A current trend in light of the weakened economy is investing in gold. The stock market can be loaded with uncertainty at times, but that’s not so often the case when it comes to gold investing. Read on to learn more about the buying and selling of gold. These tips should help you understand gold better.
Prior to selling or buying gold, be certain you know how precious metal pricing works. Gold, platinum and silver prices tend to fluctuate daily, so make sure you check the spot price on a specific day before you make a transaction. There are different percentages owed based on the sizes of gold you own.
Research any gold buyer you are considering using and shop around for a reputable buyer. BBB and consumer reviews are two sources of information that can give you an indication of a dealer’s reputation. If you get quotes from multiple buyers, you will get the most for your gold.
It is possible to safely purchase gold online. You no longer need to buy and sell gold at a physical location. There are quite a few websites out there that will buy it. You will receive a package that details how to send you gold pieces. They will pay you their standard per ounce price for your gold.
If the gold you are purchasing is an investment in your future, you must be aware that there are certain kinds you should target. The gold has to be IRS approved. That means only 24 karat and only coins or bullion. Over time, gold bars appreciate better than gold coins.
Whenever you make an investment in gold in the form of jewelry, always ensure that you have sufficient documentation and can return it if required. It’s not uncommon for many pieces to not be the receiver’s taste or the wrong size. If this happens, then you need to be returning the piece in question for a refund.
It’s always a good idea to verify the spot price before making a purchase the same day. This price changes every day. You can locate it on several different websites. When you buy, don’t pay over 8% markup over the price. Paying that price would simply be unfair to you.
GoldMoney can be a good resource when buying gold. This is like opening a bank account for gold. You set up an account, deposit your funds, and you’re assigned some gold at a price that prevails to your account. It then is kept in a vault. The gold is yours to cash in if you wish. You may also redeem it for physical gold later.
Do not discount the value of searching through antique stores or thrift shops for your gold. You can find gold in unexpected places, but you have to know what to look for. Often people do not realize the value of old jewelry and simply donate it or put it in a garage sale. If you conduct research, their loss can turn into your gain.
Be careful in the gold market. Markets all have their share of unscrupulous players, but gold is a market that seems to have many. There are individuals who will not hesitate to take advantage of you if you give them the opportunity. It’s important to be cautious and do full research.
You can use a magnet to determine the authenticity of gold. Gold and other precious metals are non-ferrous, so they won’t be attracted to a magnet. In some cases, jewelry may have a clasp that is made of gold, but the rest of the jewelry piece is made of plated metal. This is a good way to test that.
Research all that you can before you invest in gold. So-called market experts may really be trying to grab your investment resources with little benefit to you. But, be weary about get rich-quick schemes. Avoid the thought of gold as a get-rich-quick scheme, and you will not be led into false expectations.
Earring backs are often solid gold when the earring isn’t. This is true of earring backings, necklace clasps and the bands of rings. If you want to sell these, though, you need to get quite a few of them together to make it worth it. This just pulls together a number of gold pieces as a quantity, which might help you make a little more money.
If you are selling gold pieces you own, keep pieces of different karats separated. When you start weighing gold at the time of sale, vendors might attempt to weigh all the pieces as once and claim they all fall under the lower weight. That’ll mean less money for you. Instead, separate each karat weight before going to the dealer.
One thing you can do to sell gold is to do so through the mail. A lot of sellers prefer this process due to the simplicity. You simply drop your jewelry items in a prepaid envelope and wait for your check to come in the mail. One thing to consider, though, is that the majority of these places won’t pay nearly the same amount as a local place in your area. In certain instances, you might get roughly 30 percent less on the item, so stand guard.
Getting into gold isn’t that hard if you understand the ins and outs of the market. Given your new insight on gold investing, nothing should stand in your way. Remember to make full use of all the information at your disposal in order to make savvy investments.
