Gold is a treasured commodity and is universally valued, and has been since its discovery centuries ago. Everyone loves gold, but most people don’t know enough about it. If you’re ready to start buying gold, read on for some important information.
Always do your homework with regard to any person or entity from whom you are thinking of purchasing gold, and look around for a buyer with a good reputation. Read online reviews, check with the BBB, and see how the dealers resolve complaints. If you get quotes from multiple buyers, you will get the most for your gold.
Research the market price before selling any of your gold jewelry. You will then be prepared to negotiate. Most dealers will make you a fair offer, but some will try and rip you off.
If you are interested in investing in the gold market, but do not have lare amounts of capital, consider purchasing scrap gold. Scrap gold can be purchased in very small quantities (like a little bit every time you get a paycheck) and stored until you have a large enough collection to sell off. Make sure you have a safe place to keep your gold (a safe deposit box is ideal) while you’re collecting it.
If you’re unaware of your gold’s worth, have it appraised. It costs a little, but the knowledge gained is valuable. Be sure to select an appraiser who is accredited and independent for a realistic appraisal. If you do want to sell the gold, understand you won’t be offered full value it was appraised for.
Know that anything that has gold in it is sellable to a gold dealer. This could be jewelry pieces which are broken, home decor, tableware or any other gold items you have around. It need not be completely pure, either. It could be part of an item that’s gold, or just gold-plated. You can still turn a profit on these pieces.
If you want to sell gold, make sure the buyer has a state license allowing them to do so. Licensed buyers will probably be reputable. Many individuals, pawn shops and jewelry stores are interested in buying gold. Be picky about your buyers.
Don’t sell your items to the first buyer you come across; always get a few quotes. You might be surprised by the price variants. If you accept the first deal offered to you, you might be sorry. Spend a bit of time on the front end so you get the most profit out of the transaction.
Ask the gold party representative about how the gold’s purity in karats is determined. Often, the item will be stamped. However, there are some times when there aren’t visible signs, so the reps have ways to determine it. Dealers using an acid test may be newcomers, as this is a very basic test.
You don’t have to have gold in hand in order to invest it. One option is to buy shares for gold-based mutual funds. Another option is to stick with gold mining stocks. If you choose to purchase actual coins or bars, take into account the cost of secure storage of your gold.
Gold is a valuable, durable, attractive resource. It’s still ideally suited for use as a tradeable commodity, too. It only makes sense that you trade gold because of how its value increases. Now that you have a basic understanding about gold and its value as an investment, go out and learn all you can to help gold make money for you.