Are you knowledgeable about gold trading? Are you feeling like you’re just a beginner when it comes to gold? Or are you advanced and just seeking tricks and tips? No matter your status, everyone stands to gain by reviewing the advice found below. Read on for all new tips and tricks for gold traders.
Prior to selling old jewelry, research the going price for gold. That way, you will know if you are being offered a fair price for the items you have. Dealers will charge you a premium on top of market value so they can make some money too.
Always research a company you want to send gold jewelry to. You should be clear about when you can expect to be paid. Insuring your gold shipment is a good idea, too. The final step is to take photos of your jewelry, just to be sure you can fight any future problems that may occur.
Only certain kinds of gold are suitable for contributing to your retirement fund. The IRS must give its approval for your investment. It needs to be either 24 karat coins or bullion bars. Bars are often a better deal than the coins.
If you’re unsure what your gold might be worth, then have an appraisal done. Though you will have to pay a bit, knowing its value is crucial. And make sure you only hire an independent and accredited appraiser to be sure you get an honest appraisal. Remember if you sell, you will not receive the full price of the appraisal.
Anything gold is able to be sold. Don’t overlook flatware, watches, jewelry and even broken pieces as potential sources of profit. Having 100% gold isn’t required, either. It could be part of an item that’s gold, or just gold-plated. You may still get a little of your initial outlay back.
Compare different gold buyers if you want to sell some gold jewelry or gold scraps. All stores won’t pay market price for your gold, since they are all in business to make a profit. Stores that are not near shopping malls may have lower overhead and are able to pay more.
When selling your gold, it is necessary to determine if you wish to sell something as jewelry or simply to get its melt value. Pawn shops and many private sellers are only looking to pay the melt value. You should look for an individual buyer who is interested in the jewelry itself if you want to get a better price.
Check the price when you are buying gold. This price can be found on a number of websites. Only place your order if you can find a dealer willing to sell for an 8% markup or less over the spot price. While many companies attempt to charge more, this is simply not ethical and should be viewed with caution.
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. The majority of companies pay for you to send the jewelry to them, but they charge high fees to return it to you. Be certain you know exactly what those fees will be.
Never sign a contract without thoroughly reading it first. If you use any of the abundant mail-in gold buyers, study the fine print carefully before making the sale. This helps you keep better track of how much you have to pay for fees.
Check with the BBB before you sell gold to a dealer, jewelry store, gold buyer, etc. They’ll have basic resources for you such as reviews and complaints from other customers. Keep a close eye out for any complaints not fully resolved. If you see that there are a lot of unresolved complaints, you may want to go with someone else.
Now you know how to master the market. You can make a profit and hedge against tough economic times by using gold as an investment. That’s what you really want at the end of the day, and this article is your starting point.