Gold has always had the reputation of being a highly prized commodity. Since it’s discovery eons ago, people have treasured gold. If you want to start trading in gold, the tips below will help you.
Bullion bars are an excellent gold investment. Bullion bars come in a variety of weights. You can find them from a half ounce all the way up to four-hundred ounce bars. If 400 ounce bars interest you, know it will be hard to find them.
Before buying or selling gold, know how all the prices work. Gold, along with silver and platinum, have prices that change on a whim. Therefore, you must always know what the spot price currently is. Understand that you will likely pay a higher price for fractional pieces. A half an ounce, for instance, will not exactly cost one half the price of an ounce, it will be slightly higher.
Gold Broker
Make sure you research any gold broker you do business with. You want to work with a reputable gold broker. Check for online reviews and reports from the BBB and see how these dealers resolve complaints from their customers. Shop around to get the best price for your gold.
Consider selling gold online. You no longer need to visit a physical store to buy and sell gold. Take advantage of websites that allow you to sell gold. You will receive a kit that will allow you to mail your gold items off. They will give you an offer, if everything goes properly.
If you’re thinking of getting gold to help you retire, you need to get the right variety. The IRS needs to approve the gold. Only 24K coins and bullion bars are eligible. If you can, purchase bars rather than coins since they are more valuable.
If you don’t have much money to invest in gold, you could start by purchasing scrap jewelry pieces. This is easy to do over time, and can lead to an accumulation of real value in the span of a year or two. Ensure that the gold is safely stored and secured at all times.
Melt Value
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. Many private buyers and pawn shops are only willing to give the melt value. Don’t let this hamper you, because you’ll find the right buyer eventually.
On the day you are planning to buy your gold, check the spot price. Many sites offer this information, plus it changes every day. Never pay in excess of 8% markup above the spot price. Some will attempt to charge even more, but that isn’t ethical.
Whenever you begin the gold selling process, you need to be educated on the market price. Look around to understand what people are asking for similar pieces. In this way, you will have a good idea of how to price your gold. Always start a little higher that what you are actually hoping to get, so you have room to negotiate.
Make sure you have separated gold as far as karats when you are figuring out your investments. Gold values vary based on karat weight, so lumping different weights together will result in a reduction in the price received. The greater the karat ratings, the more the gold is worth.
To get a good deal and protect yourself, research the gold buyer critically. If you choose to use a mail-away gold buying service, be sure you requested the service. Don’t just mail your gold and personal information off to someone who has asked you to. Consult the BBB to determine whether anyone has lodged complaints against a prospective buyer.
Now you should know more about gold values and why it’s treasured by many worldwide. Gold is a great thing to invest in, and it looks great too when you wear it. Use what you have learned to help you invest in gold soon.