People are attracted to gold but not many know a lot about it. This lack of knowledge can make it hard to take advantage of all that gold can offer them. If you happen to be someone that isn’t knowledgeable about gold, then the tips presented below will be of tremendous value to you.
If you are selling gold then shop around to get an idea of what its true value is from different companies. There are lots of services, jewelry stores and pawn shops that buy gold. Of course, they will want to make a profit when they sell it. By shopping around, you will get a better idea of what the gold you are selling is really worth.
Get an appraisal to find out the exact value of your jewelry. Though you will have to pay a bit, knowing its value is crucial. Only use an independent, accredited appraiser to get the most realistic value. Understand that you’ll be paid less than the appraisal value of your gold by gold buyers, however.
On the day you are planning to buy your gold, check the spot price. You can find this on a variety of websites, and it can change daily. When going to buy the jewelry, you should not have to pay higher than 8% markup over the spot price. Be on the lookout for any unscrupulous dealers who try to get away with overcharging you.
If selling gold using a mail service, find out how much shipping will be. Many companies offer free shipping but charge more for mailing items back. It’s best to be prepared so you are not surprised by return shipping charges.
Using a brokered service such as GoldMoney may be the gold investment technique that best suits your needs. It is very much like opening a “gold banking account.” You simply establish your account, deposit funds and receive an assignment of gold that fits the value of your account. Instead of keeping up with the gold in your own home, it is stored in a secure bank vault. You can cash it out, divide it, or redeem it.
Exercise great care when you’re getting into gold trading. There are many swindlers to be found in the gold market. There are individuals who will not hesitate to take advantage of you if you give them the opportunity. The benefits of caution and careful research simply cannot be overstated.
You can use a magnet to test precious metal inexpensively. Gold and other real precious metals aren’t attracted to magnets. Check the chain as well as the clasp for an accurate reading. Using this technique will help ensure your pieces are solid gold.
How does the seller know what the karat rating is? In most cases, gold will be stamped with the karat it is made with. Sometimes, though, an eye test is insufficient and buyers have other ways of making that determination. A way to tell if a gold representative is new and inexperienced is if they use an acid test. This is a simple test used by newer gold dealers.
While many people like gold, few of them know anything about it. After reading this article, you should know more. Use what you’ve just learned to make smart decisions about gold.
