While gold values fluctuate like anything else, it’s true that it tends to increase in value overall. Gold is always a great commodity to buy and sell. In hard economic times, gold values go through the roof. Continue reading this article to learn the basics of the gold market.
Prior to doing anything with gold, be it buying or selling, you must become knowledgeable about how pricing operates. Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business. Also, understand that some types of gold will be more expensive than others.
Before you purchase a gold piece, know when it is going to be delivered. If you don’t get delivery immediately, get something in writing which confirms delivery of your pieces. This should include the date the gold will arrive to you buy. Don’t not follow through with the purchase unless you have this in hand.
Do your research and know what the latest gold price is before you sell your jewelry. Doing so will help you figure out if a dealer’s offer is a good one or not. Dealers typically give a fair price, but there are some unscrupulous ones out there. They may take advantage if they think you want to unload your piece fast.
If you’re selling gold through a mail-in service, do your homework on the company and its policies before you make a commitment. Find out when you can expect your payment, and make sure you insure your package. Be sure you capture photos of everything you put in the mail.
If you have an interest in getting into the gold markets, but don’t have a lot of investment capital, consider buying scrap. You can buy a little at a time, building up a stockpile. This will not break the bank. Store your scrap gold in a secure location until you are ready to sell it.
When you decide on buying gold the first thing to do is look at the spot price. You can find this on a variety of websites, and it can change daily. When you buy, don’t pay over 8% markup over the price. Some dealers charge more than that, but it is a rip-off.
Use a magnet to determine if an item is made of gold. Precious metals that are true like gold aren’t going to be magnetized. Sometimes you’ll find a clasp to be something solid, but everything else is plated. The magnet test is an excellent way to find out.
Never sign a contract without thoroughly reading it first. This is especially important if you decide to sell some of your gold items through a mail-in program. This helps you understand what you will have to pay in fees and commissions.
Never sell gold to a dealer or store with checking their ratings with the BBB first. The BBB has information about each business including any complaints or reviews from others who have used their services. Take a close look at complaints, and look to see if resolution was achieved. If there’s a lot of complaints about one company, consider not using them.
You can sell your gold through the mail. Although this process may be easier, you may not earn as much money. You obtain a prepaid envelope, put the jewelry in it, ship it, and get a check for it. But, keep in mind that such enterprises tend to offer lower prices than some competitors. You might receive up to 30 percent less concerning an item you sell, so be aware of this.
If you just want to off-load your gold, you should pause. Gold prices are always going up. Even though it has been high lately, it could eventually get even higher. The longer you can hang onto gold, the more money you stand to make with it.
Over the last decade, gold has increased in value fourfold. Investing in gold depends on how good the dollar is doing. Basically, when the dollar is weak, gold is strong.
Gold is what keeps the economy afloat. To take advantage of this market, learn all you can today. Cement your standing in the gold market by using the tips above.