Gold has a long history of being a prized metal. Gold has been around for thousands of years and man has always held it in high regard. If you are looking to invest in gold or perhaps buy a some gold jewelry, then here are some tips to help you get the most value for your money.
Gold bullion bars are great investments. Bullion bars come in a variety of weight. They can range from a half an ounce to bars that weigh four-hundred ounces. It will be harder to find the bigger bars.
Before you get into investing or selling gold, it’s best to understand how it works. Gold, along with silver and platinum, have prices that change on a whim. Therefore, you must always know what the spot price currently is. Also be ready to pay increasingly higher percentages above melt values for any gold pieces that are fractional. These include 1/10, 1/2 and 1/4 ounce pieces.
If you have no idea what your gold might be worth, than an appraisal is a good idea. This adds an up-front cost, but it could save you a lot of money later. Only use an independent, accredited appraiser to get the most realistic value. Understand that you’ll be paid less than the appraisal value of your gold by gold buyers, however.
Buy Gold
Sell gold to buyers that are state licensed to buy gold. A buyer who is licensed is likelier to be legitimate. There are a lot of stores and individuals that will buy gold, so don’t feel like you have to sell to the first person you come across.
Before selling your gold, comparison shop. You might get surprisingly different offers that reward your patience. If you select the very first buyer you encounter, you may get a terrible deal. Invest the time into the process, and you will be rewarded in the end.
A magnet can be used as a cheap and fast way to determine if a piece is really made of gold. Real gold won’t stick 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 method is good test for that.
Talk with a gold expert on how they go about attaching a price to a piece of gold, so you know how much a karat is worth. A lot of the time you’ll find a stamp on the item. However, at other times, there is no stamp, so a lot of reps use other ways to find out. Acid tests are simple ways to do this, so if the rep does this, they’re probably new to the business.
You now know more about how gold is valued and the reason why people around the world treasure it. Gold is a wise investment and is beautiful to wear as well. Take the things you’ve learned from the above article and use them to your advantage when dealing with gold.