Gold is hugely popular since the economy began to tank. Many people are going with gold for safeguarding wealth, but not every person knows how to do that properly. This article contains the information needed to successfully invest in gold.

Purchase Gold

If you feel that gold is too expensive, you may be tempted to purchase gold-plated as an alternative. But, it is still possible to purchase gold jewelry without having to go to a jewelry store and spend a fortune. Find cheap gold in pawn shops or online.

Don’t have much money? Invest in scrap gold. It is possible to accomplish this over the long haul, by purchasing some gold every pay day, and build up a valuable reserve within a year. Keep the gold somewhere secure until you’re ready to sell it.

Check spot prices before you buy. You can find that on a lot of websites, and that can change every day. When you do buy, avoid more than an 8% markup. Some sellers try charging more, but that’s overcharging, which is generally unethical.

Figure out what return shipping will cost if you don’t like the offer the mail order gold buyers are willing to give you. Many companies will pay for your postage when you send but charge a high price when they return the piece to you. You want to know what those charges might end up being before you decide to send them your gold.

If you want to sell gold, make sure the buyer has a state license allowing them to do so. A buyer who is licensed is likelier to be legitimate. Many individuals, pawn shops and jewelry stores are interested in buying gold. Be picky about your buyers.

Consider giving GoldMoney a try for gold purchases. It is kind of like setting up a gold “bank account.” You make an account, bank your money, and then you receive gold at the price you chose for your account. The gold itself is in a vault at a bank, and you can cash it or redeem it for gold bullions.

When attempting to sell your gold, you want to do your research into the market price. You should shop around to get an idea of what others are offering for similar gold pieces. This way you have an idea of what you can ask for yours. People will haggle, so ask for more than you will actually settle on.

A magnet can be used as a cheap and fast way to determine if a piece is really made of gold. Precious metals like gold are not going to be attracted to a magnet. There may be times when an item of jewelry has a solid gold clasp, but the rest of the item is only gold plated. This is a good way to test that.

Prior to selling your gold to a buyer, jeweler or dealer, check them out on the BBB. The BBB has information about each business including any complaints or reviews from others who have used their services. The key thing to look for is how complaints against the business were resolved. Too many complaints are a warning sign and it’s a business you should definitely avoid.

Due to the recent collapse of the world’s financial system, you are seeing a rise in the popularity of gold. If you know about the market, you can invest in gold yourself. It is hoped that you received valuable advice from this article.