurate gauge of the value of your gold. Many times, other metals get mixed with gold for more durability. This will lower it’s worth. This also applies to gold plated items. Get your items appraised before selling your gold.
Do your homework about the market value of gold before you sell. Try to compare what similar sized pieces are selling for. This is a price point that you can work with. Always ask a little above what you want so there is room for negotiation.
Many people don’t know that a magnet can be used to test whether something is made of gold or some other type of metal that is precious. Precious metals, such as gold, are not magnetic. The clasp may be solid gold, but it’s possible that the piece is almost entirely gold-plated. Using a magnet is an excellent way to find this out.
Everyone wants to profit from gold. All too often, though, people don’t have sufficient knowledge to successfully invest in gold. We hope that this article has given you plenty of information for successful gold trading.