Since it’s discovery a few millenia ago, gold has been a sought after commodity with intrinsic value. Everyone wants gold, but they don’t know how to get it. If you’re looking to invest significantly in gold, the following advice can help you get the best value for your money when you buy or sell this precious metal.
Look at the spot price of gold before selling. That is going to help you figure out whether you are being offered a good deal. Most dealers will give you the market value, but some will rely on the fact that people just want cash to try and get the best deal possible for themselves.
Know that anything that has gold in it is sellable to a gold dealer. There may be broken home decor, tableware, jewelry, or other things that are around you. Even things that are not pure gold can have value. It may just be plated or partially pure. You still stand to make a fair amount of money selling it.
The day that you plan on buying gold, check its spot price. This information can be found on several different websites. You shouldn’t pay more than 8 percent over the spot price. A few dealers attempt to charge you more than this, but this means they are trying to rip you off.
Try a site like GoldMoney to purchase gold. It s sort of like a bank account for gold. Set up the account, deposit some funds, and you get gold at the price that correlates to the account. Of course, you won’t actually have the gold. It will stay in the bank, but you can cash it in, portion it or even redeem it to receive one-kilogram bars of gold bullion.
While purchasing gold can be quite exhilarating, try not to discuss your purchase with others. This is because you never truly know who may be listening. Keep it to yourself and protected, either with a decent home safe or in a bank. That will ensure that a home robber doesn’t get away with it.
Know the true value of your gold. Just because something looks like gold doesn’t mean it is worth gold’s weight. Quite often, other metals are mixed with gold to give some strength to the metal. This will lower it’s worth. So, too, can items that are simply gold plated. Having an appraisal done to your gold can help you get the best idea of its actual worth.
Use a magnet to determine if an item is made of gold. Precious metals, gold included, are not magnetic. In some cases, only an item’s clasp is solid gold, while the remainder is merely plated. A magnet can help test jewelry quickly.
The first thing you should do when selling gold is group the pieces by karat weight. When you try to sell your gold as one large group, the seller might attempt to weigh everything at the karat weight that is lowest. This will result in less money in your pocket. Present the buyer with different piles of gold so you can get a good price for your gold.
As you can see, gold is a prized possession. It is also a precious commodity and can be easily traded. Gold tends to be a good investment in times of economic uncertainty, increasing in value as markets get jumpier. Now that you’re initiated, start investing in gold today!
