If you want to invest in gold, then you’ve made a good decision that can really help you balance out the risk in your portfolio. However, you must know what you’re doing, and you need to think about all of your options. Keep reading to discover the benefits of gold, plus some ideas on getting involved in it.
When you invest in gold, you can’t go wrong with bullion bars. These come in various weights. You can find bars weighing anywhere from a half of an ounce, up to four hundred ounces. If you want a 400 ounce bar, you may have a hard time finding one.
Prior to buying or selling any gold, be sure you truly understand how gold pricing works. Silver, gold and platinum prices fluctuate often, and therefore you need to verify spot pricing the day prior to your intended deal. Watching the market can help you to buy or sell your gold at a great price.
Research several gold buyers and compare them to obtain the best price for your gold. Read online reviews, check with the BBB, and see how the dealers resolve complaints. Get the best offer for the gold you have to sell by approaching multiple buyers.
If you are looking to gold as a retirement vehicle, be certain you invest in the proper kinds of gold. It has to be IRS approved. This means it needs to be in the form of coins or bullion that is marked 24 karats. Bars are often a better deal than the coins.
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 will charge a higher rate than the posted spot 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.
Sell only to gold buyers who are licensed by the state. Licensed buyers are much more reputable, and then you can stop worrying. There is a lot of competition out there, so you can sell to someone else if you’re not happy with the first offer.
A quick and inexpensive way to test a piece of gold or precious metal to see if it is real, is by using a magnet. If it is a true precious metal, it will not adhere to the magnet. Many times you see the clasp gold plated but not the rest of the piece. Magnets will let you tell the difference.
Remember to research the gold market prior to investing any money. There will probably be people saying that they know what they’re talking about just so you’re likely to invest with them. Do not buy into promises of quick riches. Don’t set expectations too high and you won’t be disappointed in your gold investment.
A lot of times, earring backs are gold, even when the earrings themselves are not. The bands to rings and necklace clasps are often times real as well. Because these pieces do not weigh a lot, try selling them as a “lot.” You will get more money if you put them all together.
Now you know how to use gold to your advantage. Gold is a good bridge in your portfolio between liquid assets and mutual funds, bonds and equities. Get a firm understanding of the risks and benefits involved in the excellent investment choice – gold.