Gold fluctuates in value, but the trend remains an upward one. The market is always welcoming to precious metals such as gold. Frequently hard times accompany a rise in the price of gold. Continue below for excellent advice on how you can get in on this precious metal market.
If you’re buying gold to save for your retirement, buy the right type. The gold has to be IRS approved. They require that the gold be coins or bullion bars that are 24 karat. Because they hold their value, buy gold bars instead of gold coins.
Have a professional appraise your gold jewelry if you do not know how much it is worth. This may cost a small fee, however it is crucial if you want to know the true value of your item. If you want to obtain an unbiased value, retain the services of a certified appraiser. Even if you still choose to sell, do know that you aren’t going to get the appraised value.
Shop around town if you are taking scrap jewelry or gold pieces to sell to a store or pawn shop. While spot pricing is the national standard, most stores don’t honor it. The stores located outside of shopping malls and other similar places don’t have as much overhead, so they might be able to pay more.
There are places you can send you jewelry to get paid. See how you can get your gold back if you don’t like the 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.
Antique stores may hold valuable gold. Many of these places offer great finds in gold at a cheap price if dig deep enough. Usually, you will see donated items of great value because people are unsure of their cost. If you know what you’re doing, you can make the money they did not.
Know what you have. Even though the item looks like gold, it may not have much value. In many cases, additional metals have been mixed with the gold to strengthen it. That can make it less valuable. This also applies to pieces that are plated with gold. If you are not certain about what you have, an appraisal before selling is wise.
Be certain to review the sales contract carefully. If you are selling your gold through the mail, read the information carefully. In this way you can determine what percentage of your profits will go toward fees and commissions.
Have all jewelry appraised before selling it as scrap gold. This is a good idea if the piece is antique or has an elaborate design. You may have to pay for the appraisal, but it might help you get more money. Appraisers might be aware of parties interested in your jewelry.
Gold is a very volatile investment. If you can’t handle the fluctuations, avoid this market. Even if you are okay with taking the risk, you need to prevent downside risks. You should not allocate a sizable portion of your portfolio to gold. A prudent limit is about five percent.
Divide any gold you plan to sell into groups that contain specific karat values. If you don’t do this, the buyer is likely to give you the price for the lowest karat. The money you receive in return depends largely on how much each karat value is.
Clearly, our finances are based in a gold standard. Thus, if you want to benefit from trading in gold, you need to fully understand how to best use it to your advantage. Follow the advice presented here to make the most of the lucrative gold market.