Gold 101: Tips And Advice For Buying And Selling

Gold is a precious metal with global value, and as such, has been treated as such since its discovery millennia ago in the past. Most people like gold, but many people don’t know how they can invest in it. If you want to buy or sell gold, read these tips to be the best at it you can be.

Comparison shop when it comes to selecting a buyer. Look for online reviews and check the BBB website for complaints and resolutions. Soliciting bids from multiple companies ensures that you receive the most money per transaction.

You must be sure to purchase the right type of gold if you hope to rely on it in your golden years. Your gold has to be IRS approved. They must be 24 karat bullion bars or coins. Try to buy gold bars more than coins, because they are much more valuable.

Get an appraisal if you have no idea what value your gold holds. This requires a bit of an investment, but it is worthwhile. You will want to find someone who is accredited in gold appraisal to get the proper value of the piece. If you choose to sell your piece, know that you probably are not going to get the full appraisal amount.

You can get varying prices depending on how you sell it. Pawn brokers and private sellers may just want to pay melt value. Don’t get discouraged since there’s a buyer out there that wants your pieces.

Don’t sell to entities that are not licensed by the state to buy gold. Though you still may be taken, licensed buyers tend to be more trustworthy. Many individuals, pawn shops and jewelry stores are interested in buying gold. Be picky about your buyers.

Do not discount the value of searching through antique stores or thrift shops for your gold. If you you’re aware of what to look for, you can find some great bargains. Seller don’t always know the value of the gold they own. A little bit of effort on your part to look around can yield big results.

If you’re going to sell your gold to an organization, make sure you look up their BBB rating first. The BBB listing should include basic data about the company, along with details about any complaints made against them. Take a close look at complaints, and look to see if resolution was achieved. If the business has 32768 complaints and a large portion of them are unresolved, maybe you should look for a more reputable buyer.

Gold is a very volatile investment. It is important to understand that prices can vary daily on gold values. However, if you have some ability to weather such swings, still be sure to safeguard your downside potential risks. Never invest more than a sliver of your total portfolio in gold. Start with investing 5% of your portfolio in gold so you can get a better idea of how this precious metal fluctuates.

Karat Value

Be sure to divide your gold holdings by karat value when selling. The karat value determines the gold’s value, so you are unlikely to receive the best price for your gold if it is all weighed together. Pieces with higher karats are the more valuable pieces.

To invest in gold pieces intelligently, educate yourself on testing for grade. Gold’s purity is identified in karats. As the number increases, the purity does as well. You can’t always trust a karat stamp. Testing for gold’s purity will prevent you from paying too much for a poor piece.

Don’t unload your gold to an Internet buyer without taking a careful look at the current prices. Local dealers often offer better pricing. Although mailing does offer some simplicity, is it really worth losing out on a bundle of money?

Buying gold from a private seller can save you a ton of money. However, you should understand the risk involved from purchasing this way. Have a professional appraise the gold coins, jewelry or bullion you want to buy. If you happen across someone wishing to sell cheaply and you believe the item to be genuine, you can always buy and cross your fingers.

As you can now agree, gold is a treasure. Gold is also a highly traded commodity. Investing in gold makes sense, given how often it holds or even grows in value over time. Now that you’ve read this article, you are prepared to start dealing in it.