Gold is not a subject that too many people know about. Because of this, they are not fully able to gain advantage from what gold can do for them. If you’re interested in buying gold, then you’re going to think the following tips are helpful.
Research gold buyers before going to them and try shopping around for buyers that are reputable. You can always find online reviews, inquire with the BBB and learn how each vendor handles complaints. Additionally, get several offers before selling to a gold dealer to ensure you get top dollar.
If you’re thinking of mailing off some jewelry to someone, you need to be sure you do your research first. Be certain you have a clear understanding of the timeline involved, and make certain your jewelry is insured. You can also protect yourself in case of any disputes by snapping some photos of your jewelry before sending it off.
Scrap Gold
Look into buying scrap gold if you can’t afford to get into the bigger market. Scrap gold can be purchased in very small quantities (like a little bit every time you get a paycheck) and stored until you have a large enough collection to sell off. Keep the gold somewhere secure until you’re ready to sell it.
Whenever you make an investment in gold in the form of jewelry, always ensure that you have sufficient documentation and can return it if required. You can’t be sure when jewelry is liked by the other person or if it even fits them. For this reason, it is important to purchase jewelry items that come with a money back guarantee.q
Make sure you know the spot price of gold the day you plan to buy or sell. Many websites contain this information and it varies every day. Never pay more than 8 percent over the current sales price of gold. Some sellers try charging more, but that’s overcharging, which is generally unethical.
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. The majority of companies pay for you to send the jewelry to them, but they charge high fees to return it to you. You want to know what those charges might end up being before you decide to send them your gold.
Avoid letting people know that you are planning to sell your gold. This is because you never truly know who may be listening. Keep it to yourself and protected, either with a decent home safe or in a bank. This keeps your gold hidden and secure, as it is a very valuable investment you want to protect.
Don’t ignore thrift stores and antique shops when searching for gold deals. If you have an idea of what you are seeking, you can really find a bargain in these places. Many people don’t understand how valuable their items are, so they sell for cheaper than they could at these places. Your knowledge will help you get the better end of the deal.
Comparison shop prior to selecting your gold buyer. You may be surprised at the differences in the offers that you’ll get! Shaking hands with a buyer who brings you the first offer may actually shortchange you. Instead, do your research and get the most for your gold.
It is a good idea to check with the Better Business Bureau before you deal with a gold broker. You can usually find out about complaints and customer reviews. If there were any complaints, you will want to see how the company resolved the issue. If the purchaser has any unresolved complaints, steer clear of them.
Karat Weight
Be sure to separate all your gold items by karat weight before sale. Some buyers will weigh all your gold at once and offer you what the smallest karat weight is worth. You will lose money that way. The way around this is to present the gold to the buyer pre-separated so that you get fair market value for each piece.
As noted above, as much as people might love the idea of gold, investment know-how is pretty scanty. However, having read this article you can no longer say that this applies to you. Use what you’ve just learned to make smart decisions about gold.