One of the most sought after metals is gold. Man has treasured gold since it was first discovered thousands of years ago. If you’re trying to figure out how to get into buying gold, or you just want some jewelry, then you’ll find the following tips to be useful.

Before buying or selling gold, know how all the prices work. Metal prices fluctuate constantly, so you need to know the price on any given day for a transaction. There are different percentages owed based on the sizes of gold you own.

Always do your homework to find an honest and reputable gold buyer. You can read reviews online, check with the Better Business Bureau and discover how each dealer resolves customer complaints. Soliciting multiple bids will help ensure you get the best price.

If you want to unload scrap gold pieces or jewelry items for cash, do your homework first. Some stores won’t pay the market price of gold, and it’s up to you to realize this. Look for stores off the beaten path as they often have lower overhead and better deals.

Melt Value

When you are selling gold, you need to decide whether you want to sell it as a piece of jewelry, or for the melt value. Pawn shops and many private sellers are only looking to pay the melt value. Don’t let this hamper you, because you’ll find the right buyer eventually.

GoldMoney could be a good resource when you want to buy gold. It is akin to establishing a bank account in which you deposit gold. You put money into it like any other account, (e.g. a savings account) but it’s converted into gold bullion. The gold itself is in a vault at a bank, and you can cash it or redeem it for gold bullions.

As exciting as buying gold can be, avoid telling people about it. You may not know who is overhearing you, or who is trustworthy. Stay quiet about the investment and make sure you keep it safe. This ensures that your gold is protected under all circumstances.

Always research the market price before you try and sell your gold. Compare prices with other gold dealers. This will allow you to have a price in mind you can work with. Ask for more than you are happy to accept so that the buyer has room to negotiate the price.

Comparison shop when you are choosing a buyer. You’ll be surprised by all the different offers you’ll get. Going with the very first buyer who comes along might prove a bad deal. Take your time so you can make the greatest return on your gold.

Use a magnet to determine if an item is made of gold. 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. A magnet is an easy way to test.

Fine Print

Go over the fine print that’s in any sales contract. If you’re trying to sell gold to people through the mail, then you have to go over the fine print carefully before you sell gold. You’ll then know the amount of your profit that will go to fees and commissions.

One way to sell gold is through the mail. Sellers often like the simplicity of this process. They send you an envelope, and you ship the gold to them, then they pay you by check. Just keep in mind that such firms usually don’t pay that much for your jewelry, as compared to other options. Some of these outfits pay you a third of the money for the item than you might get elsewhere, so be cautious.

If you are going to sell your gold online, check the going price of gold first. Quite often, you’ll find better deals at a local dealer with a brick and mortar store. Yes, mailing it in may be more convenient, but is it worth potentially hundreds of dollars more in your pocket?

Since you just learned some valuable information about the worth of gold, you can see why so many people are interested in it. It is a great way to invest your extra money. Use these tips to invest in a gold collection today.