Gold investment is a terrific way to safeguard your money and even turn a profit. Perhaps you are interested in the gold market, but don’t know where to begin. If this is true, you are in the right place. This article is full of information to teach you the ins and outs of gold.
Stick with a reputable buyer when selling your gold. There are several ways to find out about their reputation, such as online reviews or Better Business Bureau filings. A legit buyer will offer a fair amount for the gold you have. Make sure that you protect both your investment and yourself.
If you feel that gold is too expensive, you may be tempted to purchase gold-plated as an alternative. You can still buy gold jewelry without spending a fortune at a store. Visiting flea markets and pawn shops can help you to get the very best price.
Get an appraisal to find out the exact value of your jewelry. Although appraisals cost money, you will know the value of your items. Make sure to choose an accredited appraiser from an independent shop to receive the most accurate appraisal. Even if you still choose to sell, do know that you aren’t going to get the appraised value.
Melt Value
When it comes to selling gold, you must decide if you are going to sell it just for its melt value or as a jewelry piece. Pawn brokers and private sellers may just want to pay melt value. Don’t give up; eventually, the right buyer will come your way.
Always check the daily spot price before you buy gold. This price changes every day. You can locate it on several different websites. When you buy, don’t pay over 8% markup over the price. Occasionally an unethical dealer may try to overcharge their customers.
Only make a sale to buyers who hold a state license in buying gold. Most states require that dealers be licensed when dealing with the buying and selling of gold. Remember that you have hundreds of options available, so do not be pressured into doing business with the first company to make an offer.
Enter the market carefully. While there are unscrupulous traders and companies in every market, the gold trade is particularly noted for having a healthy helping of scam artists. Despite your best efforts, some buyers and sellers are more than happy to cheat you wherever possible. Because of this, you need to be extra cautious and really research.
Get a good grasp on what you own. Not all pieces that appear to be gold are worth their weight in gold. A lot of the time there will be something mixed with the gold so it holds up better. This actually lowers the price of the gold. This is the case with gold plated items. If you don’t know how much your gold is worth, then it would be wise for someone to appraise its worth if you intend on selling it.
A magnet can help you determine if a gold piece is solid. If it is a true precious metal, it will not adhere to the magnet. Check the chain as well as the clasp for an accurate reading. The magnet test is simple and effective for this purpose.
Anyone can invest in gold, whether you’re an expert or not you can place your money in this safe market. Now that you have learned the basics on gold buying, you can be more confident with your abilities in the market. Refer to this article whenever you have a question.