Gold is a historically highly sought after metal. Since it was discovered, people have been interested in gold. Beyond gold’s natural beauty, it has also acted as a way to store and accumulate wealth. If you want to buy or sell gold, read these tips.
When investing in gold, bullion bars are the best way to go. These come in various weights. They start at a mere half-ounce, but also rise as high as four-hundred ounces. The larger bars can be very difficult to find.
Research any gold buyer you are considering using and shop around for a reputable buyer. Check online reviews, BBB.org and their websites. Soliciting multiple bids will help ensure you get the best price.
Sell your gold online. You don’t need to have a physical store location anymore. Many websites are available will help you sell your gold. You will receive a kit that will allow you to mail your gold items off. As soon as your items are verified, you receive an appropriate payment.
When you purchase gold, it’s important to set a fairly stringent schedule for delivery of your metal. If you don’t get delivery immediately, get something in writing which confirms delivery of your pieces. The confirmation should include an estimate of the delivery date. Proceed with an order only if this information is forthcoming.
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 will pay for your postage when you send but charge a high price when they return the piece to you. Understand what you will have to pay if you don’t like their offer. Protect yourself.
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. Many people donate or sell to these places at low prices because they don’t know what they own. If you do some research, you can benefit greatly.
When you attempt to sell gold, make sure you know the current market prices. You should shop around to get an idea of what others are offering for similar gold pieces. That way, you will have a good starting point. Ask for more than you are happy to accept so that the buyer has room to negotiate the price.
You can easily test whether a gold piece of jewelry is real by using a simple magnet. Gold and other real precious metals aren’t attracted to magnets. Sometimes the clasp of a piece is solid, however the rest will be plated. The magnet test is simple and effective for this purpose.
How does the seller know what the karat rating is? Is it based on the stamp? However, you may see no sign at all but there are ways to determine its value. Acid testing is a very simple way to asses karat quality. If you see this method being employed, it’s possible that the tester is a relative newcomer.
Never sign a contract without thoroughly reading it first. If you’re using a mail-in gold program, read all the fine print prior to committing to the deal. This way, you will know the exact amount of the fees and commissions you will be paying.
These tips should give you a good foundation for understanding how to trade in gold. Gold is not only attractive to wear, but it also makes a solid investment. You should be well-prepared to start your gold investment career off right if you heed the advice you’ve just received.