Gold fluctuates in value, but the trend remains an upward one. The gold market is always hopping, whether you want to buy, sell or trade. Values of such precious metals often skyrocket during times of economic uncertainty. If you want to learn about this potentially lucrative investment, read these tips.
Consider delivery time when buying gold. To ensure timely delivery request a confirmation on the shipping date. The confirmation should include an estimate of the delivery date. Don’t proceed with the order until you have this information.
When you first check out gold jewelry, you may be in for a bit of sticker shock and decide to buy gold-plated jewelry, instead. You do not have to pay full price for gold jewelry if you find that the prices offered by jewelry stores are too expensive. You can usually find more affordable gold jewelry online, or if you visit pawnshops.
If you take jewelry or scrap gold to local companies that will pay for it, shop around. Many stores do not pay the going rate for gold. Independent gold dealers with low overhead, for instance, may be in a position to offer you better terms than upscale jewelry stores.
When you are selling gold, you need to decide whether you want to sell it as a piece of jewelry, or for the melt value. Pawn shops and many private sellers are only looking to pay the melt value. If you are selling a piece of jewelry, you should pursue a better deal.
When you decide on buying gold the first thing to do is look at the spot price. You can see it on various sites and it usually changes every day. Don’t buy anything marked up over 8% of this. Knowing the value of your gold will keep you from getting ripped off.
Get a good grasp on what you own. Even though the item looks like gold, it may not have much value. Usually gold is mixed with other metals to give it strength. This will lower it’s worth. So can gold-plating. If you don’t know what you have, have it appraised before trying to sell it.
Talk to a rep at a gold party to see how they figure out the number of karats in a jewelry piece. Many pieces of jewelry will be stamped with a karat rating. However, if there are no visual indications, there are other ways to determine purity. A way to tell if a gold representative is new and inexperienced is if they use an acid test. This is a simple test used by newer gold dealers.
Before selling your gold, contact your local Better Business Bureau. They’ll have basic resources for you such as reviews and complaints from other customers. Look carefully at complaints and whether they were solved or not. If a business has a lot of customer complaints or unresolved complaints, avoid using them.
Gold is a very volatile investment. It is important to understand that prices can vary daily on gold values. If your stomach can handle the rough ride, you should still protect yourself from losing too much money. Only a very small overall percentage of your portfolio should be invested in gold. It should be no more than five percent.
Divide any gold you plan to sell into groups that contain specific karat values. The gold’s value changes depending on the karat value. Mixing them together may reduce the worth. Gold with a higher karat value is worth more.
You know that everyone’s financial system is weighed against the gold constant. For this reason, this commodity is a wonderful way to secure your future financial goals. Follow the advice presented here to make the most of the lucrative gold market.