All dedicated investors need to have commodities in their portfolios. The best commodity available is gold. Read this article to find out how to invest in gold for retirement or for short-term profits.
Get a value from a few buyers before selling your goal. Gold buyers and jewelry stores are out to make a profit, so they’ll all pay less than the actual value of the gold you’re selling. Getting estimates from several establishments will help you make sure that you receive a fair price.
Gold bars are the most economical choice for investment purposes. The weights of these items may vary. There is a choice of half-ounce and then up to 400 ounce bars. It will be harder to find the bigger bars.
Arrange for delivery of your gold at the time of purchase. When the seller doesn’t ship immediately, you must get their promise to ship in writing. You should be provided with the estimated date of delivery. Don’t go through with the order if they can’t provide you with the delivery date in writing.
If you’re interested in investing in jewelry made of gold for someone other than yourself, make sure that you have the ability to return it for a full refund if necessary. You do not know if the gift receiver will like it or if the piece fits. This is a huge problem.
Comparison shop when selling old gold jewelry. While many stores state they pay the standard price for gold, there are a number of them that do not. Local stores that don’t have outrageous overhead may be able to pay you more for your gold.
Spot Price
The day that you plan on buying gold, check its spot price. This can be seen at numerous websites, but keep in mind it can often change. When purchasing, don’t pay greater than 8% markup above the spot price. Some sellers try charging more, but that’s overcharging, which is generally unethical.
Try using something like GoldMoney for buying gold. Think of it as a bank account that deals exclusively in gold. With this service the money in your account is converted into gold. The gold resides in a bank. From there, you can sell it or do a number of other things with it.
Don’t discount the value of looking for gold in vintage or antique stores. You can find bargains in those places when you’re aware of what you want. People frequently give these things away without understanding their value. You can reap the benefits of their loss if you do your homework first.
When you attempt to sell gold, make sure you know the current market prices. Try to compare what similar sized pieces are selling for. You will get a realistic idea of what you can expect to receive for your jewelry. Always ask for more than what you want, because this will leave some room to negotiate.
Check with the BBB before you sell gold to a dealer, jewelry store, gold buyer, etc. You will see if there were any complaints and be able to read reviews from consumers who have conducted business with them. Pay special attention to any complaints and if they were resolved or not. If there are a lot of complaints on their record with the BBB, move on to a different business.
Before you buy gold, find out something about the dealer. In order to ensure you’re dealing with a legitimate dealer, check the BBB. If you contact the BBB, they will tell you if the dealer has complaints filed against them. If so, think about using someone else.
Stock Market
Try selling gold coins when the value has peaked. The stock market fluctuates daily. If you learn about how the stock market works, you can maximize your returns. Wait for the market to climb, and then sell your coins when prices are high.
Gold investments are long term investments. It’s an investment that is like wealth insurance. Only buy when the market is stable. Gold shortages are common when the economy is rough.
Now that you’ve come to the end of this article, you know a few things about gold. Use this advice to widen your portfolio, or make a bit of extra money. Keep in mind all that you gleaned from this article to find success that is truly golden.