People have always been attracted to gold and investing in it, and this could be no more true than during these tough economic times. It’s going to never go away it would seem. If you want to explore gold and what it can do for you, you’ve come to the right place. Read on for some priceless advice.
Sometimes the cost of gold causes buyers to go for cheaper imitation jewelry instead. You can still buy gold jewelry without spending too much at the jewelry store. Try visiting a pawn shop or looking online instead.
If you are buying gold as a form of a retirement fund, make sure to buy the right kind. The IRS needs to approve the gold. That means that the gold is a minimum of 24 karats, and formed as coins or bullion bars. Bars are generally more valuable than coins and should, therefore, be favored.
If you’re going to sell scrap gold for cash, be sure you’re looking into everything. Some stores won’t pay the market price of gold, and it’s up to you to realize this. This is because they must take into consideration their overhead and commissions when purchasing gold.
Find out if the firm you are mailing your gold to will ship it back, and how much that will cost. The majority of companies pay for you to send the jewelry to them, but they charge high fees to return it to you. Know what you’re up against before you mail anything away.
Don’t brag about your gold purchases, no matter how excited you are. You never know who else could be listening or who you can really trust. Play your cards close to your chest and keep your gold in a home safe or a safety deposit box at your bank. This keeps the gold and you safe under various circumstances.
Unexpected Places
There are many unexpected places to find gold, including thrift stores and antique shops. You can find gold in unexpected places, but you have to know what to look for. The prices are low here as the items are often donated. A little bit of effort on your part to look around can yield big results.
Many people don’t know that a magnet can be used to test whether something is made of gold or some other type of metal that is precious. If it is a true precious metal, it will not adhere to the magnet. In some cases, jewelry may have a clasp that is made of gold, but the rest of the jewelry piece is made of plated metal. This is a smart idea to test it this way.
Always read any fine print on your contracts. If you are going to sell gold pieces to a mail-in buyer, look at the fine print prior to selling to them. This allows you to know how much of your proceeds will be used to pay for commissions and fees.
If you’re going to sell your gold to an organization, make sure you look up their BBB rating first. The BBB listing should include basic data about the company, along with details about any complaints made against them. Look at the complaints to see whether or not they were resolved. If a business has a lot of customer complaints or unresolved complaints, avoid using them.
Karat Weight
Gold should be separated by karat weight before sale. Don’t allow the dealer to rip you off by pricing all the gold at the least pure karat weight. This is a scam that will cost you money. Separate your items by karat in advance to avoid being tricked.
Sending your gold away via postal mail is one option for selling it. This is an easy way to get the job done. You get a mailer that is prepaid, place jewelry inside and send it, and you get a check. However, you have to remember that you’re not going to get the most from your gold this way. Sometimes, you may get 30 percent under the value’s worth, so keep an eye out for this.
Nearly everyone recognizes the importance of gold when it comes to safeguarding and warehousing wealth. Since the economy has faltered in the last several years, we are now seeing a rise in people participating in the gold market. Use the information from this article as a valuable resource to help your build your wealth.