If you are a serious investor, then you need to know the basics about gold investment. Having diversity is important, and you can get a portfolio balanced with gold. How do you start? There are many options available to you, and it can become frustrating. Read on to learn more about the basics of investing in gold.
Research several gold buyers and compare them to obtain the best price for your gold. You can always find online reviews, inquire with the BBB and learn how each vendor handles complaints. By getting bids from several different gold buyers, you will be more likely to get top dollar for your gold.
Before you buy gold from a dealer, get a guaranteed delivery date. If your seller doesn’t give you an immediate deliver, get it in writing confirming when you are to expect your piece. The date on which you can expect to receive the items should be provided. Only complete the order if given this documentation.
If you don’t have much money to invest in gold, you could start by purchasing scrap jewelry pieces. Do this regularly over a certain length of time, and in 12 months or so, you would have accumulated a good amount. Protect your gold until you can sell it.
When purchasing a piece of gold jewelry for someone else, be sure there is a return policy. What if it doesn’t fit? In those cases, you should return the jewelry for a refund.
Why not get your gold jewelry appraised if you are not too sure about its current value? Paying a professional to appraise your item is a good investment. Find a reputable appraiser, however, to visit. If you continue with your plan to sell, do be aware that you won’t receive the price the piece has been appraised at.
The day that you plan on buying gold, check its spot price. You can see it on various sites and it usually changes every day. When you buy, don’t pay over 8% markup over the price. If you find a dealer asking for more than 8%, they’re overcharging and may not be ethical.
When you attempt to sell gold, make sure you know the current market prices. Look around to understand what people are asking for similar pieces. In this way, you will have a good idea of how to price your gold. Always ask for more than what you want, because this will leave some room to negotiate.
Speak with the representative at the gold party to find out how they determine how many karats a piece of jewelry is. In most cases, gold will be stamped with the karat it is made with. However, at other times, there is no stamp, so a lot of reps use other ways to find out. Acid testing is a very simple way to asses karat quality. If you see this method being employed, it’s possible that the tester is a relative newcomer.
Very often earring backs are made from gold even when the earring itself is not. Necklace clasps and ring bands are frequently real gold too. You can sell these small pieces together. This is a bunch of different gold pieces in quantity and can help you to get more money for them.
When you know the right information for gold investments, you can better negotiate your options and better understand the entire process. Now you have the knowledge necessary to make better decisions. Do more research on gold and different ways to invest before making any important decisions.