If you have ever wanted to get into gold before now but didn’t make the first move, this article is for you. Rather than allow yourself to be turned off by the risks, why not learn as much as possible to alleviate those risks? With a little self-education, you’ll be in an excellent position to make smart gold-investing choices.
Consider selling gold online. You no longer need to buy and sell gold at a physical location. Many websites are available will help you sell your gold. Such sites will send kits in which you mail back your gold. If everything is together, you’ll get paid their going rate.
When you are selling gold, you need to decide whether you want to sell it as a piece of jewelry, or for the melt value. Pawn shops and many private sellers are only looking to pay the melt value. Don’t give up; eventually, the right buyer will come your way.
When selling gold, only work with licensed buyers. Although anyone could rip you off, the chances are slim when working with someone who is licensed. There are plenty of buyers for gold, so do not think that you must make a sale to the first buyer that you meet.
Don’t ignore thrift stores and antique shops when searching for gold deals. If you have an idea of what you are seeking, you can really find a bargain in these places. Often people do not realize the value of old jewelry and simply donate it or put it in a garage sale. If you conduct research, their loss can turn into your gain.
Know what you are working with. Everything that appears to be gold isn’t worth its own weight in it. Often, you will find other metals mixed into the gold in order to strengthen the item. Items that are not pure gold have a lower value. The same goes for pieces that are gold plated. If you don’t know what kind of piece you have, take it in to be looked at before you try and sell it.
Whenever you begin the gold selling process, you need to be educated on the market price. Research the selling price of pieces similar to yours. This way you have an idea of what you can ask for yours. Just make sure to go a little higher than what you actually want so that there is wiggle room for negotiation.
A quick and inexpensive way to test a piece of gold or precious metal to see if it is real, is by using a magnet. True precious metals such as gold will not stick to the magnet. Certain pieces have a clasp made of real gold while the remaining parts are plated. The magnet test is an excellent way to find out.
Review all fine print in sales contracts. Read any materials the company you are sending your gold to provides you with. This allows you to know how much of your proceeds will be used to pay for commissions and fees.
In many cases, earing backing are solid gold even the total piece is not. Necklace clasps and ring bands are usually real as well. Since such pieces often weigh little, attempt selling them in a “lot”. That means they are collected into an assortment that can bring a better price together.
It is a good idea to check with the Better Business Bureau before you deal with a gold broker. You will see if there were any complaints and be able to read reviews from consumers who have conducted business with them. Pay close attention to whether any of the complaints were not settled in a satisfactory way. If a business has a lot of customer complaints or unresolved complaints, avoid using them.
Now you know how to get on the right track. Your gold investing time is now, and you must utilize the tips you’ve just learned. It will not take long for you to begin reaping the gold investment benefits.