Not many people know all about gold, even though they may love it. To make money in gold investing, it is important to know what you are doing. If you feel like your knowledge is lacking, read through these tips to learn much of what you need to know.
When you sell gold, get an idea of value from a number of sources. Several gold-buying services and jewelry stores get different profits for the gold they buy. Getting multiple estimates helps you get a fairer price on your gold when selling it.
Bullion bars are usually the safest way to invest in gold. The weight of these bars vary. Bars may be a half ounce, 400 ounces or anything in between. If you want a 400 ounce bar, you may have a hard time finding one.
Never sell your gold to someone who does not have the appropriate state licensure. Licensure is not a guarantee of credibility, but it is certainly a good indicator. Do not be forced into selling to the first buyer you find if you are not happy with the terms on offer.
GoldMoney is a popular resource to use in gold buying efforts. It’s like opening a bank account, but for gold. You have started an account, and you’ve bought gold at a particular price. Instead of keeping up with the gold in your own home, it is stored in a secure bank vault. You can cash it out, divide it, or redeem it.
Be fully aware of what you have. Just because it looks like gold doesn’t mean it’s valuable. Other metals are often mixed with gold in order to provide strength. This results in a price reduction. This also applies to pieces that are plated with gold. If you are unsure of what you have, you may want to get it appraised prior to going to sell it.
Comparison shop when you are choosing a buyer. You will get many different amounts. When you just take buyer number one, you may lose money. Get the most money for your gold by spending time to comparison shop.
You can use a magnet to test precious metal inexpensively. If the piece is real gold, the magnet will not be attracted to it. In some cases, individual parts of a piece (like the clasp) may be solid gold while other parts are plated. Magnets will let you tell the difference.
Carefully read and check the small print in the sales contract. Read any materials the company you are sending your gold to provides you with. You can then ascertain the amount of fees and commissions you will be charged.
Have your pieces appraised before you sell them as scrap gold. You should do this for special pieces. Unique pieces may be worth more intact than they would if eventually melted down. You may have to pay for the appraisal, but it might help you get more money. A professional appraiser can also point you towards potential buyers for high-quality gold jewelry.
As this article has shown, many people do not know all of the benefits that gold offers. However, after reading this article, you now know much more. Take this knowledge and use it to help you make wise gold choices.