Gold has been valued for centuries. Outside of buying jewelry, few people know how to invest in gold. If you want to purchase gold, or even if you are interested in selling it, the follow tips will help.
Gold prices change all of the time, so make sure you are aware of the value before you try to sell any. If you have made the call to sell any gold you have, group your pieces by karat value. Don’t sell jewelry that has an increased value because of the design or the creator.
Always use a reputable company when selling gold. Look them up using the Internet and the Better Business Bureau to find reviews. A good buyer will treat you well and offer a fair price on your jewelry. Protect your gold investment by doing this.
Realize that any piece containing gold is marketable. This could be jewelry pieces which are broken, home decor, tableware or any other gold items you have around. It also doesn’t have to be 100% pure gold. Items with partial gold content, gold plating, or gold mixtures may still be valuable. You will still stand to make a bit of profit.
Be fully aware of what you have. Not all gold piece are worth their weight in gold. Other metals are often mixed with gold in order to provide strength. This will lower the price. Gold plated items are subject to this too. If you don’t know how much your gold is worth, then it would be wise for someone to appraise its worth if you intend on selling it.
Do your research before selling gold. Try to compare what similar sized pieces are selling for. This gives you an idea of what you should get. Ask a bit more so you can negotiate.
A fast, cheap way to test for gold’s authenticity is to use magnets. True precious metals such as gold will not stick to the magnet. Check the chain as well as the clasp for an accurate reading. A magnet is an easy way to test.
Instead of immediately thinking you have scrap gold, take it to get appraised first. This is true for pieces made with fine craftsmanship. Even though there is an appraisal fee, you could see a lot of extra money in your pocket. Appraisers can also tip you off about interested parties concerning your jewelry.
While gold may be a great investment, it may also be volatile. If you can’t handle losing money, this is not the investment for you. Even if you’re ready to get into these choppy seas, take steps to limit your risk. Invest only a tiny percentage of your portfolio in gold. A good limit is five percent.
To make sure you’re getting a good deal and protecting your security, research your gold buyer prior to selling. Gold dealers who do not have a storefront need to be researched intensely. Check the BBB’s website to see if there have been any complaints lodged against any company that you’re thinking of using.
Have a plan in place before you begin investing in gold. Gold can be volatile, but it is great when you are trying to balance your portfolio through rough economic times. If you educate yourself on the gold market and have a game plan going in, you have a good chance at being successful.
As you now know, gold is cherished as a precious metal and traded as a valuable commodity. Investing in it is simple since it keeps its value and it goes up over time. This article has hopefully given you an excellent start on your journey to becoming a savvy, well-informed gold investor.