Gold is a highly prized metal. Since its discovery in ancient civilizations, it has been treasured by people. If you are looking to invest in gold or perhaps buy a some gold jewelry, then here are some tips to help you get the most value for your money.
Be well informed about the value of precious metals before buying or selling gold. Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business. There are different percentages owed based on the sizes of gold you own.
Do not allow the high price of gold to deter you from buying quality products. You will not benefit from buying jewelry that is plated or filled with gold. But, it is still possible to purchase gold jewelry without having to go to a jewelry store and spend a fortune. Online auctions, estate sales and pawn shops are only some of your options.
Look at the current gold market price prior to selling your pieces. This way, you’ll know whether you’re really being offered a fair price. While dealers often give you market value, some are used to sellers wanting quick cash.
If you don’t have lots of money to buy gold, but still want to profit on the upside, think about buying scrap gold. You can buy a little at a time, building up a stockpile. This will not break the bank. Keep it inside a safe location until you get enough to cash in.
Melt Value
If you’re selling a gold item that has value beyond its weight in gold, you need to choose whether to sell the piece for its intrinsic value or its melt value. Many buyers only want to pay for the melt value of the jewelry. Selling your unique gold pieces to a collector can end up netting you more money.
Keep your gold investing to yourself. You may accidentally be overheard by a thief. Keep your investment private and secured, preferably in a safe. This ensures that your gold is protected under all circumstances.
How does the seller know what the karat rating is? Many items are stamped. Other times, though, there are no outward signs, and therefore representatives rely on other techniques. A way to tell if a gold representative is new and inexperienced is if they use an acid test. This is a simple test used by newer gold dealers.
Go over the fine print that’s in any sales contract. Read any materials the company you are sending your gold to provides you with. This lets you know how much you end up with after any fees are taken off the top.
Never sell gold to a dealer or store with checking their ratings with the BBB first. They are sure to have information about each business, as well as data on any complaints filed. Look closely at complaints to find out whether or not they were satisfactorily resolved. If they have a ton of complaints or many that are unresolved, you should consider a different business.
Before you sell gold, put it in different karat weights. This will ensure that you are paid correctly; otherwise, a dealer may try to pay you using the lower karat weight values. You’ll get less money that way. The way around this is to present the gold to the buyer pre-separated so that you get fair market value for each piece.
Find a gold buyer that lets you send them your gold. Sellers often like the simplicity of this process. They send you an envelope, and you ship the gold to them, then they pay you by check. The price of this convenience, though, is that you will be paid considerably less for your gold. Some of these outfits pay you a third of the money for the item than you might get elsewhere, so be cautious.
Gold prices have increased by over 400 percent in the last decade which is good if you own gold. It’s unknown whether it’s a great time to purchase gold, but that depends on what the dollar does. When the dollar loses value, the value of gold increases.
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. Take the information here to start your investments in gold.