If you’re looking to jump into the gold market but haven’t yet done so, then you’ve come to the right place to start. Rather than allow yourself to be turned off by the risks, why not learn as much as possible to alleviate those risks? With a little self-education, you’ll be in an excellent position to make smart gold-investing choices.
Do not dabble in the gold market until you are familiar with pricing of precious metals. The prices for precious metals go up and down from one day to the next. Therefore you must find the price on the exact day before you agree to do business with someone. Also, understand that some types of gold will be more expensive than others.
When you buy gold for another, make sure it has a return policy. You can’t be sure when jewelry is liked by the other person or if it even fits them. It’s always a good idea to be able to get your money back on a jewelry purchase if it doesn’t work out for you.
When you’re selling your gold, you have to do the proper research. Compare prices with other gold dealers. You will get a general idea of the kind of price you can get. Always ask for a bit more than you really want in order to allow for negotiation.
You can use a magnet to determine the authenticity of gold. Gold and other real precious metals aren’t attracted to magnets. Sometimes a jewelry piece is only plated in gold with a solid gold clasp. This method is good test for that.
Go over the fine print that’s in any sales contract. You should carefully read the whole contract especially if selling through a mail service. You’ll then know the amount of your profit that will go to fees and commissions.
You do not have to physically own gold to invest in it. You have the ability to invest in mining stocks or exchange traded funds that have an emphasis on gold. You should always consider the costs to store gold.
A choice many people use when selling gold is to ship it through the mail. A lot of sellers prefer this process due to the simplicity. They send you a prepaid envelope, which you then turnaround and send your jewelry to them to get your check back later. The price they pay will be very low, though. In a few cases you might get 30% less for a piece, so know that.
As you prepare to sell your gold pieces, divide it into separate piles based on karat values. Since a piece’s value can vary considerably based on its karat value, weighing and selling it all in one batch may lead to you missing out on some potential profits. The higher the gold content, the better the price.
You now are equipped with the necessary information to get you rolling in the right direction. It’s time to start investing in gold so you can make money. It won’t be long before you start witnessing the perks of being a gold investor.