Even though gold prices fluctuate over time, you can normally count on them to rise. When it comes to something like gold, there’s always a huge market out there. When there are tough economic times, the price of gold continues to go higher and higher. If you want to learn about this potentially lucrative investment, read these tips.
Melt Value
Do you know how pricing on precious metals works? Gold, along with silver and platinum, have prices that change on a whim. Therefore, you must always know what the spot price currently is. You also will have to pay more than melt value, but you will sell below melt value.
If you plan to mail your gold jewelry to a firm, do some research on them and their policies before you do so. Be sure you figure out when you’ll get sent a payment, and be sure things are insured too. Take a photo of all the items you are sending so there will be no questions later.
If you wish to enter the gold market but don’t have tons of capital, try buying scrap. You can accumulate scrap gold as you can afford it and have a pretty nifty next egg in a few years. Make sure you keep the gold secured. A safety deposit box is a good place.
Keep in mind that gold dealers will buy anything that’s got gold within it. Examples of saleable items include broken jewelry, spoons, forks, household goods, etc. It doesn’t have to be 24 karat either. Items that are partially constructed of gold or even gold plated are acceptable. You are sure to turn a decent profit.
Be careful in the gold market. Every marketplace has bad apples, but the gold arena is renown for possessing quite a few. They want to take your money and take advantage of you. Do your homework before giving anyone your business.
Prior to coming to any decisions with regard to a gold buyer, shop around. The offers you get might surprise you! If you take the first offer, you might get the worst deal ever! Putting in a little time at the beginning can mean maximum cash in the end.
Ask what method is used to determine the purity or karats of your jewelry. Is it based on the stamp? However, at other times, there is no stamp, so a lot of reps use other ways to find out. If a buyer uses acid testing, it’s an indication they are a newer business.
Before you sell your jewelry as scrap gold, have it appraised. This is especially true for one-of-a-kind pieces like jewelry with intricate details and workmanship. Although you may be charged a fee for the appraisal, it may earn you more money in the long run. They may even give you a reference to a buyer.
Before you try to sell any gold items, you’ll need to separate the pieces depending on the karat weight. Some vendors may try to weigh all of your items at one time and pay you for the lowest karat. That’ll mean less money for you. Separate and weigh your gold so you know the true value before selling.
Complaints Filed
Have some idea of who you are selling to. Speak with the BBB in your area to be sure the dealer is reputable. If you contact the BBB, they will tell you if the dealer has complaints filed against them. If there have been complaints filed, consider using a different dealer.
Gather information about any gold dealer you are considering selling to. This is crucial when you use mail-away services for out-of-state buyers. Any company you want to do business with should be BBB listed so you can check into them.
Inquire if your relatives would be interested in selling any gold they no longer want. Invest in a good jewelry scale, weigh the gold and you can pay your relatives more than a pawnshop would pay and still be able to make money in the deal.
I’m sure you already know the value our financial system places on gold. For this reason, this commodity is a wonderful way to secure your future financial goals. Be in control of your gold investment by using these tips.