Today is the day to invest in the gold market. Rather than feeling intimidated by the gold market, learn about it. Investing in gold carries many advantages, and you must learn what they are.
Make sure that you get a quality estimate from a reputable source before selling your gold. A lot of services and jewelry stores are out there, and they will usually vary in how much they profit. By seeking multiple estimates, you are able to determine whether an offer is truly fair.
If you wish to enter the gold market but don’t have tons of capital, try buying scrap. You can do this over a period of time, say around each pay day, and accumulate a considerable amount of valuable gold within a year or so. Make sure you have a safe place to keep your gold (a safe deposit box is ideal) while you’re collecting it.
Take a look at the spot price prior to going out to purchase gold. This information is available on a number of websites. Don’t buy anything marked up over 8% of this. While many companies attempt to charge more, this is simply not ethical and should be viewed with caution.
Keep your gold investing to yourself. This is because you never truly know who may be listening. Protect your investment in a secure home safe or in a safe deposit box. This will help protect you.
Research the market price of gold before you attempt to sell yours. Check out the competition and what they are offering. This lets you determine a fair market value starting price point. Always start a little higher that what you are actually hoping to get, so you have room to negotiate.
Shop around before you decide which gold buyer you will use. You may get a wide variety of offers. When you just take buyer number one, you may lose money. Invest the time into the process, and you will be rewarded in the end.
Appraise jewelry before scrapping it. This is particularly important for unique pieces with detailed craftsmanship. Even though there is an appraisal fee, you could see a lot of extra money in your pocket. An appraiser might even be able to help you sell your special item.
Those costume earrings you’re holding in your hand may have real gold backs or hoops. In addition, necklace clasps or ring bands may be gold, too. Since such pieces often weigh little, attempt selling them in a “lot”. This is a bunch of different gold pieces in quantity and can help you to get more money for them.
You can invest in gold without collecting it. You can invest in gold mining stocks or purchase shares in an exchange traded fund or mutual fund that focuses on gold. If you decide to buy physical bars or coins, remember to consider how much it costs to store the gold securely.
If you are selling gold pieces you own, keep pieces of different karats separated. If you keep them together, an unscrupulous dealer may try to weigh all the pieces in one batch, then pay you the lowest karat price for all of them. You will lose money that way. Instead go in with the piles pre-separated so that you’ll get the most for your gold.
One option when selling your gold is to send it away in the mail. A lot of people who sell gold prefer this simple option. They provide the envelope to send your jewelry ,but you should have your package certified and insured. The price they pay will be very low, though. Keep in mind that you could be looking at a return of 30% less than other options.
Gold is usually a safe investment but this precious metal can also be volatile. If you do not have the stomach for quick jumps up and down, stay away. If you can, try to reduce your downside risk. Invest only a tiny percentage of your portfolio in gold. Limiting gold to five percent or less of your total investment is a good idea.
This article has given you the advice that will help you begin with your new interest. Start investing in gold with the knowledge you’ve learned in this article. Before you know it, you’ll be reaping the many benefits of gold.