What exactly do you already know about gold investing and trading? Are you a newbie to trading? Are you someone who has been into gold for a long time and wants to learn new things about it? These tips are geared to both the beginning gold trader and even those more experienced. We know you’ll find out something new.
When entering the gold market you will want to have an idea on how the precious metals prices are determined. Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business. There are different percentages owed based on the sizes of gold you own.
If you buy gold for your retirement fund, be sure it’s the proper kind. The gold must be approved by the IRS. They require that the gold be coins or bullion bars that are 24 karat. If you can, purchase bars rather than coins since they are more valuable.
If you plan to mail your jewelry, be sure that you find out how much the return postage will cost if the price offered you is too low. A lot of companies say they offer free shipping, but if you refuse their offer they charge a great deal. By knowing this information ahead of time, you can prevent unnecessary charges.
Use GoldMoney if you are interested in buying gold. It’s like a bank account for gold. You will simply establish and account, deposit fund and receive the value of your account in gold. The gold will physically sit in the bank where you can cash it, portion it, or in some circumstances, you can redeem it for gold bullion bars that weigh a kilo.
It is crucial that you understand the gold market before you try to sell any. Look to see what others are asking for when it comes to similar prices. That allows you to get an idea of the market value. Just make sure to go a little higher than what you actually want so that there is wiggle room for negotiation.
Prior to picking a gold buyer, comparison shop. You never know what kind of offer you will receive! If you don’t shop around, you may not get what you are owed. Take your time to help you net the most cash.
If you go to a gold party, talk to the person who organizes it to figure out how they calculate the value of the gold sold. Many items are stamped. Other times, there is no way of knowing. The most simple test involves the use of acid. If the company claims to use that type of test, it may be an indication that they are not as experienced with accurate testing methods.
Review all fine print in sales contracts. This is especially true if you decide you want to mail your gold off to a buyer. This lets you know how much you end up with after any fees are taken off the top.
Before you sell your jewelry for scrap gold, have them appraised. This tends to be true for pieces that have intricate workmanship and details. An appraiser will charge you a nominal fee, but it is an expense worth paying if your piece is unique and valuable. In addition, appraisers may know people who may be interested in your jewelery.
When you go to sell your gold have it separated into how much each karat weight. Weighing the items separately ensures you get the true value its worth, but some sellers won’t do this. They will rip you off. Rather, approach the vendor with separated piles in order to maximize your profit.
These tips should serve you well as you plan to make money dealing in gold. You can start buying, trading and selling with comfort and confidence, enabling you to score some nice profits. In the end, that is all you can ask for, and a great knowledge base gets you there.