Gold just keeps going up and up. This makes it a good investment, as well as a great tool to use if you’re in need of cash. As you prepare to purchase or sell your gold, you must take certain precautions. This piece will give you proficient tips to have the very best gold sales and purchases.

Learn how precious metals are priced before you trade in gold. Metal prices fluctuate constantly, so you need to know the price on any given day for a transaction. You need to get ready to pay higher prices than mere melt value on fractional pieces as opposed to one-ounce pieces.

Before buying from a gold seller, schedule a timely delivery. If the person selling you the gold does not deliver the product right away, it is necessary for you to obtain a written estimate of when your items should arrive. Their expected delivery date should be indicated. Proceed with the order only if you get this confirmation.

Do your research and know what the latest gold price is before you sell your jewelry. You will then be prepared to negotiate. Most dealers are honest and stick close to market value, but a minority try to rip desperate people off by low-balling their offers.

Make sure that you understand the terms when sending jewelry back through the mail. Insure your shipment, and get a solid confirmation of when you can expect to be paid. Lastly, write down and also photograph everything you send to this company just in case you have a disagreement.

If you’re thinking of supplementing your retirement funds with the help of gold investing, it’s important to understand what type of gold to invest in. It has to be IRS approved. It needs to be either 24 karat coins or bullion bars. Bars are generally more valuable than coins and should, therefore, be favored.

When selling jewelry, be aware that most gold buyers will only pay you on the melt value. Private sellers and pawn shops just want the melt value. Don’t let this hamper you, because you’ll find the right buyer eventually.

If you decide to mail your gold to a buyer, find out how much mailing and insuring these items will cost you and how much you will have to pay to have the items mailed back to you in case you do not accept the buyer’s offer. Many companies offer free shipping; however, they may charge shipping for returns. Make sure you know in advance what you might have to pay to get your jewelry back.

Sell gold to buyers that are state licensed to buy gold. You could still have a problem, but licensed buyers are more likely reputable. There are a lot of stores and individuals that will buy gold, so don’t feel like you have to sell to the first person you come across.

Approach the market with caution. There are some shady companies in the gold market. Many people would like to take advantage of your lack of knowledge on gold. You need to exercise caution and do your research.

Never sign a contract without thoroughly reading it first. If you are going to sell gold pieces to a mail-in buyer, look at the fine print prior to selling to them. This way, it will be clear how much you are paying in fees.

Many times earring posts are made of solid gold, even when the actual earring is not solid. In many cases ring bands and the clasps of necklaces are real gold too. Because these pieces do not weigh a lot, try selling them as a “lot.” A large quantity can assist you in profiting better from them.

Find a gold buyer that lets you send them your gold. A lot of sellers prefer this process due to the simplicity. Oftentimes you will be provided with a prepaid envelope and will receive a check in the mail. The price of this convenience, though, is that you will be paid considerably less for your gold. Sometimes, you may get 30 percent under the value’s worth, so keep an eye out for this.

Although gold can be a lucrative investment, it can be volatile. If you can’t stomach market swings, avoid gold. If you can, try to reduce your downside risk. Make gold just a small portion of your portfolio at first. Many experts say that no more than 5 percent of your assets should be devoted to gold.

Research a gold dealer before doing business. To help ensure you are buying from a reputable dealer, contact your Better Business Bureau. Contacting the BBB will tell you if any complaints have been filed about your gold dealer. If they aren’t resolved, move on.

If you’d like to keep yourself safe when buying gold, be sure you’re researching who is buying it. That is important, especially when you are mailing in your pieces to someone out of state. Any company you want to do business with should be BBB listed so you can check into them.

There is a good reason that gold sales and purchases remain popular with investors. Gold keeps growing in value, providing terrific returns. Still, you must know what you are doing before you jump right in. Keep the tips from this article in mind when you start investing in the gold market.