This article will help you understand what it takes to invest in gold. You shouldn’t feel scared to get involved, but instead, seek to get educated first before making that leap forward. Gold investing has many advantages, and you need to know what they are.
Get a value from a few buyers before selling your goal. Different places that buy gold will have different price ranges to offer. When you get an estimate from more than one, you can help to ensure you’re getting a fair price on the gold you’re selling.
It is important to research the current value of gold before selling your gold. If you are selling gold, sort it by karat so that it can be valued separately. Avoid selling jewelry that is worth more because of the designer or maker.
It is important to only do business with people who have a good reputation. Use both Internet reviews and BBB complaints and information to discern someone’s reputation. A buyer with a good reputation will give you good service and an equitable price for the gold you are selling. Do your homework in order to safeguard both you and your financial investment.
Consider delivery time when buying gold. If this is not possible, make sure you get a written contract outlining when the items will arrive. There should be a date listed for when you can expect them. Only go through with your order if you obtain this document.
Get an appraisal to find out the exact value of your jewelry. This requires a bit of an investment, but it is worthwhile. If you want to obtain an unbiased value, retain the services of a certified appraiser. If you choose to sell your piece, know that you probably are not going to get the full appraisal amount.
If you’re going to ship your jewelry to a mail-order buyer, know how much return shipping is going to cost you in the event you don’t accept their offer. They may not charge you to send it to them, but they could gouge you to send it back. Know ahead of time if you must pay to get jewelry back.
Think about GoldMoney and other such services when you want to buy gold. It is kind of like setting up a gold “bank account.” With this service the money in your account is converted into gold. 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.
Know what it is you actually have. Many things look like solid gold but are not. Many times, other metals get mixed with gold for more durability. The price will be affected by this, often lowering it. Gold plate is also not very valuable. If you don’t know exactly what you have, consider an appraisal.
Many times earring posts are made of solid gold, even when the actual earring is not solid. Clasps of necklaces and ring bands are often real gold as well. Those odd pieces should be sold as one lot, as they weigh so little on their own. Selling lightweight gold in a lot will increase your chances of selling them.
You don’t have to have gold in hand in order to invest it. It is possible to purchase stocks of gold mining companies, shares in a gold ETF or a mutual fund whose focus is gold. If you choose to purchase actual coins or bars, take into account the cost of secure storage of your gold.
Sending your gold away via postal mail is one option for selling it. A lot of sellers prefer this, as it is easy. You put jewelry in a prepaid envelope and you’ll eventually get a check. Although this method of selling your gold is convenient, you might not get top dollar for your gold. In certain instances, you might get roughly 30 percent less on the item, so stand guard.
Gold is often a lucrative, yet variable investment vehicle. If you have low risk tolerance, avoid this market. Even if you’ve got the stomach for it, you still need to minimize your risks. Because of the volatile market, only a small amount of your portfolio should be invested in the gold market. Start with investing 5% of your portfolio in gold so you can get a better idea of how this precious metal fluctuates.
Research a gold dealer before doing business. To make sure you’re dealing with someone good, talk to your BBB chapter. By contacting your Better Business Bureau, you can find out if there are any complaints filed against your dealer. Even if you feel a pull toward a particular company, it’s a good idea to move on to a different dealer if they have any unsettled complaints on file.
To be a smart investor in gold pieces, learn how to test for the grade. Karats are the measurement of the purity of gold. The higher the karats, the more pure and the more expensive it is per ounce. You should not just rely on the karat stamp. When you know how to test gold, you’ll ensure that you get good quality.
If you have gems in your gold, tell the dealer you would like to keep the gems once the gold has been melted. If the gems are really small, though, this might not work. Many dealers do not appreciate small gems as they have no value after being melted down.
By this point, you should feel more confident in your ability to make smart investing decisions. Now is a great time to start investing in gold, and the tips and techniques in this article are your prime starting point. It won’t be long before you start witnessing the perks of being a gold investor.
