As the dollar’s value declines, lots of people see gold and precious metals more favorably as an investment. Gold is probably the most popular of the precious metals people invest in, and the value is increasing greatly as the value of the dollar decreases. Follow the tips presented here as you consider the advantages of investing in gold.
Before you buy gold from a dealer, get a guaranteed delivery date. It you don’t have it delivered immediately, find out when you will receive your gold. Their expected delivery date should be indicated. Complete your order only when given this information.
Knowing the current market value of gold is important prior to selling or buying it. Doing so will help you figure out if a dealer’s offer is a good one or not. Dealers often assume that people who are trying to sell gold need quick cash and will try to take advantage.
Find out what the terms are before mailing off your old, broken jewelry. Make sure you know when payment will be sent to you and insure your package as well. Take a photo of all the items you are sending so there will be no questions later.
If you are buying gold as a form of a retirement fund, make sure to buy the right kind. Your gold has to be IRS approved. They must be 24 karat bullion bars or coins. Consider bars more than coins, since they have more value.
If you are not sure of the value of your gold jewelry, you may want to get it appraised. While there is a cost involved, you will at least then be fully aware of what you own and what it is worth. Only use an independent, accredited appraiser to get the most realistic value. Do not expect to get the full value of the appraisal, but you should try finding a buyer who will give you an amount as close to the appraisal as possible.
Do not forget to search thrift shops and antique stores for hidden treasures. You can find bargains in those places when you’re aware of what you want. Many people sell or donate at these shops for low prices due to being unaware of what they own. If you know what you’re doing, this can be your benefit.
Be knowledgeable about market prices before you accept someone’s offer to buy your gold. You should see if you can figure out what people are selling pieces like yours for as well. This is a price point that you can work with. Always see if you can get a little more than they’re asking if they allow you to negotiate.
Before selling your gold, comparison shop. You might be amazed by the variety of offers received. If you stick with your first buyer, you could get a terrible deal. Invest the time into the process, and you will be rewarded in the end.
An inexpensive and simple way to see if an item is gold is with a regular household magnet. Precious metals that are true like gold aren’t going to be magnetized. Sometimes the clasp of a piece is solid, however the rest will be plated. This is a good way to test that.
Prior to investing in gold, research the current market. Not everyone who claims to be a gold expert really is. They may just be trying to trick you. However, you need to be very careful when it comes to promises about making you rich. Do not think of gold as some way to get rich quickly, and you won’t be disappointed.
Fine Print
Always read the fine print of any contract so you understand it completely. If you’re using a mail-in gold program, read all the fine print prior to committing to the deal. Doing so makes it easier to keep track of what portion of your earnings go toward fees and commissions.
There are a lot of things to think over when deciding if you’re going to invest in precious metals. While many find riches dealing in silver or platinum, others are able to reach their goals with gold. This article should have given you what you need to know about gold and investing in it.