There are millions of people who love to wear gold jewelry, but for the most part, they know very little about gold investing itself. To make money in gold investing, it is important to know what you are doing. The advice below will be quite helpful to anyone who is not familiar with the ins and outs of gold investing.
You may think that solid gold jewelry is too expensive and choose to purchase gold plated or filled jewelry. It is very possible to buy real gold without spending a lot of money at a jewelry store. Online auctions, estate sales and pawn shops are only some of your options.
Compare different gold buyers if you want to sell some gold jewelry or gold scraps. While spot pricing is the national standard, most stores don’t honor it. Local stores that don’t have outrageous overhead may be able to pay you more for your gold.
Keep your gold investing to yourself. You don’t know who to trust or who is listening. Keep your investment to yourself and under lock and key, either with a bank or in a good home safe. This protects you as well as your gold.
You may even be able to find old gold at thrift shops or garage sales. You can find great bargains if you understand what to look for. Many people sell or donate at these shops for low prices due to being unaware of what they own. You can reap the benefits of their loss if you do your homework first.
Do your homework about the market value of gold before you sell. Look around to understand what people are asking for similar pieces. Doing this will provide you with a helpful price to work around. Begin the negotiations by asking for more than you expect to receive.
You can use a magnet to test precious metal inexpensively. Precious metals that are true like gold aren’t going to be magnetized. Sometimes, the only thing real about a piece of gold jewelry is the clasp. A magnet is a good tool for discovering fake gold.
Be sure you know what everything in your sales contract says. If you are selling your gold through the mail, read the information carefully. In this way you can determine what percentage of your profits will go toward fees and commissions.
Research a gold dealer before doing business. To ensure you’re dealing with someone legitimate, do some research with the BBB. Contacting the BBB will tell you if any complaints have been filed about your gold dealer. Look for dealers who have few complaints and a good record of complaint resolution.
Research each buyer carefully to ensure a good deal. This is especially true when selling to a mail service gold dealer. Any company you want to do business with should be BBB listed so you can check into them.
One way to acquire gold at a good price is to ask relatives if they have old broken jewelry they would like to sell. Simply purchase a quality jewelry scale to find the exact weight of the gold. This allows you to make a fair offer on the value of your friends’ and family members’ gold pieces.
Thinking long term is good in all investing, particularly gold. You don’t just purchase gold when it’s price is high. All investments should be looked at this way. If you just buy gold regularly no matter what the climate, overall your price evens out to a good overall price.
Be aware that you will not be receiving exactly what the gold is worth if you sell it. A gold dealer is a businessperson just like all others. They are after profits, so they have margin to work with in their purchase price. As a ballpark figure, you can expect to get about half to three quarters of the pieces’ actual worth.
Gold isn’t something that you’re able to time when you invest in it. Rather, it is something that you should see as a future investment. However, the best time to purchase gold is when the market is calm. Gold shortages have occurred during those rough times within the economy.
Get gold appraised to make sure you’re getting a great deal for it. Remember that it costs money to have gold appraised. Paying a small fee is necessary in order to make sure the buyer gives you a good price for your gold.
When selling your jewelry that is made from gold, know that it is not going to make you rich. Most people do not own enough gold jewelry for this to be a profitable business dealing. You will get a very small amount for those pieces.
One of the best ways to invest in the gold market is gold bullions. They are high quality gold and their weight is exact, making value calculations a snap. You must make sure you buy bullion from a seller that is reliable, and an appraisal can be necessary.
In order get the most for your money in the gold market, you should buy large amounts of gold bars. The costs upfront are more, but over time you’re going to pay a lower premium and achieve a better profit. Commemorative gold coins will cost more because they have value beyond just how much they weigh in gold.
Be wary of buying any gold if you’re unsure of its value. If you want to buy a gold coin which you think has historical, or numismatic value, do research to see what people are buying it for today. Many people sell coins by giving the impression it will have future value. However, this is usually not true.
As the beginning of this article mentioned, most people don’t know a lot about gold. Hopefully you now have a better understanding about the benefits of investing in gold. Use the information above to assist you in making wise decisions.
