Gold is a precious metal with global value, and as such, has been treated as such since its discovery millennia ago in the past. Everyone desires gold; however, many do not know how to invest in the gold market. If you’re looking to invest significantly in gold, the following advice can help you get the best value for your money when you buy or sell this precious metal.
When selling gold, it is a good idea to get an estimated value from more than one source. Dealer prices vary by store. Therefore, it is wise to get several offers to ensure the best price.
Bullion bars are an excellent gold investment. Their weights can vary. The bars vary in size from half an ounce to 400 ounces. However, the really big bars are very hard to come by.
Prior to selling old jewelry, research the going price for gold. This allows you to evaluate a dealer’s offer against the current market rate. Dealers often assume that people who are trying to sell gold need quick cash and will try to take advantage.
While you may be very tempted to quickly send off your old gold scraps and jewelry to a business that buys gold through the mail, do your homework about the company first. Understand when you will be paid and how you can insure the mailer. Take a photo of what you mail to battle against disputes down the road.
If you don’t have much money to invest in gold, you could start by purchasing scrap jewelry pieces. This can be done bit by bit. For example, you might invest a bit each payday to amass an impressive collection of gold as time passes. Keep it inside a safe location until you get enough to cash in.
Get an appraisal if you do not know the value of your gold jewelry. This can cost you a little initially, but you want to know right? Look for an independent appraiser who is properly accredited if you want the most accurate value. Understand that you probably will not get the full appraisal price when you sell your gold.
If you will be selling your gold, shop around for best prices. Many stores do not pay the going rate for gold. Kiosks in malls and other high-traffic areas pay more in rent and operations, thus, reducing the amount of money they are able to offer for your gold.
If you’re at a gold party you should speak with the person in charge so you can figure out what karats are in the jewelry. Is it based on the stamp? In some situations, though, no visual sign presents itself, so there are other ways of determining it. Using an acid test can be a great way to determine the karat of the gold.
Do your homework before rushing to invest in the gold market. There are predators out there in the gold market that claim to be big shots but just want you investing with them. Nonetheless, you should be wary of high flung promises of wealth. Do not think of gold as some way to get rich quickly, and you won’t be disappointed.
Never sign a contract without thoroughly reading it first. You need to know what you’re getting into if you’re using a mail-in purchasing service to sell gold. This helps you understand what you will have to pay in fees and commissions.
Sometimes an item will have solid gold backing; although, the jewelry is not solid gold. This is true of earring backings, necklace clasps and the bands of rings. Attempt to sell pieces such as these as a “lot” since those pieces are fairly lightweight. A larger profit can be obtained this way as many pieces are being sold in one “lot”.
Gold is a trade-able commodity as well as being a metal prized for its beauty for thousands of years. Investing in gold makes good sense because it not only retains value, but can increase in value over time. Armed with your new knowledge of gold investing, you should be ready to get going with gold right away.