If you have been thinking about investing in gold, there are some things that you should know prior to doing so. Perhaps you want to become a gold trader. If you are, keep reading to find out what you can do about it.
Prior to buying or selling any gold, be sure you truly understand how gold pricing works. Precious metal prices can fluctuate a lot, so check the markets daily, especially when making a transaction. Also be ready to pay increasingly higher percentages above melt values for any gold pieces that are fractional. These include 1/10, 1/2 and 1/4 ounce pieces.
Before you buy gold, be sure you know exactly when it will be delivered to you. If your seller can’t commit to immediate delivery, get the delivery date in writing. Their expected delivery date should be indicated. Don’t proceed with the order until you have this information.
If you feel that gold is too expensive, you may be tempted to purchase gold-plated as an alternative. However, don’t feel that to buy gold of real value you need to pay a high price in a fine jewelry store. It is cheaper online and at pawn shops.
When purchasing a piece of gold jewelry for someone else, be sure there is a return policy. People’s preferences in jewelry are different, and the piece might not fit the person. If this happens, you need to return it for a complete refund.
If you’re clueless about the value of your gold jewelry, have it appraised. The small investment required will ensure you get what your jewelry is worth. Be sure to select an appraiser who is accredited and independent for a realistic appraisal. However, do not expect to receive the exact amount suggested by the appraisal when you sell the gold.
Don’t brag about your gold purchases, no matter how excited you are. You don’t know who is listening, and you don’t know who you can trust. Protect your investment in a secure home safe or in a safe deposit box. This protects you as well as your gold.
Always research the market price before you try and sell your gold. It’s also a good idea to research what similar pieces have for asking prices. Doing this will provide you with a helpful price to work around. Always see if you can get a little more than they’re asking if they allow you to negotiate.
Don’t sell your items to the first buyer you come across; always get a few quotes. The chances are good that you will get completely different offers for your gold. By picking the first dealer, you could get a horrible deal. Take a little bit more time at first so you’ve got the maximum return on your gold investment.
If you go to a gold party, talk to the person who organizes it to figure out how they calculate the value of the gold sold. Frequently, the gold piece will have a stamp on it. Other times, though, there are no outward signs, and therefore representatives rely on other techniques. An acid test can be a very simple way of doing this, so be aware of that.
Never sign a contract without thoroughly reading it first. You need to know what you’re getting into if you’re using a mail-in purchasing service to sell gold. This helps you see how much is paid toward commissions and fees.
You can see that anyone can be a player in the gold market. If you have stood on the sidelines previously, these tips ought to have lit a fire under you. If you employ the advice you’ve just received, you should have no trouble making smart gold investment choices. Best of luck to you!