Given that the dollar seems to be headed forever down in value, a lot of investors find precious metals like gold to be a trustworthy and rock solid investment. While the dollar’s value decreases, gold’s increasing value makes it the most sought after precious metal for investment purposes. The information in this article will guide you as you begin buying gold.
Bullion bars are hands down your best gold investment. Bullion bars come in a variety of weights. The bars vary in size from half an ounce to 400 ounces. However, you may have a hard time locating bars that weigh four hundred ounces.
Do you know how pricing on precious metals works? Daily fluctuations are the norm, so you must be current on the spot price. You should be ready to pay a higher percentage for fractional pieces like half ounces and quarter ounces over the melt prices.
Look into buying scrap gold if you can’t afford to get into the bigger market. Scrap gold can be purchased in very small quantities (like a little bit every time you get a paycheck) and stored until you have a large enough collection to sell off. Keep the gold somewhere secure until you’re ready to sell it.
If you are buying gold jewelry as a gift, make sure you have a money back guarantee. People’s preferences in jewelry are different, and the piece might not fit the person. If that happens, you want to be able to take the piece back for a refund.
Get your jewelry appraised. This may cost a small fee, however it is crucial if you want to know the true value of your item. Look for an independent appraiser who is properly accredited if you want the most accurate value. When you sell, you won’t get the whole appraisal value, though.
Realize that all items containing gold have some sort of resale value to dealers. That could be broken pieces of jewelry, tableware, home decor, or anything else you have around. It doesn’t have to be 24 karat either. Items that are partially constructed of gold or even gold plated are acceptable. You’ll end up with some money in your pocket.
If you’re selling a gold item that has value beyond its weight in gold, you need to choose whether to sell the piece for its intrinsic value or its melt value. If you are selling to pawn shops or most private sellers, expect them to offer the 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 don’t want to worry about storing, shipping and insuring your gold, consider buying GoldMoney instead. It’s like opening a bank account which trades in gold. All you need to do is create an account and fund it. You are assigned the same amount of gold as the value of the account. Of course, you won’t actually have the gold. It will stay in the bank, but you can cash it in, portion it or even redeem it to receive one-kilogram bars of gold bullion.
Be careful when dealing with the gold market. Several markets have bad companies, but gold is notorious for containing many. Any number of shady individuals or even business are ready and willing to rip you off. Therefore, it is important to proceed with caution and research each company carefully.
Prior to picking a gold buyer, comparison shop. You will get many different amounts. Shaking hands with a buyer who brings you the first offer may actually shortchange you. Take time to get the most cash you can for your pieces.
Many times the backs of earrings are solid gold, even if the earring itself is not solid. Necklace clasps and ring bands often are too. The weight is low, so sell these items together. The more you have, the more they will weigh.
When investing in gold and various other precious metals many people incorporate different strategies. Some people prefer to purchase gold coins or bullion, while others just purchase stock in gold or silver. Hopefully you now have a better understanding of the different ways that you can invest in gold.