Gold markets have experienced an incredible uptick in interest and participation in the past few years, mainly due to investor interest in finding a safe, reliable place to warehouse personal wealth. But, investors need to know certain things before getting into this market. Continue on to discover the keys to smart gold investing.
When you invest in gold, you can’t go wrong with bullion bars. The weights will vary. They can be found in sizes as small as a half-ounce or as large as four hundred ounce bars. The larger bars can be very difficult to find.
Stick with a reputable buyer when selling your gold. You can find out if they’re trustworthy by looking at the BBB reviews. Reputable buyers offer great customer service along with fair prices. Don’t let yourself be taken advantage of.
Before you purchase a gold piece, know when it is going to be delivered. When the seller doesn’t ship immediately, you must get their promise to ship in writing. The expected delivery date should not be a mystery; it should be clearly stated. Proceed with an order only if this information is forthcoming.
Ensure that your retirement investments are approved. It has to be IRS approved. This means it needs to be in the form of coins or bullion that is marked 24 karats. Bars typically are more valuable than coins are.
If you want to start investing in gold but don’t have much money to get started, think about buying scrap. It is possible to accomplish this over the long haul, by purchasing some gold every pay day, and build up a valuable reserve within a year. Make sure you keep the gold secured. A safety deposit box is a good place.
If you are not sure of the value of your gold jewelry, you may want to get it appraised. While you may have to pay a fee, the knowledge you gain will help you in the long run. And make sure you only hire an independent and accredited appraiser to be sure you get an honest appraisal. However, do not expect to receive the exact amount suggested by the appraisal when you sell the gold.
Always check the daily spot price before you buy gold. You can see it on various sites and it usually changes every day. Never pay more than 8 percent over the current sales price of gold. Anything more is unethical.
GoldMoney is a popular resource to use in gold buying efforts. This service is similar to a bank account that holds deposits in bullion rather than currency. You make an account, bank your money, and then you receive gold at the price you chose for your account. The gold physically sits in a bank vault where you’re able to portion it, cash it, or in certain circumstances, redeem it for one kilo gold bullion bars.
Be aware of the true value of your items. Everything that appears to be gold isn’t worth its own weight in it. Some jewelry is a composite of a number of different metals. This results in a price reduction. Items that are just plated in gold can also be affected. If you are unsure of what you have, you may want to get it appraised prior to going to sell it.
There is a lot of interest in the gold market and that means that it’s not going anywhere anytime soon. Study the market closely to see what the current and long standing trends are. Put these tips to use and watch the extra money flow in.