If you have decided that you want to profit from gold, you have an admirable goal. But you need to acquire a certain amount of technique first. Keep reading to see why gold is a valuable and great investment strategy.
Prior to selling or buying gold, be certain you know how precious metal pricing works. Precious metal prices vary from day to day and it’s best to check the price before selling or buying gold. Gold pieces with fractions of an ounce will command higher prices than pieces weighing one ounce.
Comparison shop when it comes to selecting a buyer. Check for online reviews and reports from the BBB and see how these dealers resolve complaints from their customers. Ensure you receive the maximum amount for your gold by shopping around.
Before you buy gold from gold sellers, ensure you have scheduled a quick delivery. 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. The date they expect you to get them should be listed. Only complete the order if given this documentation.
If you are looking to sell gold, the first thing you need to figure out is if you’re going to offer it up as an entire jewelry piece, or seek the melt value. Private sellers and pawn shops just want the melt value. If you’re prepared to put more effort into locating a buyer, though, you may make more by selling your pieces as jewelry.
If you decide to mail your gold to a buyer, find out how much mailing and insuring these items will cost you and how much you will have to pay to have the items mailed back to you in case you do not accept the buyer’s offer. A lot of companies say they’ll let you ship for free, but to get things back they charge quite a bit. You want to know what those charges might end up being before you decide to send them your gold.
Your buyers should always have gold-buying licenses from the state. You could still have a problem, but licensed buyers are more likely reputable. Do not be forced into selling to the first buyer you find if you are not happy with the terms on offer.
Don’t sell your items to the first buyer you come across; always get a few quotes. You never know what kind of offer you will receive! If you stick with your first buyer, you could get a terrible deal. Think about this ahead of time so that you can put the most money inside your pocket.
Ask what method is used to determine the purity or karats of your jewelry. In many cases, items are stamped. A visual cue may not be available so other methods are used to figure it out. One method that can be used is the acid test.
Have jewelry appraised prior to selling it to anyone as scrap gold. This is particularly true for unique pieces that have exquisite workmanship and design. The appraisal isn’t free, but it can boost your selling price. Appraisers can also tip you off about interested parties concerning your jewelry.
Now you know how to use gold to your advantage. It can keep your whole portfolio in balance. Now you should be able to see what makes gold good to invest in as well as what risks you should look out for.