Buying gold to increase wealth is an age-old strategy, but it has become increasingly popular in a rough economy. This article will help you learn more about the gold market. Keep reading to get helpful advice.
When selling gold, sell to reputable buyers. You can check out their reputation by contacting the BBB and checking online reviews. A reputable buyer will typically pay you a fair price for your gold, and they will offer better customer service than less reputable buyers. Doing this protects your investment.
Be aware that any items containing gold can be sold to someone dealing in gold. Old or broken jewelry, old coins and tableware are just some of the things that may contain gold, It doesn’t have to be all gold either. You could also sell something that is gold-plated or contains only a small amount of gold. You can still find a nice return on the sale of it.
Melt Value
When it comes to selling gold, you must decide if you are going to sell it just for its melt value or as a jewelry piece. You will see that pawn shops and private buyers only pay melt value. This shouldn’t deter you from selling your gold, as there is probably a buyer out there willing to buy for collector value.
If you want to sell gold, make sure the buyer has a state license allowing them to do so. While you can still get taken for a ride, licensed buyers tend to be more reliable. Many individuals, pawn shops and jewelry stores are interested in buying gold. Be picky about your buyers.
Understand what you really have. Not everything is worth what you think it’s worth. Many times, gold is mixed with other metals to increase its strength. This can make the price a lot lower. This also applies to gold plated items. If you are unsure of what you have, you may want to get it appraised prior to going to sell it.
When at a gold party, talk with the rep about how they make the determination on the karats of the jewelry being sold. In many cases, items are stamped. There are ways to determine a piece’s purity if no stamp is present. 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.
Before you try to sell any gold items, you’ll need to separate the pieces depending on the karat weight. Weighing the items separately ensures you get the true value its worth, but some sellers won’t do this. That’ll mean less money for you. Be safe and maximize your value by having all the gold separated before dealing with the buyer.
Before buying gold, know your dealer. Check with the Better Business Bureau to verify the reputation of a dealer. When you contact the BBB, you will learn whether there are complaints. If there are complaints, you need to find a different dealer.
When selling gold, separate it into different karat value groups. Gold values vary based on karat weight, so lumping different weights together will result in a reduction in the price received. Gold with higher karat values is more valuable.
Nearly anyone these days knows that gold is historically a good place to store and accumulate wealth. When the economy is bad, gold is more valuable. Hopefully, you’ve found these tips useful and can now start delving into your own gold investing.