Gold is something that people have held in a high regard for quite some time. Gold has been treasured for thousands of years. Here is some advice on how to get started with gold, whether you’re planning on investing or just looking to buy gold jewelry.
Do your research and know what the latest gold price is before you sell your jewelry. You can then discern whether you are getting the right price for your jewelry pieces. While dealers often give you market value, some are used to sellers wanting quick cash.
If you plan to mail your gold jewelry to a firm, do some research on them and their policies before you do so. You should find out how long the process takes, and get package tracking and insurance on your package, too. Take pictures of anything you send so that you can settle any disputes that may occur later.
When you plan to buy gold, make sure you look at the spot price. You can find that on a lot of websites, and that can change every day. Paying for gold that is any higher than an 8% markup is not a wise investment. Anything more is unethical.
Sell to licensed buyers only. There’s always a risk of getting ripped off, but a buyer who is licensed poses far less risk of this occurring. Many establishments purchase gold, so there is no need to sell yours to the first buyer you deal with.
Whenever you begin the gold selling process, you need to be educated on the market price. You should see what other pieces like yours have sold for. You will get a general idea of the kind of price you can get. Just make sure to go a little higher than what you actually want so that there is wiggle room for negotiation.
Talk with a gold expert on how they go about attaching a price to a piece of gold, so you know how much a karat is worth. Often, the item will be stamped. In some situations, though, no visual sign presents itself, so there are other ways of determining 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.
Review all fine print in sales contracts. If you are going to sell gold pieces to a mail-in buyer, look at the fine print prior to selling to them. That way, you will be aware of the cut of your proceeds that will go to fees and commissions.
Never sell gold to a dealer or store with checking their ratings with the BBB first. You may find complaints that have been listed by the customers who feel slighted. You should especially pay attention to any customer complaints filed as well as what the resolutions were. If you see many complaints, then you need to find another business.
After reading this article you should be better educated in the investment of gold. Gold can be a good way to make money and be beautiful to wear at the same time. Use the ideas and knowledge from this piece to make your own initial gold investments in the near future.