Gold investment is a popular strategy for people seeking a way to ensure the best chance of long-term profit. Many will say that in uncertain times, you should put the majority of your cash in the current gold market. If this is something you’d like more knowledge about, this is the best place to be.
Before you mail any jewelry to a particular company which purchases such items, be sure to do your homework and check out the company thoroughly before you do so. The last thing that you want to do is lose money because of a flawed shipment. Also you need to be sure to photograph everything you’ve put in your package in case they start a dispute.
You need to be cautious about the kind of gold that you purchase to help fund your retirement. The gold must be approved by the IRS. Only 24K coins and bullion bars are eligible. Consider bars more than coins, since they have more value.
If you’re clueless about the value of your gold jewelry, have it appraised. While you may have to pay a fee, the knowledge you gain will help you in the long run. For the most accurate appraisal, use the services of an accredited and independent appraiser. Do not expect to get the full value of the appraisal, but you should try finding a buyer who will give you an amount as close to the appraisal as possible.
Comparison shop when selling old gold jewelry. You cannot count on these stores to pay the national standard of the day. You might get a better deal at a store not in a major shopping mall, since their overhead and rent is lower.
Figure out what return shipping will cost if you don’t like the offer the mail order gold buyers are willing to give you. Even if you do not pay for shipping the gold initially, return shipping is an entirely different matter. Be sure you figure out what things will cost before you start mailing off your jewelry.
Be careful approaching the gold market. There are some shady companies in the gold market. You must be diligent and do your homework. Because of this, you need to be extra cautious and really research.
You can easily test whether a gold piece of jewelry is real by using a simple magnet. Precious metals do not respond to magnets. In some cases, jewelry may have a clasp that is made of gold, but the rest of the jewelry piece is made of plated metal. The magnet will tell you the truth.
Speak with the representative at the gold party to find out how they determine how many karats a piece of jewelry is. Many items are stamped. However, at other times, there is no stamp, so a lot of reps use other ways to find out. Using an acid test can be a great way to determine the karat of the gold.
Getting into the gold market is not that difficult if you understand how the market works. Given your new insight on gold investing, nothing should stand in your way. Use these tips to better your investments.