The rise in gold prices seems to be almost continuous. Gold investing is a potentially-lucrative field that suits investors at any scale, and anyone who’s willing to educate themselves stands to invest profitably. The following paragraphs are full of ideas you can use to deal wisely in gold.
When selling gold, it is a good idea to get an estimated value from more than one source. From pawn shops to jewelry stores, each location will charge a different premium on gold. Getting estimates from several establishments will help you make sure that you receive a fair price.
Gold prices constantly change so you must know your piece’s value before selling it. If you choose to sell any gold, keep in mind that pieces that have different karat values need to be valued and weighed separately. Don’t sell jewelry that’s worth more due to maker or designer.
Learn how precious metals are priced before you trade in gold. The prices of metals like platinum, gold and silver can fluctuate greatly in just one day. Before you do any buying or selling, check the market prices beforehand. You may have to pay higher prices, though, for pieces that have a small fractional measurement.
Know the current price per ounce of gold before selling your pieces. That way you will be able to ascertain if a dealer is providing you with a fair price or not for your pieces. Most dealers will give you the market value, but some will rely on the fact that people just want cash to try and get the best deal possible for themselves.
If you plan to invest in gold as part of your retirement plan, be sure to do it wisely. The gold must be approved by the IRS. They have to be either 24 karat coins or bullion bars. Over time, gold bars appreciate better than gold coins.
Melt Value
When you are selling gold, you need to decide whether you want to sell it as a piece of jewelry, or for the melt value. Pawn brokers and private sellers may just want to pay melt value. Try not to be discouraged. Sooner or later you will discover the purchaser you are seeking.
On the day you are planning to buy your gold, check the spot price. Many websites update this information daily. Never buy something listed at more than ten percent of the spot price. Occasionally an unethical dealer may try to overcharge their customers.
Know exactly what you have. Many things look like solid gold but are not. Other metals are often mixed with gold in order to provide strength. This will reduce the value. So can gold-plating. If don’t know what you’ve got, have it appraised before you sell it.
When dealing with any gold buyer, make sure you shop around before making any final decisions. You might be amazed by the variety of offers received. If you do not get several offers, you may not get the best price. Take a little bit more time at first so you’ve got the maximum return on your gold investment.
How does the seller know what the karat rating is? In most cases, gold will be stamped with the karat it is made with. In other cases, there’s no visual evidence and the rep must make the determination by an alternate method. One method that can be used is the acid test.
With everything you’ve learned, you’ve got great ways to make money through selling, buying, and even trading gold. No matter how you approach it, you can really make it work. Use these tips to prepare yourself.