When the recession started, many people looked to investing in gold as a way to weather the tough economic times. But, most people are unaware of the gold market, preventing them from making good choices. Read on for some excellent tips that will help you get the most from gold.
When investing in gold, bullion bars are the best way to go. They come in weights that vary. From .5 ounces to 400 ounces, the choice is yours. If the 400-ounce bars interest you, you’re going to have a hard time finding them.
Prior to purchasing a gold item from a seller, you must be certain you have a firm delivery agreement. If the seller does not provide immediate delivery, you must get some kind of writing from them confirming when you can expect to get your pieces. This should be spelled out in no uncertain terms. Don’t go through with the order if they can’t provide you with the delivery date in writing.
If you’ve been thinking about selling your gold to a mail-in company, take the time to read over their fine print before getting involved with them. You should find out how long the process takes, and get package tracking and insurance on your package, too. Take a snapshot of everything that you send in the mail for security.
Know that anything that has gold in it is sellable to a gold dealer. This could be jewelry pieces which are broken, home decor, tableware or any other gold items you have around. The purity doesn’t even have to be 100%. Plated gold will do. You can still turn a profit on these pieces.
If you decide to take any scrap gold or jewelry to local places that pay cash for gold, shop around. Many stores will charge a higher rate than the posted spot rate for gold. Some stores outside of busy urban areas do not have to pay as much on rents as stores located in a shopping mall and will offer a better price.
If you are sending your jewelry off in the mail, make sure you investigate how much it will cost you to have the pieces sent back to you if you don’t like the offer. Most companies will give you free shipping to them but charge you an arm and a leg for return postage. Be sure you have an idea how much it will cost you to reclaim your items.
Keep your gold investing to yourself. You really don’t know who can be trusted when it comes to your investments. Keep your investments personal and protect them at a safe or bank. That will help protect your gold and you at all times.
You should note that even if a whole piece of jewelry is not solid gold, the backs of earrings or clasps may be. In many cases ring bands and the clasps of necklaces are real gold too. You can sell these small pieces together. By selling them as a collection you will get a higher price.
The gold market is a profitable way to invest, and therefore many people are interested in getting involved. Most people don’t know what steps to take, though. Hopefully, you have learned a few things in this article to help you gain an edge in your trades.