Commodities are an integral part of any diversified portfolio. The best commodity available is gold. You can make a small profit thanks to your investment in gold, secure some of your savings and avoid inflation.
You can’t beat bullion bars for a solid gold investment. They come in varying weights. The bullion bars come in half ounce bars and increase up to large bars weighing 400 ounces. Be aware that if you are looking for the biggest bars, you will have a difficult time locating them.
Always do your homework to find an honest and reputable gold buyer. You can always find online reviews, inquire with the BBB and learn how each vendor handles complaints. Talk to several different buyers and get quotes from all of them to ensure you get the best price for your items.
Know the current price per ounce of gold before selling your pieces. This can help you discern whether you’re being offered a good price or not. Many gold dealers will pay market value; however, some dealers try to get your gold cheap.
If you want to start investing in gold but don’t have much money to get started, think about buying scrap. This can accumulate over time, and you can see how this can make a valuable investment. Make sure you keep the gold secured. A safety deposit box is a good place.
Think about having your jewelry appraised if you are not sure of it’s true value. Although appraisals cost money, you will know the value of your items. You will want to find someone who is accredited in gold appraisal to get the proper value of the piece. Remember, though, that you won’t get the appraiser’s price for your gold.
When selling your gold, it is necessary to determine if you wish to sell something as jewelry or simply to get its melt value. Pawn shops and many private sellers are only looking to pay the melt value. Don’t let this hamper you, because you’ll find the right buyer eventually.
When sending off your jewelry, you need to consider the shipping cost to you if you’re not satisfied with the offer given. Companies often provide free shipping, but it can be costly to get them back to you in the mail. Know what you’re up against before you mail anything away.
Use GoldMoney to buy gold. It’s similar to opening a “gold bank account.” With this service the money in your account is converted into gold. Your gold is physically kept in a vault where it can be cashed in, segmented or redeemed for bullion bars.
Use a magnet if you want a cost-effective way to determine whether or not the precious metal is real. Gold and other precious metals are non-ferrous, so they won’t be attracted to a magnet. Sometimes it’s the clasp that is gold, while the rest is only gold-plated. You will find this to be an effective way of testing this.
After reading this article, you should feel more informed. Use these ideas for improving the investment portfolio or making money with just gold. Keep these tips in mind to be a successful gold investor.