Everyone loves gold; however, many do not know how precious this commodity truly is. This lack of knowledge can make it hard to take advantage of all that gold can offer them. If you’re interested in learning more about it, continue reading for some great advice.
When entering the gold market you will want to have an idea on how the precious metals prices are determined. Gold, platinum and silver prices tend to fluctuate daily, so make sure you check the spot price on a specific day before you make a transaction. If you have gold that does not weigh up to a full ounce, you may receive less than the melt value when selling it.
Schedule for a proper delivery before buying gold from any seller. If your seller doesn’t offer delivery immediately, you need written confirmation of when to expect your items. The expected date must be listed. Only complete the order if given this documentation.
Sometimes the cost of gold causes buyers to go for cheaper imitation jewelry instead. However, it’s still possible to buy gold jewelry and not need to spend a fortune at the jewelry store. Pawn shops can offer many good deals and there are also many online buying options.
If you buy gold for your retirement fund, be sure it’s the proper kind. The IRS has to approve the gold. That means that the gold is a minimum of 24 karats, and formed as coins or bullion bars. Since gold bars are worth more than coins, it is best to buy them instead.
Research the market price of gold before you attempt to sell yours. Look around to understand what people are asking for similar pieces. 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.
A magnet can help you determine if a gold piece is solid. Gold and other real precious metals aren’t attracted to magnets. Check the clasp separately from a chain. A magnet is a good tool for discovering fake gold.
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 times you will see the item have a stamp on it. A visual cue may not be available so other methods are used to figure it out. One simple way to do this is to use the acid test; if your rep does this, he might be a novice in the business.
Fine Print
Read and understand the fine print in a sales contract. Read any fine print before you decide to offer your gold to a mail-in buyer. There are going to be some fees and commissions to consider, and you don’t want them to be too steep.
Instead of immediately thinking you have scrap gold, take it to get appraised first. This is a good idea if the piece is antique or has an elaborate design. Although you will probably have to pay for an appraisal, you might find you have something worth a lot more than you thought. A professional appraiser can also point you towards potential buyers for high-quality gold jewelry.
There are many options available to individuals looking to purchase gold as an investment. It is possible to purchase stocks of gold mining companies, shares in a gold ETF or a mutual fund whose focus is gold. If you choose to purchase actual coins or bars, take into account the cost of secure storage of your gold.
As this article said in the beginning, no matter what people think of gold, they rarely know much about it. You should know more than you did to start. Use the information above to assist you in making wise decisions.