There are millions of people who love to wear gold jewelry, but for the most part, they know very little about gold investing itself. To make money in gold investing, it is important to know what you are doing. The advice below will be quite helpful to anyone who is not familiar with the ins and outs of gold investing.
Bullion bars are usually the safest way to invest in gold. The weights of these items may vary. The bars vary in size from half an ounce to 400 ounces. Be aware that if you are looking for the biggest bars, you will have a difficult time locating them.
If you’re sending your gold to some company via the mail, check them out before doing business with them. Be sure to understand when to expect payment and how to insure your items. Finally, take a picture of everything you are putting in the mail in case there is a dispute later on.
If you don’t know what your gold jewelry is worth, consider having an appraisal done. While you may have to pay a fee, the knowledge you gain will help you in the long run. You will want to find someone who is accredited in gold appraisal to get the proper value of the piece. However, do not expect to receive the exact amount suggested by the appraisal when you sell the gold.
Realize that any piece that contains gold can be sold to a buyer. Don’t overlook flatware, watches, jewelry and even broken pieces as potential sources of profit. Note that these items need not be pure gold. It just needs to be plated or maybe only a part of it’s gold. You will still receive money from the sale of these items.
Try using GoldMoney to buy gold. It’s similar to opening a “gold bank account.” With this service the money in your account is converted into gold. 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.
No matter the excitement gold buying brings, do not spread the word. You cannot put your trust too easily on people. Stay quiet about the investment and make sure you keep it safe. That will help protect your gold and you at all times.
Don’t rule out getting gold items from thrift stores or antique shops. You can find gold in unexpected places, but you have to know what to look for. Often, gold ends up in stores like this because the original owners didn’t realize the items they had were valuable. If you know what you’re doing, you can make the money they did not.
Always read the fine print of any contract so you understand it completely. This is especially important if you decide to sell some of your gold items through a mail-in program. This lets you know how much you end up with after any fees are taken off the top.
Find a gold buyer that lets you send them your gold. Although this process may be easier, you may not earn as much money. You receive a postage paid envelope, place your items inside, ship it and wait for a check in the mail. One thing to consider, though, is that the majority of these places won’t pay nearly the same amount as a local place in your area. In some cases, you could get about 30 percent less for an item, so just be aware.
Research a gold dealer before doing business. To find a reputable dealer that sells gold, call the local BBB. When you contact the BBB, you will learn whether there are complaints. If you find complaints, think about going elsewhere for your transaction.
In the last ten years, gold’s price has increased about 400 percent. It may or may not be the best time to purchase gold depending on the worth of the dollar. Weaker paper currency equates to a stronger gold market.
As the beginning of this article mentioned, most people don’t know a lot about gold. You should be just fine since you have now read this article. Use the above tips to make smarter gold decisions.