How comfortable are you with the idea of investing in gold? Are you uncomfortable buying and selling gold? Do you have a bit of experience, but want to learn more? Amateur or professional, anyone can benefit if they read the tips provided here. You are sure to find information that you didn’t know while reading this article.
Attain more than one estimate of the value of your gold. There are many places where you can buy and sell gold, and they all use different metrics to decide on price. Therefore, it is wise to get several offers to ensure the best price.
Gold prices change quickly and often, so know the current value before you attempt to sell any. If you choose to sell any gold, keep in mind that pieces that have different karat values need to be valued and weighed separately. Don’t sell jewelry that has an increased value because of the design or the creator.
Save your money to buy higher quality gold and avoid gold-filled and gold-plated pieces. You do not have to spend lots of money at a jewelry store to buy nice gold jewelry. You can usually find more affordable gold jewelry online, or if you visit pawnshops.
Check out current market values before you ever sell any jewelry. That will help you determine whether or not a dealer is actually offering you a good price for your pieces. Dealers typically give a fair price, but there are some unscrupulous ones out there. They may take advantage if they think you want to unload your piece fast.
If you’re selling gold through a mail-in service, do your homework on the company and its policies before you make a commitment. Know when they will send your payment out and get your package insured. Take a photo of all the items you are sending so there will be no questions later.
If you want to start investing in gold but don’t have much money to get started, think about buying scrap. This can be done over time, maybe some each day so that you can get some valuable gold in about a year. Ensure that the gold is safely stored and secured at all times.
Think about having your jewelry appraised if you are not sure of it’s true value. Although appraisals cost money, you will know the value of your items. Only use an independent, accredited appraiser to get the most realistic value. Even if you still choose to sell, do know that you aren’t going to get the appraised value.
Understand that gold dealers are interested in all gold items. Don’t overlook flatware, watches, jewelry and even broken pieces as potential sources of profit. It doesn’t have to be 24 karat either. Items that are partially constructed of gold or even gold plated are acceptable. You’ll still get a decent return on your sale.
Make sure you verify the price of gold the same day you plan to buy it. The spot price is readily found on the Internet. When purchasing, don’t pay greater than 8% markup above the spot price. Occasionally an unethical dealer may try to overcharge their customers.
If you are sending your jewelry off in the mail, make sure you investigate how much it will cost you to have the pieces sent back to you if you don’t like the offer. While most firms will pay to have you send them your items, they will charge you a considerable amount if you want them back. Know what this cost is before you mail your items.
Make sure you’re only selling to someone who has a license to purchase gold. While you can still get taken for a ride, licensed buyers tend to be more reliable. Many individuals, pawn shops and jewelry stores are interested in buying gold. Be picky about your buyers.
You may even be able to find old gold at thrift shops or garage sales. A smart and educated gold shopper can make some great finds. People frequently give these things away without understanding their value. You can take advantage of this if you just know what to look for.
With this helpful information at your disposal, prepare to become a contender in the gold market. This will also give you assurance when you are selling and buying gold. Knowing what you’re actually doing will increase your odds of being successful.