Most serious investors have a slice of their overall portfolio in precious metal commodities. Gold is the best commodity that is out there. In this article, we will give you good tips for making money with gold for any reason.
Gold bullion bars are great investments. The weights of these items may vary. They can be as small as half an ounce or as large as 400 ounces. Be aware that if you are looking for the biggest bars, you will have a difficult time locating them.
Be sure to find a reputable gold buyer to do business with. You can check out their reputation by contacting the BBB and checking online reviews. A good buyer will treat you well and offer a fair price on your jewelry. Protect your gold investment by doing this.
Prior to selling old jewelry, research the going price for gold. This allows you to evaluate a dealer’s offer against the current market rate. Dealers typically give a fair price, but there are some unscrupulous ones out there. They may take advantage if they think you want to unload your piece fast.
When buying gold jewelry as a gift, make sure that the return policy is sound. There are time where you may have to return the jewelry. If you have the receipt, they can easily trade in the piece for something more to their liking.
When selling jewelry, it is important to decide whether it will be sold as jewelry or as gold. Pawn brokers and private sellers may just want to pay melt value. Selling your unique gold pieces to a collector can end up netting you more money.
Sell to licensed buyers only. Most states require that dealers be licensed when dealing with the buying and selling of gold. There are many people who will buy your gold, but some are out to rip you off.
Avoid letting people know that you are planning to sell your gold. You don’t know who could try to keep tabs on this, and you don’t want to have to worry about trusting people. Stay quiet about the investment and make sure you keep it safe. In this way, you can be sure your gold investment is safe.
Start your investing journey carefully. Every marketplace has bad apples, but the gold arena is renown for possessing quite a few. Any number of shady individuals or even business are ready and willing to rip you off. Therefore, it is important to proceed with caution and research each company carefully.
An inexpensive and simple way to see if an item is gold is with a regular household magnet. Gold and other precious metals are non-ferrous, so they won’t be attracted to a magnet. Sometimes a jewelry piece is only plated in gold with a solid gold clasp. The magnet will tell you the truth.
Talk to a gold representative to learn how they test gold for purity. Many items are stamped. In other cases, there’s no visual evidence and the rep must make the determination by an alternate method. The simplest test is the acid test, so if a rep is using this method, he may be a novice to the market.
Before you sell your jewelry as scrap gold, have it appraised. This is particularly true for unique pieces that have exquisite workmanship and design. While you may get charged a small fee, it can earn you more cash later on. An appraiser may know someone that’s interested in your jewelry.
In many cases, earing backing are solid gold even the total piece is not. Necklace clasps and bands to rings are usually real, too. You can sell these small pieces together. A lot is a collection of separate pieces weighed and sold together; selling off jewelry in lots is often the best way to get maximum value.
Since looking at the piece above, you know more about the gold market. Put these tips to use to make extra money or invest in gold. Keep these tips in mind to be a successful gold investor.