The New Gold Rush: What You Should Know

In financial times that are uncertain, some individuals look at gold as a method of keeping their wealth safer. Before you invest in gold, do your research to gain as much understanding as possible. Read on to become educated on trading in gold.

Multiple Estimates

When you sell gold, get multiple estimates of its value. Dealer prices vary by store. By seeking multiple estimates, you are able to determine whether an offer is truly fair.

Find a reputable buyer to sell your gold to. Contact your local Better Business Bureau to see if there have been complaints filed against a gold dealer. A buyer with a good reputation will normally pay the going rate for gold, and offer superb customer service than a company than is not legitimate. This will protect you from rip off artists.

Before selling gold jewelry, see what the current prices are in the gold market. You will then be prepared to negotiate. While dealers often give you market value, some are used to sellers wanting quick cash.

Before you mail any jewelry to a particular company which purchases such items, be sure to do your homework and check out the company thoroughly before you do so. Find out when you can expect your payment, and make sure you insure your package. Finally, take a picture of everything you are putting in the mail in case there is a dispute later on.

If you’re thinking of getting gold to help you retire, you need to get the right variety. The IRS has to approve the gold. It must be in the form of 24K coins or bullion bars. Because they hold their value, buy gold bars instead of gold coins.

Melt Value

Is it better to sell your gold jewelry for melt value or as jewelry? The quickest way to sell off gold (and the one many dealers and pawnbrokers prefer) is for the melt value. Selling your unique gold pieces to a collector can end up netting you more money.

Always do your homework before investing. There are always a few bad apples in every market, and players in the gold market are no exception. Lots of folks are willing to steal right out from under you. You have to do your research to keep yourself safe.

When you attempt to sell gold, make sure you know the current market prices. You should see what other pieces like yours have sold for. This is a price point that you can work with. Just make sure to go a little higher than what you actually want so that there is wiggle room for negotiation.

Ask what method is used to determine the purity or karats of your jewelry. Items are usually stamped. But other times, there isn’t any mark of visual cue, so the reps have other alternatives for determining it. Acid tests are simple ways to do this, so if the rep does this, they’re probably new to the business.

Instead of immediately thinking you have scrap gold, take it to get appraised first. This rings true especially concerning pieces that are one-of-a-kind. Although you will probably have to pay for an appraisal, you might find you have something worth a lot more than you thought. A credible appraiser can probably connect you with someone who is likely to be highly interested in what you have to offer.

No one can deny how essential gold has historically proven in gaining and storing wealth of both individuals and even nations. In order to successfully trade gold, however, one must know a great deal about the process. This article will provide you with this important information.