Lots of people love gold but don’t know a lot about it. That little amount of knowledge makes it tough for many to take full advantage of gold as an investment. The following article will teach you what you need to know about gold.
Get your gold valued by multiple sources. Dealer prices vary by store. When you have several estimates, you’ll have a better idea of what fair market value is.
If you are thinking about selling some of your gold jewelry, know what the going market price for gold is. This can help you discern whether you’re being offered a good price or not. Most dealers will make you a fair offer, but some will try and rip you off.
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 be clear about when you can expect to be paid. Insuring your gold shipment is a good idea, too. Lastly, write down and also photograph everything you send to this company just in case you have a disagreement.
If you will be selling your gold, shop around for best prices. While many stores state they pay the standard price for gold, there are a number of them that do not. Stores which are not centrally located may be able to give you a better price.
Make sure that you know the current market value of your gold before selling it. This can be seen at numerous websites, but keep in mind it can often change. Only place your order if you can find a dealer willing to sell for an 8% markup or less over the spot price. Some sellers try charging more, but that’s overcharging, which is generally unethical.
Purchase Gold
Make sure you’re only selling to someone who has a license to purchase gold. Licensed buyers are generally more reputable than unlicensed buyers. There are many stores and individual buyers looking to purchase gold, so always know you have multiple options, and never just the first deal that comes up.
Understand what you really have. Not all pieces that appear to be gold are worth their weight in gold. Many times, other metals get mixed with gold for more durability. This can lower the price. The same goes for pieces that are gold plated. If you don’t know how much your gold is worth, then it would be wise for someone to appraise its worth if you intend on selling it.
Prior to picking a gold buyer, comparison shop. You may be shocked to see how different the offers are! If you take the first offer, you might get the worst deal ever! Invest the time into the process, and you will be rewarded in the end.
Always make sure you’re researching the gold market prior to investing in anything. Not everyone who claims to be a gold expert really is. They may just be trying to trick you. Be careful of promises claiming you’ll become rich. Gold won’t get you rich overnight, so don’t expect as much.
As previously discussed, for as many people as there are that love gold, very few know much about it. After reading this article, you should know more. Use this information and make sure you use it so you can make smart choices about gold.