Gold is not a subject that too many people know about. By not knowing much about gold, lucrative opportunities can end up passing you by. If you are like so many people, continue reading to find the best tips on how you can benefit from gold.
Before you put down your money for gold, make sure you have a firm delivery commitment from the seller. If a seller gives you anything other than immediate delivery, you need to have some kind of written contract or guarantee when your pieces are arriving. This should be spelled out in no uncertain terms. Don’t order anything without this document.
If you plan to invest in gold for retirement, be sure you purchase the right kind. The IRS must give its approval for your investment. You want to make sure you buy 24 karat coins or bullion bars. Bars are generally more valuable than coins and should, therefore, be favored.
When you buy gold for another, make sure it has a return policy. It’s not uncommon for many pieces to not be the receiver’s taste or the wrong size. 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.
You might sell gold melted down or as a jewelry item. Some buyers, including a lot of private sellers and pawn shops, only care about melt value. Try not to be discouraged. Sooner or later you will discover the purchaser you are seeking.
Take your time when you are considering dealing with a gold buyer. You might get surprisingly different offers that reward your patience. If you accept the first deal offered to you, you might be sorry. Get the most money for your gold by spending time to comparison shop.
Many people don’t know that a magnet can be used to test whether something is made of gold or some other type of metal that is precious. If the piece is real gold, the magnet will not be attracted to it. 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.
Speak with professionals to learn different strategies to find the karat value of gold. Many items are stamped. If there is no stamp, there are different ways to test the gold to ensure it is solid. A way to tell if a gold representative is new and inexperienced is if they use an acid test. This is a simple test used by newer gold dealers.
Do your homework before rushing to invest in the gold market. There may be people claiming to be market gurus who are trying to lure you into investing with them. Do not buy into promises of quick riches. Don’t think of buying gold as a means to overnight riches, and you will never end up being disappointed.
Earring backs are often solid gold when the earring isn’t. Quite often, necklace clasps and ring bands are real too. Since these items are so small individually, it’s best to sell them together in a larger lot. With a quality of items, you may be able to get someone to buy them together, hoping for greater profits.
Prior to selling your gold to a buyer, jeweler or dealer, check them out on the BBB. You may find complaints that have been listed by the customers who feel slighted. Don’t worry too much about complaints that have been satisfactorily resolved. If the number of complaints is high, it would be a wise decision to do business with a different company instead.
As previously discussed, for as many people as there are that love gold, very few know much about it. But now that you have read this article, you know more about it. Use this knowledge to make the best possible choices in dealing with gold.