When investing in gold, bullion bars are the best way to go. There are numerous sizes available. The bars vary in size from half an ounce to 400 ounces. Be aware that if you are looking for the biggest bars, you will have a difficult time locating them.
Know that anything that has gold in it is sellable to a gold dealer. Gold pieces can be anything from jewelry to tableware, even home decor. It also doesn’t have to be 100% pure gold. It could just have a tiny amount of gold or be gold plated. You can still get a good return on the sale.
If you’re using a mail-order gold buying service, make sure you understand any return postage fees you’ll need to pay if you decline their offer. A lot of buyers offer free shipping but will charge you a lot to send the item back. Know ahead of time if you must pay to get jewelry back.
Talk to someone at any gold party to determine how they decide a piece’s karats. In most cases, the item is simply stamped. If there is no stamp, there are different ways to test the gold to ensure it is solid. Using an acid test can be a great way to determine the karat of the gold.
You don’t have to own gold to invest in it. You can put your money in a gold exchange traded fund. You also buy stock in a gold mining company. There are also mutual funds that focus on gold. If you opt to buy gold coins or bars, you should consider how you will store your gold.
Before you sell gold, put it in different karat weights. Don’t allow the dealer to rip you off by pricing all the gold at the least pure karat weight. This is a scam that will cost you money. Instead, separate each karat weight before going to the dealer.
Sending your gold away via postal mail is one option for selling it. Although this process may be easier, you may not earn as much money. You simply drop your jewelry items in a prepaid envelope and wait for your check to come in the mail. These companies won’t pay the same amount for gold as others though. You might receive up to 30 percent less concerning an item you sell, so be aware of this.
Do not sign anything from a gold dealer without fully understanding what it implies. The gold market is one filled with money. Make sure you completely understand the contract you are signing. If the terms are not agreeable to you, get ready to move on. It is worth it, sometimes, to protect your finances.
Research a dealer before doing business with them. Check the Better Business Bureau to make sure a gold dealer can be trusted. The BBB can tell you if the dealer has had any complaints. Even if you feel a pull toward a particular company, it’s a good idea to move on to a different dealer if they have any unsettled complaints on file.