A lot of people decide to invest in gold because this precious metal is an excellent way to protect savings from inflation. Gold’s reliable value has made it a go-to investment in times of economic turmoil. Read the following article to learn more about gold and how you can make a safe investment.
Gold is high in price, and this deters some. You might choose gold-plated or gold-filled pieces instead of ones that are full gold. You do not have to spend lots of money at a jewelry store to buy nice gold jewelry. You can get gold jewelry cheaper online or in pawn shops.
If you intend to convert your gold jewelry into cash, you’ll have to choose between selling it as jewelry or for the “melt” value of the gold it contains. Many buyers only want to pay for the melt value of the jewelry. Don’t let this hamper you, because you’ll find the right buyer eventually.
Make sure you know the spot price of gold the day you plan to buy or sell. This price can be found on a number of websites. When you do buy, avoid more than an 8% markup. There are dealers who attempt to charge a higher amount, but they are unethical and simply overcharging.
Before you ship gold jewelry to a buying service, find out whether you will be charged for return shipping. If you are not satisfied with the offer, you will have to pay this amount. Most companies will give you free shipping to them but charge you an arm and a leg for return postage. It’s best to be prepared so you are not surprised by return shipping charges.
To verify that a particular piece of jewelry isn’t simply plated, you can try testing it yourself with a magnet. Real precious metals do not stick to magnets. Check the chain as well as the clasp for an accurate reading. That’s a great way to make sure.
Even if your earrings are not real gold, the backs may be. Sometimes rings are only partially gold, and sometimes necklaces just have gold clasps. Since such pieces often weigh little, attempt selling them in a “lot”. A lot is a collection of separate pieces weighed and sold together; selling off jewelry in lots is often the best way to get maximum value.
Prior to selling your gold to a buyer, jeweler or dealer, check them out on the BBB. In this way, you can get sound information on the performance and history of these entities. Heed any complaints to see if the company resolved them or not. Businesses that have many unresolved complaints should be avoided.
As fruitful as gold investments can be, the market is also always-changing. Gold investment may not suit you if your investment style isn’t prepared for a lot of up-and-down price movement. If your stomach can handle the rough ride, you should still protect yourself from losing too much money. You should not allocate a sizable portion of your portfolio to gold. Five percent is often touted as an advised cap.
Prior to buying gold, be sure you know the dealer. To find a reputable dealer that sells gold, call the local BBB. Doing this will help you find any complaints lodged against the dealer. If they aren’t resolved, move on.
Gold values continue to skyrocket as they have over the previous decade. This is excellent news for anyone who owns gold. It may or may not be the best time to purchase gold depending on the worth of the dollar. The weaker the dollar, the stronger the gold price.
Investing in the gold market does not need to be difficult. All it takes is arming yourself with the best information available. You just got some great ideas about gold, so you can jump right in. Use the tips here and wisely make investment decisions.