Most serious investors have a slice of their overall portfolio in precious metal commodities. In addition, gold is single-handedly the best commodity there is. Whether working on building your nest egg, or buying gold as an investment, this article provides some valuable information.
Look for a gold buyer that has a good reputation. BBB and consumer reviews are two sources of information that can give you an indication of a dealer’s reputation. Talk to several different buyers and get quotes from all of them to ensure you get the best price for your items.
Consider delivery time when buying gold. To ensure timely delivery request a confirmation on the shipping date. A date should be spelled on this piece of paper. Don’t go through an order without this documentation.
Look at the spot price of gold before selling. This can help you discern whether you’re being offered a good price or not. Most dealers will make you a fair offer, but some will try and rip you off.
You must be sure to purchase the right type of gold if you hope to rely on it in your golden years. Gold needs to be IRS-approved. They have to be either 24 karat coins or bullion bars. You should be more inclined to buy gold bars, which hold greater value than coins.
If you want to sell gold, make sure the buyer has a state license allowing them to do so. While you can still get taken for a ride, licensed buyers tend to be more reliable. There is a lot of competition out there, so you can sell to someone else if you’re not happy with the first offer.
Know the true value of your gold. Appearance alone is not an accurate gauge of the value of your gold. In many cases, additional metals have been mixed with the gold to strengthen it. This actually lowers the price of the gold. Gold plate is also not very valuable. If you are not certain about what you have, an appraisal before selling is wise.
A magnet can be used as a cheap and fast way to determine if a piece is really made of gold. If the piece is real gold, the magnet will not be attracted to it. Certain pieces have a clasp made of real gold while the remaining parts are plated. Using this technique will help ensure your pieces are solid gold.
Prior to investing in gold, research the current market. So-called market experts may really be trying to grab your investment resources with little benefit to you. Be careful of promises claiming you’ll become rich. Gold investing should be long term investments.
You can make gold investments in ways other than actually having physical possession of gold. You can buy gold shares in an ETF, a mutual fund with a focus on gold, or in gold mining equities. If you choose to purchase actual coins or bars, take into account the cost of secure storage of your gold.
One thing you can do to sell gold is to do so through the mail. It’s an easy and quick way to sell your gold. You receive a postage-paid envelope in which you place your gold items, put it in the mail and wait for a check. Just keep in mind that such firms usually don’t pay that much for your jewelry, as compared to other options. In some cases, you could get about 30 percent less for an item, so just be aware.
Do not sell your gold just because you can. Gold prices always go up. Why not wait until you can get a better price? The longer you can retain your gold, the more benefit you will obtain.
After reading this article, you should know more about gold than you did before. Build a strong portfolio and wait for the right moment to sell your gold. Keep in mind all that you gleaned from this article to find success that is truly golden.