The market that gold commands has seen a huge spike in popularity because of the worldwide recession. It could be that you’re looking to join in on this popular gold market frenzy as a way to ensure that your financial future is safe. Eliminate your doubts with the tips below.
Gold prices constantly change so you must know your piece’s value before selling it. If you decide to sell your gold, pieces with different karat values should be weighed and valued separately. Don’t sell jewelry that’s worth more due to maker or designer.
Before you buy gold, be sure you know exactly when it will be delivered to you. To ensure timely delivery request a confirmation on the shipping date. This should include the date the gold will arrive to you buy. Do not finalize your order until you receive written confirmation.
Sometimes the cost of gold causes buyers to go for cheaper imitation jewelry instead. You can acquire gold jewelry from a number of sources at a reasonable price. You can buy gold jewelry more cheaply in pawn shops or online.
Scrap gold is an excellent investment if you are working with limited investment money. This can be done bit by bit. For example, you might invest a bit each payday to amass an impressive collection of gold as time passes. Protect your gold until you can sell it.
Before selling your old and broken gold items for cash, make it a point to visit at least 3 or 4 buyers. You cannot count on these stores to pay the national standard of the day. Some stores outside of busy urban areas do not have to pay as much on rents as stores located in a shopping mall and will offer a better price.
If you plan to mail your jewelry, be sure that you find out how much the return postage will cost if the price offered you is too low. A lot of companies say they offer free shipping, but if you refuse their offer they charge a great deal. Know what you’re up against before you mail anything away.
Sell only to gold buyers who are licensed. Licensure is not a guarantee of credibility, but it is certainly a good indicator. There are plenty of buyers for gold, so do not think that you must make a sale to the first buyer that you meet.
Use a magnet to determine if an item is made of gold. Precious metals do not respond to magnets. There may be times when an item of jewelry has a solid gold clasp, but the rest of the item is only gold plated. A magnet can help test jewelry quickly.
Read the fine print of your sales contract. If you use any of the abundant mail-in gold buyers, study the fine print carefully before making the sale. This way, you will know the exact amount of the fees and commissions you will be paying.
One option when selling your gold is to send it away in the mail. Many people prefer this option because it is really easy. You get a mailer that is prepaid, place jewelry inside and send it, and you get a check. Remember that these places usually do not pay as much as other places for gold. You can lose as much as a third of the value.
When you are negotiating with someone dealing in gold, read all the forms that are given to you. Gold buying and selling is serious business, not a game. Be aware of what you’re signing. Move on if their terms don’t meet your needs. It pays to watch out for yourself in this way.
Lately, gold has really boomed, mainly because of the state of the economy. Knowing how to buy and sell gold like a pro is a good way to leverage the gold market for your personal goals. Take the tips above to heart, and see what you can do with the information to improve your own circumstances.