Gold is a sound investment decision. This will only happen, though, if you educate yourself about smart gold investing. The following article has expert advice on what to do.
Research the current market price of gold before you attempt to sell your old and unwanted jewelry. Doing so will help you figure out if a dealer’s offer is a good one or not. Many dealers will pay market value, however others rely on people desperate for cash to get the most for themselves.
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. People’s preferences in jewelry are different, and the piece might not fit the person. If that happens, you want to be able to take the piece back for a refund.
If you’re unsure what your gold might be worth, then have an appraisal done. Although you’re spending some money up front, at least you’re getting fair market value for your items. An independent appraiser should be used in order to receive the best value. Understand that you’ll be paid less than the appraisal value of your gold by gold buyers, however.
Comparison shop when selling old gold jewelry. While the market quotes a price, not all companies actually pay close to that price. Stores that aren’t in big shopping malls tend to have much lower rent and may pay more.
Before selling you gold through the mail, be sure you know what the procedure is for getting your items back and any costs involved in doing so. Companies often provide free shipping, but it can be costly to get them back to you in the mail. By knowing this information ahead of time, you can prevent unnecessary charges.
Know what you are working with. Not all gold piece are worth their weight in gold. Quite often, other metals are mixed with gold to give some strength to the metal. That can make it less valuable. This also applies to gold plated items. When you don’t know what you’ve got, have it appraised ahead of selling it.
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. In this way you can determine what percentage of your profits will go toward fees and commissions.
Earring backings are often solid gold, even when the earrings are not. Clasps of necklaces and ring bands are often real gold as well. Since such pieces often weigh little, attempt selling them in a “lot”. That means they are collected into an assortment that can bring a better price together.
It’s best to acquaint yourself with any would-be dealer before you do business together. To help guarantee that you are selling to a reputable dealer, make a call to your local Better Business Bureau. Contacting the BBB will tell you if any complaints have been filed about your gold dealer. If complaints are filed, look for a different dealer.
Karat Values
As you prepare to sell your gold pieces, divide it into separate piles based on karat values. Gold is valued by its purity in karats, so if you mix up the karat values, you will not get the best price for them. When the karat value is higher, more money goes in your pocket.
Do not expect to earn a large profit right away, but gold is an excellent way to protect your savings from inflation. Take it slowly and build your investment. Do plenty of research on this form of investing and start with a small investment.