Gold is king in the finance world. The more you know about gold, the better able you will be to protect your investments. You need to think about everything from making a buy of raw gold to buying company shares. Keep reading to learn some tips that will help you when it comes to gold.
Stay with reputable buyers when you sell your gold. Get with the Better Business Bureau or check out reviews online if you’d like to learn about someone’s business. Do not do business with a buyer who does not treat you as a valued customer or does not offer a fair price. This will protect you from rip off artists.
Have an understanding of gold prices. The prices for precious metals go up and down from one day to the next. Therefore you must find the price on the exact day before you agree to do business with someone. You may be required to spend more on melt values if you are working with fractional pieces. You might pay more for something that is 0.25 ounces versus something that is 1 ounce.
Research gold buyers before going to them and try shopping around for buyers that are reputable. Better Business Associates can give your information about complaints made against a company and how those complaints were resolved. Additionally, get several offers before selling to a gold dealer to ensure you get top dollar.
Know the current price per ounce of gold before selling your pieces. That way you will be able to ascertain if a dealer is providing you with a fair price or not for your pieces. Most dealers are honest and stick close to market value, but a minority try to rip desperate people off by low-balling their offers.
Buy the right gold if you are investing for retirement. The IRS needs to approve the gold. This means it needs to be in the form of coins or bullion that is marked 24 karats. Lean towards buying the bars over the coins as they hold more value than coins.
If you’d like to leap into the world of gold investing without having to pony up a large amount of money at the start, buying scrap gold may be the right tactic for you. This can be done in tiny increments which allow you to build wealth slowly. Make sure you have a safe place to keep your gold (a safe deposit box is ideal) while you’re collecting it.
Spot Price
Be sure to consult the spot price on the day when you plan to purchase gold. The spot price is readily found on the Internet. Don’t buy anything marked up over 8% of this. Some dealers charge more than that, but it is a rip-off.
If you plan to mail your jewelry, be sure that you find out how much the return postage will cost if the price offered you is too low. A lot of buyers offer free shipping but will charge you a lot to send the item back. Find out how much you will have to spend in order to get your gold back if you decide not to sell it for the price offered.
Prior to looking at this piece, there was a lot about gold that you did not know about. With this information, you can make some smart gold investment choices. Use what you’ve just read to become the successful gold investor you’ve always wanted to be.