A lot of people need to get into gold because they feel that it is safe to deal with. Most people will tell you that in times of uncertainty it is best to place most of your money in the gold market. If you want to learn more about this particular investment sector, keep reading.
Arrange for delivery of your gold at the time of purchase. If your seller doesn’t offer delivery immediately, you need written confirmation of when to expect your items. Make sure that a specific date is listed within this writing. Complete your order only when given this information.
Buy Gold
You might have avoided gold because of the price, and chose instead to buy gold-filled or gold-plated pieces instead. However, don’t feel that to buy gold of real value you need to pay a high price in a fine jewelry store. Check pawn shops and online websites for cheaper gold prices.
Know that gold in any form can be sold. Old or broken jewelry, old coins and tableware are just some of the things that may contain gold, It doesn’t have to be all gold either. It may just be plated or partially pure. You’ll still get a decent return on your sale.
Before selling your old and broken gold items for cash, make it a point to visit at least 3 or 4 buyers. All stores won’t pay market price for your gold, since they are all in business to make a profit. This is because they must take into consideration their overhead and commissions when purchasing gold.
Check the prices of golds the day you plan to buy. This information is available on a number of websites. When you actually make your purchase, refuse to pay more than 8 percent more than this price. Some dealers will try to charge more, but they are overcharging and oftentimes, not ethical.
As exhilarating as gold gets, don’t run your mouth about it. Anyone could be listening at any time, and you cannot trust everyone. Play your cards close to your chest and keep your gold in a home safe or a safety deposit box at your bank. This protects you as well as your gold.
You may even be able to find old gold at thrift shops or garage sales. If you understand what to look for, you really can find some great deals. Lots of folks are unaware of the value of the items they donate to these places. You can take advantage of this if you just know what to look for.
Talk to someone at a gold party to learn how they figure out the number of karats in a jewelry piece. Many times the item will have a stamp. If there is no stamp, there are different ways to test the gold to ensure it is solid. The simplest test is the acid test, so if a rep is using this method, he may be a novice to the market.
Get a jewelry appraisal before you consider selling it for scrap. This is a good idea if the piece is antique or has an elaborate design. An appraiser will charge you a nominal fee, but it is an expense worth paying if your piece is unique and valuable. A credible appraiser can probably connect you with someone who is likely to be highly interested in what you have to offer.
While many people think that investing in general is hard, investing in gold is not hard if you learn a little about how it works. Once you learn a bit about the gold market, you should be able to jump in with both feet. Use these tips to better your investments.