Gold has held its value despite market instabilities, and this has made it an extremely popular investment. You may wish to use gold as a kind of safeguard for your investments. Read on to learn more today.
You need to be cautious about the kind of gold that you purchase to help fund your retirement. This needs to be gold investments that have IRS approval. It needs to be either 24 karat coins or bullion bars. Bars are generally more valuable than coins and should, therefore, be favored.
Realize that all items containing gold have some sort of resale value to dealers. For example, you might sell home accent pieces, dinnerware, and old or broken rings and necklaces. Even things that are not pure gold can have value. It may just be plated or partially pure. You will still receive money from the sale of these items.
When selling your gold, it is necessary to determine if you wish to sell something as jewelry or simply to get its melt value. The quickest way to sell off gold (and the one many dealers and pawnbrokers prefer) is for the melt value. Don’t let this hamper you, because you’ll find the right buyer eventually.
Make sure that you know the current market value of your gold before selling it. You can find that on a lot of websites, and that can change every day. Paying for gold that is any higher than an 8% markup is not a wise investment. Be on the lookout for any unscrupulous dealers who try to get away with overcharging you.
Don’t go into the situation blindly when selling gold; always know what the market price is. It’s also a good idea to research what similar pieces have for asking prices. Doing this will provide you with a helpful price to work around. Always ask for a bit more than you really want in order to allow for negotiation.
Use a magnet if you want a cost-effective way to determine whether or not the precious metal is real. Gold and other real precious metals aren’t attracted to magnets. Sometimes it’s the clasp that is gold, while the rest is only gold-plated. A magnet is a good tool for discovering fake gold.
Instead of immediately thinking you have scrap gold, take it to get appraised first. This is true for pieces made with fine craftsmanship. The appraisal will give you the best idea as to the worth of your gold. They may even give you a reference to a buyer.
You don’t have to physically own gold to invest in it. 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 want to get physical gold, factor in the cost of storage in a secure location.
You can actually sell your gold through the mail! A lot of sellers prefer this process due to the simplicity. You get a prepaid envelope, you put your jewelry in and you ship it off, only to get a check in return. The price of this convenience, though, is that you will be paid considerably less for your gold. Be aware of the fact that you may receive approximately 30% less in some instances.
Gold is usually a good investment, but there are no guarantees. If you’re not ready for a roller coaster ride, gold investing is probably not for you. However gold is perfect for long term investments. Only invest a small amount of your financial portfolio. Five percent is a good limit.
IF you want to be a good gold investor, find out how you can test the grade. You measure gold purity using karats. Gold with a higher karat value is more valuable per ounce. The stamp isn’t enough to go on. Understanding how you can test gold’s purity will help ensure you never overpay.
Many people around the world are concerned with the economy’s troubles, and rightly so. Gold investing has become very popular, and some believe it’s because of these recent troubles. Understanding gold buying and selling is the best way to use these markets to your best personal advantage. Use the above tips to become more knowledgeable about gold investing.