Gold investment is a popular strategy for people seeking a way to ensure the best chance of long-term profit. A lot of investors will say that gold is a great place to park your money during times of economic uncertainty. If you would like additional information on this market, continue below for some great advice.
Attain more than one estimate of the value of your gold. There are many places where you can buy and sell gold, and they all use different metrics to decide on price. Getting multiple estimates gives you a better idea of the prevailing market price, which prevents you from getting ripped off.
Reputable Buyers
Only deal with reputable buyers. Check BBB.org to find out more about the firm. Good customer service and fair market prices are good indicators of reputable buyers. This extra step makes sure that you are covered and paid appropriately.
Get a good education in precious metal pricing before you try to buy or sell gold. Silver, gold and platinum prices fluctuate often, and therefore you need to verify spot pricing the day prior to your intended deal. You must be prepared to pay higher percentages over the melt values for fractional gold pieces like 1/10, 1/4th, and 1/2 ounces versus one-ounce pieces.
Conduct extensive research before you do business with a company specializing in gold. You can see how various dealers handle customer complaints by viewing online reviews and contacting the BBB (Better Business Bureau). Talk to several different buyers and get quotes from all of them to ensure you get the best price for your items.
Think about selling your gold online. You no longer need to buy and sell gold at a physical location. There are plenty of websites that are ready and willing to buy your gold. Most sites work by mailing you a mailer or kit. You then use your mailer to ship the gold. You will receive payment based on the current market value of gold when your items arrive.
When buying gold jewelry for another, make sure you can return it. People’s tastes are different and you don’t know the whether the person will like what you buy. If the gold turns out to be fake, make sure you get your money back.
Know that anything that has gold in it is sellable to a gold dealer. Whether it is jewelry or home decor related, it could be an everyday item that you have within the home. In fact, a gold piece doesn’t have to be 100-percent gold to be worth something. You could also sell something that is gold-plated or contains only a small amount of gold. They won’t be worth as much but you can still get money for them.
Take your old gold that you want to sell to a number of different gold-buying companies before settling on one. Bear in mind that the market price for gold you can find online (the “spot”) is only an average; different dealers will offer you different prices under (or even over) the spot. Stores that aren’t in big shopping malls tend to have much lower rent and may pay more.
Check the prices of golds the day you plan to buy. This can be seen at numerous websites, but keep in mind it can often change. Paying for gold that is any higher than an 8% markup is not a wise investment. Many dealers try to overcharge you; however, by being informed you can avoid this trap.
There are places you can send you jewelry to get paid. See how you can get your gold back if you don’t like the offer. A lot of companies say they’ll let you ship for free, but to get things back they charge quite a bit. Know beforehand how much you would have to send in order to get your pieces back.
Though purchasing gold is thrilling, don’t go around telling everyone about it. You may not know who is overhearing you, or who is trustworthy. Keep it to yourself and protected, either with a decent home safe or in a bank. That will help protect your gold and you at all times.
Buying and selling gold is not as complicated as it may seem at first. Anyone can understand it. Now that you have read these great tips about gold, nothing should prevent you from participating in this market. Follow this advice to reap good returns on your gold investments.