Gold is valuable the world round, and this has always been the case. Gold is cherished by all, but few know how to get their hands on it wisely. This article will help you learn about buying and selling gold.
Before buying or selling gold, know how precious metal prices work. The prices of metals like platinum, gold and silver can fluctuate greatly in just one day. Before you do any buying or selling, check the market prices beforehand. You need to get ready to pay higher prices than mere melt value on fractional pieces as opposed to one-ounce pieces.
If you want to send jewelry to a gold company via mail, check them and their conditions out carefully before going to your post office. Be sure you figure out when you’ll get sent a payment, and be sure things are insured too. Take a photo of all the items you are sending so there will be no questions later.
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 have no idea if the person for whom you are purchasing the piece will like it or if it will fit. For this reason, it is important to purchase jewelry items that come with a money back guarantee.q
Know what you have. Just because it looks like gold doesn’t mean it’s valuable. Sometimes other metals might be mixed into gold to make it stronger. This will reduce the value. So can gold-plating. Have your pieces appraised before sale to determine their value.
Use a magnet to determine if an item is made of gold. Precious metals, gold included, are not magnetic. Often the clasp of a piece is real gold, while the rest of the piece is just plated. This can be a useful method of testing for that.
Fine Print
Always read the fine print of any contract so you understand it completely. If you’re using a mail-in gold program, read all the fine print prior to committing to the deal. This helps you understand what you will have to pay in fees and commissions.
A lot of times, the earring posts are made from solid gold even though the earring may not be. Ring bands and the clasps of necklaces usually are, too. These pieces don’t weigh much, so try selling them all as a “lot.” With a quality of items, you may be able to get someone to buy them together, hoping for greater profits.
Before you try to sell any gold items, you’ll need to separate the pieces depending on the karat weight. The buyer will doubtless weigh all of your pieces before setting a price for them, and if you aren’t attentive you may see everything lumped together and weighed with the lowest-karat pieces. This will result in you receiving less money. Have everything organized to maximize the amount of money you get.
Gold is a trade-able commodity as well as being a metal prized for its beauty for thousands of years. Gold holds its value, and over time it will increase in value. After reading the aforementioned tips, you can begin investing in the world of gold trading.