Because people don’t know how the economy is going to do in the future, they like to get into gold because it’s safe. However, it can be confusing to really understand the gold market. The tips included here will help you learn more about buying, and even selling, gold.
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. It needs to be either 24 karat coins or bullion bars. Since gold bars are worth more than coins, it is best to buy them instead.
When you buy some gold jewelry for another person, make sure they have a refund policy. You can’t be sure of another person’s preferences; they may not care for it. If this happens, you need to return it for a complete refund.
If you’re unsure what your gold might be worth, then have an appraisal done. The small investment required will ensure you get what your jewelry is worth. For the most accurate appraisal, use the services of an accredited and independent appraiser. When selling gold jewelry, you will receive only a percentage of the appraised value.
If you’d like to sell scrap gold or jewels, look around for the best price. Many stores do not pay the going rate for gold. You might get a better deal at a store not in a major shopping mall, since their overhead and rent is lower.
Before selling you gold through the mail, be sure you know what the procedure is for getting your items back and any costs involved in doing so. Many companies offer free shipping but charge more for mailing items back. Be sure you figure out what things will cost before you start mailing off your jewelry.
Be aware of the true value of your items. Not all that looks as if it’s real gold is as valuable as the real thing. Often, you will find other metals mixed into the gold in order to strengthen the item. This makes the value lower. The same goes for pieces that are gold plated. If you don’t know what kind of piece you have, take it in to be looked at before you try and sell it.
Look into market prices of gold before selling it. Check out the competition and what they are offering. That way, you will have a good starting point. Always see if you can get a little more than they’re asking if they allow you to negotiate.
A cheap and quick way to test gold is to use a magnet. Precious metals do not respond to magnets. In some cases, individual parts of a piece (like the clasp) may be solid gold while other parts are plated. The magnet will tell you the truth.
Earring backings are usually solid gold, no matter if the earring is or not. Necklace clasps and ring bands are as well. In these instances, it’s best to sell the gold parts in a lot. A lot is a collection of separate pieces weighed and sold together; selling off jewelry in lots is often the best way to get maximum value.
Gold has long been used as a form of insurance to protect wealth. Being informed can help you to make wise investments. The preceding article should have provided precisely such information.