Gold value is always fluctuating, but the overall trend is always rising. Any precious metal, especially gold, always has a verdant market for trading, selling and buying. When the economy is tough, the price of gold often remains high. Keep reading to learn more about the gold market.
Be well informed about the value of precious metals before buying or selling gold. Metal prices fluctuate constantly, so you need to know the price on any given day for a transaction. You also will have to pay more than melt value, but you will sell below melt value.
Why not make money selling your gold to online buyers? You don’t need a storefront to buy and sell gold. There are dozens of reputable websites where you can buy and sell gold. They’ll mail you a kit which you use to send them the gold. They will pay you their standard per ounce price for your gold.
Before buying from a gold seller, schedule a timely delivery. If this is not possible, make sure you get a written contract outlining when the items will arrive. The expected delivery date should be noted somewhere. Do not complete your order without this important information.
Check gold prices on the day your are buying or selling gold. This price changes every day. You can locate it on several different websites. When going to buy the jewelry, you should not have to pay higher than 8% markup over the spot price. Some dealers will try to charge more, but they are overcharging and oftentimes, not ethical.
Don’t brag about your gold purchases, no matter how excited you are. You don’t know who to trust or who is listening. Keep your investments safe and secured in a bank or home safe. That will help protect your gold and you at all times.
Start your investing journey carefully. There are many unscrupulous companies out there who deal with gold. A lot of companies and individuals trading in gold rely on taking advantage of unsuspecting consumers in order to increase their profits. Therefore, it is important to proceed with caution and research each company carefully.
Ask what method is used to determine the purity or karats of your jewelry. In most cases, the item is simply stamped. Some sellers are trained to calculate the value of a piece of gold that is not stamped. An acid test can be a very simple way of doing this, so be aware of that.
You must know what investments to make before you actually start investing in gold. There are those who say they’re market gurus and want you to invest with them. Do not buy into promises of quick riches. Do not think of gold as some way to get rich quickly, and you won’t be disappointed.
Earring backings are often solid gold, even when the earrings are not. Quite often, necklace clasps and ring bands are real too. These pieces don’t weigh much, so try selling them all as a “lot.” This is when many pieces are sold together to net a larger profit.
Be sure to separate all your gold items by karat weight before sale. Weighing the items separately ensures you get the true value its worth, but some sellers won’t do this. This of course results in fewer dollars for you. Separating the gold before you go prevents this from happening.
Have some idea of who you are selling to. Call the Better Business Bureau to make sure dealers are reputable. You can phone the BBB or visit their website to see if any customers have filed any complaints against a company for not-so-great business practices. If the dealer does have complaints filed against them, look for another dealer.
When preparing to sell gold, separate it based on karats. The gold values differ by karat values so if all the gold you have is weighed together, it won’t be the best value you can get. The money you receive in return depends largely on how much each karat value is.
You are probably aware that many currencies used to be backed by gold. So, if you want to deal with this volatile commodity, you need to know a few things about the marketplace. Be sure to keep the advice in this article in mind in order to get on the right path with gold investing.