Anyone following the gold market is aware of the new interest stemming from investors from all walks of life. If you wish to trade in gold, you have to really get the knowledge to do so from people that know what they’re talking about. Continue to read to start your journey to gold investing.
Gold prices constantly change so you must know your piece’s value before selling it. If you have made the call to sell any gold you have, group your pieces by karat value. Don’t sell jewelry that’s worth more than its melt value because of its designer origins.
Before going to sell your jewelry, investigate what the current market price of gold is. Doing so will help you figure out if a dealer’s offer is a good one or not. Many dealers will pay market value, however others rely on people desperate for cash to get the most for themselves.
You need to be cautious about the kind of gold that you purchase to help fund your retirement. Your gold has to be IRS approved. That means that the gold is a minimum of 24 karats, and formed as coins or bullion bars. The bars are a better buy than the coins are because they are more likely to retain their value.
You can get into the gold market with just a small investment in scrap gold. After a year of buying a little gold each payday, you could end up with a valuable collection of scrap gold. Ensure that the gold is safely stored and secured at all times.
Be sure to consult the spot price on the day when you plan to purchase gold. You can find that on a lot of websites, and that can change every day. Never pay any more than an 8 percent markup on the gold prices. Anything more is unethical.
Make sure that you only deal with buyers that are licensed to deal in it. While you can still get taken for a ride, licensed buyers tend to be more reliable. There are many people who will buy your gold, but some are out to rip you off.
Go through thrift shops and antique stores looking for gold. You can find gold in unexpected places, but you have to know what to look for. Seller don’t always know the value of the gold they own. If you are smart, you can make a great profit.
Make sure you are know exactly what you have. Pieces that appear to be gold may not be worth gold’s weight. A lot of the time there will be something mixed with the gold so it holds up better. This has a detrimental effect on value. So, too, can items that are simply gold plated. If you don’t know what kind of piece you have, take it in to be looked at before you try and sell it.
You can easily test whether a gold piece of jewelry is real by using a simple magnet. Precious metals do not respond to magnets. Sometimes only the clasp is solid but the rest is plated. You will find this to be an effective way of testing this.
Talk to a rep at a gold party to see how they figure out the number of karats in a jewelry piece. Frequently, the gold piece will have a stamp on it. However, there are some times when there aren’t visible signs, so the reps have ways to determine it. A representative using acid tests is a sign of a less-experienced gold agent, as this kind of test is not one of the more surefire methods for karat determination.
Research how the gold market is doing before investing. There are predators out there in the gold market that claim to be big shots but just want you investing with them. When they make huge promises, they can’t keep them. Avoid get-rich-quick schemes, and avoid being scammed.
Talk to the BBB before selling your gold to a jewelry store, dealer or gold buyer. They have rudimentary information about listed businesses, as well as reviews from clients who have traded with them. You should especially pay attention to any customer complaints filed as well as what the resolutions were. If there are a lot of complaints on their record with the BBB, move on to a different business.
Everyone at this point probably realizes that a good way to keep your investments safe is by placing your financial concerns in the gold market. Maybe you want to learn more. Using these tips in your gold strategy can help you succeed.
