If you are an experienced investor, you probably recognize the value in commodities. Additionally, one of the better commodities is gold. It doesn’t matter if you are trying to make extra money or saving it for something else, these tips will help you out.
Gold prices change frequently, so you must stay apprised on the values of your items. If you choose to sell any gold, keep in mind that pieces that have different karat values need to be valued and weighed separately. Avoid selling jewelry that is worth more because of the designer or maker.
Go with a reputable gold vendor when selling. Check BBB.org to find out more about the firm. Reputable buyers usually pay fairly for gold, and they often have much better customer service versus the less reputable ones. Protect your invest and look into these companies.
If you’re interested in investing in jewelry made of gold for someone other than yourself, make sure that you have the ability to return it for a full refund if necessary. You do not know if the gift receiver will like it or if the piece fits. If you have the receipt, they can easily trade in the piece for something more to their liking.
When selling jewelry, it is important to decide whether it will be sold as jewelry or as gold. You will see that pawn shops and private buyers only pay melt value. If you are selling a piece of jewelry, you should pursue a better deal.
Check gold prices on the day your are buying or selling gold. The spot price can be found in many places, and it tends to fluctuate often. When you buy, don’t pay over 8% markup over the price. While many companies attempt to charge more, this is simply not ethical and should be viewed with caution.
Only make a sale to buyers who hold a state license in buying gold. There’s still a chance of getting a bad deal, but chances are your buyer will be more than reputable. Many individuals, pawn shops and jewelry stores are interested in buying gold. Be picky about your buyers.
Don’t brag about your gold purchases, no matter how excited you are. This is because you never truly know who may be listening. Keep your investment to yourself and under lock and key, either with a bank or in a good home safe. This protects you as well as your gold.
Be careful approaching the gold market. There are some shady companies in the gold market. There are lots of people that want to rip you off by not giving you what you’re owed. For this reason, it is very important to thoroughly research any gold buyer you are considering.
Make sure you are know exactly what you have. Not all pieces that appear to be gold are worth their weight in gold. A lot of the time there will be something mixed with the gold so it holds up better. The less gold, the less value. Gold plated items may also be deceiving. Have an appraisal done on large amounts of jewelry or gold whose value you are uncertain about before selling it.
Talk to a gold representative to learn how they test gold for purity. Many times the item will have a stamp. However, at other times, there is no stamp, so a lot of reps use other ways to find out. Acid testing is a very simple way to asses karat quality. If you see this method being employed, it’s possible that the tester is a relative newcomer.
Always read the fine print of any contract so you understand it completely. Read any fine print before you decide to offer your gold to a mail-in buyer. This way, you will know the exact amount of the fees and commissions you will be paying.
There are other ways to invest in gold other than physically owning it. You might invest in an ETF or an individual gold mining stock when buying gold stocks. If you buy physical gold, keep storage costs in mind.
Now that you have read this article, you hopefully learned a few things you didn’t already know about dealing in gold. Keep these tips in mind as you build your strategy. Remember what you have learned here if you want to have success while dealing with gold.