All investors should familiarize themselves with gold investing strategies. Diversity is important, and gold will help diversify your portfolio. But, where to start? There are various options, so it may appear overwhelming. Read on to learn more about the basics of investing in gold.

Precious Metals

Do not dabble in the gold market until you are familiar with pricing of precious metals. The prices of precious metals fluctuates daily, so it’s best to know the price of the day. A higher percentage over the melt should be expected when purchasing fractional gold pieces such as 1/2 or a 1/4th ounce against a one ounce piece.

It is possible to safely purchase gold online. You don’t need to have a physical store location anymore. You can buy and sell your gold at many websites online. The site will send you a special kit in which you’ll return the gold items. If all is in working order, they’ll then pay you at their going rate.

If you’re clueless about the value of your gold jewelry, have it appraised. It costs a little, but the knowledge gained is valuable. An independent appraiser should be used in order to receive the best value. Understand that you’ll be paid less than the appraisal value of your gold by gold buyers, however.

Use GoldMoney if you are interested in buying gold. It can be compared to “gold bank accounts.” Set up the account, deposit some funds, and you get gold at the price that correlates to the account. The gold resides in a bank. From there, you can sell it or do a number of other things with it.

Never pass up an opportunity to search for gold in a thrift shop or antique store. You can find bargains in these places. Often, gold ends up in stores like this because the original owners didn’t realize the items they had were valuable. If you do some research, you can benefit greatly.

Many people don’t know that a magnet can be used to test whether something is made of gold or some other type of metal that is precious. Gold and other precious metals are non-ferrous, so they won’t be attracted to a magnet. Sometimes a jewelry piece is only plated in gold with a solid gold clasp. Using a magnet is an excellent way to find this out.

You can invest in gold without collecting it. You can invest in gold mining stocks or purchase shares in an exchange traded fund or mutual fund that focuses on gold. Buying gold bars or coins involves considerable storage. Remember you must keep these things in a safe place.

Before selling gold, separate everything by karat. Some vendors may try to weigh all of your items at one time and pay you for the lowest karat. This will cheat you out of money. If your gold is already separated, you will get as much as possible for it.

Never sell some gold just for the sake of doing so. Gold tends to increase in price, so waiting may yield even greater profits. If you’re able to keep your gold, then you may be able to get more benefits from it later on.

You might be able to scrounge up some gold by simply asking your friends and relations if they have damaged jewelry items they no longer want. Get a quality jewelry scale, measure the weight of your gold and it will be possible for you to offer a better price than a pawn shop while still making a profit.

Be well versed on the buyback policy of the seller. Some people that buy gold will make you pay a premium to get the gold resold, and some people don’t do that. Think about how much it would cost to send things like gold bars that are bulky to dealers far from where you live. It is best to take the gold as soon as you purchase it from your local dealer.

Making the right choices when you invest in gold is vital. This article should have given you the confidence you need to make the decision to invest in gold. Remember what you have read and get going today.