If you are an experienced investor, you probably recognize the value in commodities. Additionally, one of the better commodities is gold. In this article, we will give you good tips for making money with gold for any reason.
When you sell gold, you should obtain a type of estimated value from multiple sources. Gold buyers and jewelry stores are out to make a profit, so they’ll all pay less than the actual value of the gold you’re selling. By shopping around, you will get a better idea of what the gold you are selling is really worth.
You may shy away due to gold’s price, which may make you go for gold-filled or gold-plated jewelry instead. You still can get gold jewelry items without spending a lot at a local jewelry store. Online auctions, estate sales and pawn shops are only some of your options.
If you plan to invest in gold for retirement, be sure you purchase the right kind. Your gold has to be IRS approved. That means that the gold is a minimum of 24 karats, and formed as coins or bullion bars. Try going with bars over coins since they tend to be more valuable.
Check the return policy before you buy anyone a gift of gold. You can’t be sure of another person’s preferences; they may not care for it. For this reason, it is important to purchase jewelry items that come with a money back guarantee.q
If you are sending your jewelry off in the mail, make sure you investigate how much it will cost you to have the pieces sent back to you if you don’t like the offer. Many companies offer free shipping; however, they may charge shipping for returns. Know what this cost is before you mail your items.
Only make a sale to buyers who hold a state license in buying gold. Licensure is not a guarantee of credibility, but it is certainly a good indicator. There are many stores and individual buyers looking to purchase gold, so always know you have multiple options, and never just the first deal that comes up.
No matter the excitement gold buying brings, do not spread the word. This is because you never truly know who may be listening. Play your cards close to your chest and keep your gold in a home safe or a safety deposit box at your bank. This ensures that your gold is protected under all circumstances.
Be knowledgeable about market prices before you accept someone’s offer to buy your gold. Research the selling price of pieces similar to yours. This will give you a price point to work with. Ask a bit more than you want so you can negotiate with the buyer or seller.
Prior to picking a gold buyer, comparison shop. You will get many different amounts. Shaking hands with a buyer who brings you the first offer may actually shortchange you. Taking your time can really end up getting you the best deal out there.
Having read this article in full, you now know a thing or two you previously didn’t. Apply this understanding and boost your investment portfolio starting now. Keep the information handy as you begin to learn about the prospects of trading in gold.