All dedicated investors need to have commodities in their portfolios. Additionally, one of the better commodities is gold. From building a retirement nest egg to making beer money, gold can do it all for you when you use the tips below.
Before going to sell your jewelry, investigate what the current market price of gold is. That way you will be able to ascertain if a dealer is providing you with a fair price or not for your pieces. Many dealers will pay market value, however others rely on people desperate for cash to get the most for themselves.
While you may be very tempted to quickly send off your old gold scraps and jewelry to a business that buys gold through the mail, do your homework about the company first. Be sure to understand when to expect payment and how to insure your items. Lastly, take a photo of all that you placed in the package in case there’s an issue later.
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 establishments purchase gold, so there is no need to sell yours to the first buyer you deal with.
Know what you have. Not all that looks as if it’s real gold is as valuable as the real thing. Sometimes other metals might be mixed into gold to make it stronger. Items that are not pure gold have a lower value. Many items are only gold plated. Having an appraisal done to your gold can help you get the best idea of its actual worth.
Prior to selling gold, make sure you separate it by karat weight. If the vendor weighs all of your items together, you will not get a fair price for your higher karat items. This is a scam that will cost you money. Separate your items by karat in advance to avoid being tricked.
Over the past decade, gold prices has quadrupled, which is great news for gold investors. The exact best time to really buy gold is not fully known, but it largely depends on how the dollar does. Higher gold prices go hand in hand with a weak dollar.
Know how to test the grade of gold so that you will be sure to get what you are paying for. Karats are used to rate the purity of gold. The higher the karats, the more pure and the more expensive it is per ounce. You should not just rely on the karat stamp. Understanding how gold purity is tested will help ensure you get your money’s worth when buying or selling gold.
Have a plan in place before you begin investing in gold. Although gold can add a nice balance to your portfolio in case of rough economic times, it is still considered an investment that fluctuates wildly. If you define your goals before investing, you will be better equipped for making a good investment.
After reading this article, you should know more about gold than you did before. Save for retirement or just for a rainy day, or reinvest your earnings. Keep these tips on mind and continue securing success with gold.