Ever since gold was discovered, it has been a hot commodity. Everybody cherishes gold, but not everybody is familiar with how to get it. If you’re ready to start buying gold, read on for some important information.
Gold’s price is always changing, which makes it important to know your piece’s value before selling it. Different karat values will be valued and weighed separately when selling your gold. Don’t sell jewelry that’s worth more than its melt value because of its designer origins.
Research gold buyers before going to them and try shopping around for buyers that are reputable. Look at the BBB website online for ratings, reviews, complaints and more. You have a better chance of getting the highest possible price for your gold when you obtain bids from a number of different gold buyers.
If you don’t have lots of money to buy gold, but still want to profit on the upside, think about buying scrap gold. If you do this on a regular basis your collection would grow quite quickly. Stash your gold in a place that is safe so that you can cash it in later.
You can sell anything that contains gold to gold dealers. Examples of saleable items include broken jewelry, spoons, forks, household goods, etc. It is not really necessary for these items to be solid gold. It may just be plated or partially pure. You may still get a little of your initial outlay back.
Do a little comparison shopping before you sell jewelry or other gold items, even if you’re looking for a quick cash-for-gold deal. Many stores do not pay the going rate for gold. This is because they must take into consideration their overhead and commissions when purchasing gold.
If you’re selling a gold item that has value beyond its weight in gold, you need to choose whether to sell the piece for its intrinsic value or its melt value. Most buyers will offer you just the melt value for your gold. Don’t give up; eventually, the right buyer will come your way.
It’s always a good idea to verify the spot price before making a purchase the same day. You can find that on a lot of websites, and that can change every day. Never pay in excess of 8% markup above the spot price. Be on the lookout for any unscrupulous dealers who try to get away with overcharging you.
If you send off gold by mail, see how much it is to have it returned to you if the offer isn’t that great. A lot of buyers offer free shipping but will charge you a lot to send the item back. Realize in advance that you’re out money to get back your jewelry.
Never sell your gold to someone who does not have the appropriate state licensure. They are likely to be honest. Many establishments purchase gold, so there is no need to sell yours to the first buyer you deal with.
Do not sell any jewelry solely for its gold content without seeking an appraisal. Appraisal can be especially important with potentially-valuable pieces that may have more worth as jewelry than simply as bullion. You might have to pay a fee to get this appraisal, but it might bring you profit eventually. In addition, appraisers may know people who may be interested in your jewelery.
As is plain to see, gold is very valuable and can be traded very easily. Investing in it is simple since it keeps its value and it goes up over time. Armed with this knowledge, you are ready to start your own gold collection.