If you are interested in safe investments, gold is an excellent option. Gold can even out your financial portfolio. How do you get started? There a few things to learn, but it is not rocket science. Use these tips to make gold investing a part of your financial plans.
Get multiple estimates for your gold pieces if you are looking to sell them. There are quite a few stores selling jewelry or that buy it, and they sometimes make more money on the gold than you make on it. If you’re able to work with a couple of different places, you can see if you’re getting the best deal.
Sell Gold Online
It is possible to sell gold online. You don’t have to go to a jewelry store or pawn shop. There are many places to sell gold online. You will receive a package that details how to send you gold pieces. If everything is okay, they will pay you whatever their current rates are.
Fully research any buyer that you’re considering sending jewelry to through the mail. Your package needs to be insured, and you need to be aware of when you are going to receive payment. You can also protect yourself in case of any disputes by snapping some photos of your jewelry before sending it off.
Don’t have much money? Invest in scrap gold. Do this regularly over a certain length of time, and in 12 months or so, you would have accumulated a good amount. Keep the gold somewhere secure until you’re ready to sell it.
You can get varying prices depending on how you sell it. Usually, you will only get the melt value from both private sellers and pawn shops. However, if you are patient, you will find a buyer who is willing to pay top dollar for your jewelry.
A fast, cheap way to test for gold’s authenticity is to use magnets. Gold, unlike other metals, will not be attracted to a magnet. There may be times when an item of jewelry has a solid gold clasp, but the rest of the item is only gold plated. This can be a useful method of testing for that.
Talk to a gold representative to learn how they test gold for purity. Many times the item will have a stamp. A visual cue may not be available so other methods are used to figure it out. Dealers using an acid test may be newcomers, as this is a very basic test.
While gold may be a great investment, it may also be volatile. If you’re not wanting to stomach the ups and downs, then you need to steer clear. If you are able to handle it, then you can still limit the downside risk involved. You should invest only 10% of your portfolio in gold. Limiting gold to five percent or less of your total investment is a good idea.
Knowing the right decisions for investing in gold is part of learning the whole investment process and your options that exist. This piece has provided assistance, and you ought to be prepared to make your move. Use these guidelines to pad your pocketbook.