Getting Your Gold To Work For You

Gold has traditionally been a very highly-valued metal. It has been revered for thousands of years. If you have been considering investing in gold, the following tips will get you off to the right start.

If you feel that gold is too expensive, you may be tempted to purchase gold-plated as an alternative. However, it’s still possible to buy gold jewelry and not need to spend a fortune at the jewelry store. You can get gold jewelry cheaper online or in pawn shops.

Never sell your gold to someone who does not have the appropriate state licensure. Though you still may be taken, licensed buyers tend to be more trustworthy. There are plenty of buyers for gold, so do not think that you must make a sale to the first buyer that you meet.

A magnet can be used as a cheap and fast way to determine if a piece is really made of gold. Precious metals, such as gold, are not magnetic. Often the clasp of a piece is real gold, while the rest of the piece is just plated. The magnet test is an excellent way to find out.

You should research the gold market long before you make an investment. There may be unscrupulous dealers claiming to be experts in order to get you to invest with them. However, you need to be very careful when it comes to promises about making you rich. Gold won’t get you rich overnight, so don’t expect as much.

You should appraise your jewelry before selling it for scrap gold. You may have pieces that are worth more than their weight in gold due to historic or artistic value. You may have to pay for the appraisal, but it might help you get more money. An appraiser may know someone that’s interested in your jewelry.

Many times the backs of earrings are solid gold, even if the earring itself is not solid. This is true of earring backings, necklace clasps and the bands of rings. Since these items are so small individually, it’s best to sell them together in a larger lot. A larger profit can be obtained this way as many pieces are being sold in one “lot”.

Gold investment covers a lot of different options besides acquiring and holding the metal itself. Buy shares in traded or mutual gold funds or invest in some gold mining stocks. If you opt to buy gold coins or bars, you should consider how you will store your gold.

You can sell your gold by mail. A lot of sellers enjoy doing this because it’s not hard. They send you a prepaid envelope, which you then turnaround and send your jewelry to them to get your check back later. Remember that these places usually do not pay as much as other places for gold. You can lose as much as a third of the value.

Divide any gold you plan to sell into groups that contain specific karat values. The value of the gold differs by the karat value of each and if all your gold is weighed together, you will not receive the best cash value. The higher the gold content, the better the price.

Make goals before you make investments in gold. Gold can be a good hedge against inflation and economic instability, but it is a volatile investment. When you have your risks minimized, you can reach your goals.

Do a little price verification before you set your heart on selling your gold via an online service. Frequently, you can find a better deal at a physical business of a local dealer. Just putting your pieces in the mail is easy, but you may not be getting the best price you can.

Since you just learned some valuable information about the worth of gold, you can see why so many people are interested in it. Gold is one of the best investments you can make. Take the information and tips from this article and start investing in your own collection of gold today.