Gold investments can be a safe harbor in choppy financial waters. Perhaps you are a person who has daydreamed about investing in gold, but doesn’t actually know where to begin? If this is true, then this is the best place for you to be. This article contains great advice for people who want to invest in gold.
You may shy away due to gold’s price, which may make you go for gold-filled or gold-plated jewelry instead. You can still buy gold jewelry without spending too much at the jewelry store. Online auctions, estate sales and pawn shops are only some of your options.
When you buy some gold jewelry for another person, make sure they have a refund policy. It’s almost impossible to determine the value of your gold jewelry just by looking at it. It’s always a good idea to be able to get your money back on a jewelry purchase if it doesn’t work out for you.
If you take jewelry or scrap gold to local companies that will pay for it, shop around. Even the market “spot” price of gold is a national standard at any given moment, not all stores pay it. Stores not inside major shopping malls might have lower rent and overhead, and so can pay you more.
You should rely primarily on independent, personal research to learn about the market for gold before investing in it. There are those who say they’re market gurus and want you to invest with them. However, you need to be very careful when it comes to promises about making you rich. You will not get rich quick with gold. It is a long term investment.
Have all jewelry appraised before selling it as scrap gold. This is especially true for one-of-a-kind pieces like jewelry with intricate details and workmanship. Although you will probably have to pay for an appraisal, you might find you have something worth a lot more than you thought. Appraisers might be aware of parties interested in your jewelry.
Sometimes an item will have solid gold backing; although, the jewelry is not solid gold. Quite often, necklace clasps and ring bands are real too. These pieces don’t weigh much, so try selling them all as a “lot.” Selling lightweight gold in a lot will increase your chances of selling them.
There are many different companies that you can mail your gold into. Sellers often like the simplicity of this process. You are given an envelope that is prepaid and you pack your jewelry into it. After a while, a check comes to you. However, you have to remember that you’re not going to get the most from your gold this way. In a few cases you might get 30% less for a piece, so know that.
Gold investing isn’t only for expert investors, it can be a great option for anyone who wants to store their money somewhere safe. Now that you know a little about what you are doing, you can feel good about making a transaction in the gold market. Remember all the tips here to help you along the way.