All serious investors should have some of their portfolio tied into commodities. In addition, gold is the best commodity available. Gold can help you out if you just want to make some quick money or if you’re saving for your retirement.
When buying gold jewelry as a gift, make sure that the return policy is sound. It’s not uncommon for many pieces to not be the receiver’s taste or the wrong size. If that happens, you want to be able to take the piece back for a refund.
Be aware that any items containing gold can be sold to someone dealing in gold. That could be broken pieces of jewelry, tableware, home decor, or anything else you have around. Note that these items need not be pure gold. It could just have a tiny amount of gold or be gold plated. The amount you can get will depend on how pure your item is.
Melt Value
When selling any gold, you have to decide if it will be as jewelry or for its melt value. The quickest way to sell off gold (and the one many dealers and pawnbrokers prefer) is for the melt value. If you are selling a piece of jewelry, you should pursue a better deal.
Avoid letting people know that you are planning to sell your gold. Anyone could be listening at any time, and you cannot trust everyone. Keep investments private and guard them in a quality safe or in a bank. That way, your gold will always be secure.
When selling gold, research the market price. Also, it might be beneficial to compare prices and see what others are selling similar items for. This way you have an idea of what you can ask for yours. Ask for more than you are happy to accept so that the buyer has room to negotiate the price.
Many people don’t know that a magnet can be used to test whether something is made of gold or some other type of metal that is precious. Precious metals, gold included, are not magnetic. In some cases, only an item’s clasp is solid gold, while the remainder is merely plated. This can be a useful method of testing for that.
Before you sell gold jewelry for its scrap value, have it professionally appraised. You should do this for special pieces. Unique pieces may be worth more intact than they would if eventually melted down. Knowing the true value of a piece can make it well worth the cost of appraisal. This is also a great way to locate buyers who might be interested in your gold.
Gold investment covers a lot of different options besides acquiring and holding the metal itself. You can buy gold shares in an ETF, a mutual fund with a focus on gold, or in gold mining equities. While it is nice to physically have gold, you run the risk of theft and the expense of storing it.
Gold can often be a lucrative but volatile investment. If the thought of volatility and constant changes is a turn-off, perhaps the gold market is not for you. If you are up to the challenge, you ought to minimize risk just the same. Do not invest more than a tiny percentage of your portfolio in gold. Start with investing 5% of your portfolio in gold so you can get a better idea of how this precious metal fluctuates.
Before you buy gold, know the dealer. To ensure your dealer is reputable, check with the Better Business Bureau. The BBB can tell you if the dealer has had any complaints. If so, think about using someone else.
To make sure you get a fair deal, conduct sufficient research on your gold buyer. This is especially important when using a mail-away service for a buyer that is out of state. Look for gold companies that are listed in the BBB to ensure that you are working with a reputable business.
Buying and selling gold will be simpler with this general knowledge on the subject. Follow this advice to create an excellent investment portfolio or simply earn a little cash. Remember what you have learned here if you want to have success while dealing with gold.