Many gold investors do so as a means of having a safe or conservative investment in their overall portfolio. It can be a wise idea to invest in gold because although it fluctuates it tends to hold its value over time. If you want to learn more about the market, read on.
Go with a reputable gold vendor when selling. Their reputation can be verified though online sources, as well as the BBB. Do not do business with a buyer who does not treat you as a valued customer or does not offer a fair price. Protect your gold investment and yourself.
Gold Dealers
Knowing the current market value of gold is important prior to selling or buying it. Gold dealers cannot scam you out of money when you are informed about the value of your items. Although there are many honest gold dealers out there, there are also those who will try to offer you much less than it is worth.
Take a look at the spot price prior to going out to purchase gold. You can find that on a lot of websites, and that can change every day. Never pay more than 8% premiums on your gold. Many dealers try to overcharge you; however, by being informed you can avoid this trap.
Try a site like GoldMoney to purchase gold. It s sort of like a bank account for gold. You can open an account, fund it and then determine what price you wish to pay for gold allocation. The gold physically sits in a bank vault where you’re able to portion it, cash it, or in certain circumstances, redeem it for one kilo gold bullion bars.
Although buying gold is exciting, don’t talk to people about this. You don’t know who could try to keep tabs on this, and you don’t want to have to worry about trusting people. Keep it to yourself and protected, either with a decent home safe or in a bank. This ensures that your gold is protected under all circumstances.
Don’t ignore thrift stores and antique shops when searching for gold deals. You can find bargains in those places when you’re aware of what you want. Often, gold ends up in stores like this because the original owners didn’t realize the items they had were valuable. You stand to gain a great deal if you come armed with a bit of research.
Be careful approaching the gold market. There are many unscrupulous companies out there who deal with gold. Lots of people will scam you if given the chance. You need to do your research and be careful.
Figure out what you’re really in possession of. Not everything that looks like gold is worth its weight in it. Quite often, other metals are mixed with gold to give some strength to the metal. That can make it less valuable. The same goes for pieces that are gold plated. Get your items appraised before selling your gold.
A fast, cheap way to test for gold’s authenticity is to use magnets. Precious metals, gold included, are not magnetic. Sometimes a jewelry piece is only plated in gold with a solid gold clasp. Using a magnet is an excellent way to find this out.
Before you sell your jewelry as scrap gold, have it appraised. This is particularly true for unique pieces that have exquisite workmanship and design. While you will probably pay to have an appraisal on your gold, this can certainly increase profits further along the way. A professional appraiser can also point you towards potential buyers for high-quality gold jewelry.
You can easily invest in gold if you do your research first. Given your new insight on gold investing, nothing should stand in your way. Use this information as you begin investing in gold.