Gold is not a subject that too many people know about. Not knowing all there is to know about it could really hurt someone. If you’re one of these people who doesn’t know much about gold, these tips will be helpful to you.
Make sure that you get a quality estimate from a reputable source before selling your gold. Gold buyers include all types of businesses ranging from jewelers to online companies. Nearly every one has different profit levels that they must maintain. When you have several estimates, you’ll have a better idea of what fair market value is.
When you sell gold, you should obtain a type of estimated value from multiple sources. From pawn shops to jewelry stores, each location will charge a different premium on gold. Getting estimates from several establishments will help you make sure that you receive a fair price.
Look for a gold buyer that has a good reputation. You can always find online reviews, inquire with the BBB and learn how each vendor handles complaints. Check for offers through different buyers to make sure you get the best price for your gold.
Bullion bars are a great choice if you wish to put your money in gold. The weights vary. You can find them from a half ounce all the way up to four-hundred ounce bars. A heavier bar may be more difficult to find, however.
Sell your gold online. Gold deals no longer have to take place at a “real” store. Many websites are available will help you sell your gold. They’ll send you a kit in which you can send the gold items you wish to sell. If they accept the pieces, you will receive their prevailing rate.
Reputable Buyers
You should always ask for timely delivery when purchasing some gold from a reliable seller. It you don’t have it delivered immediately, find out when you will receive your gold. The date they expect you to get them should be listed. Don’t not follow through with the purchase unless you have this in hand.
Stay with reputable buyers when you sell your gold. Check the reputation using the BBB and online reviews. Reputable buyers will pay fair rates for gold and will provide solid customer service. Do this to protect yourself and your gold investment.
If you decide to send your jewelry to a company through the mail, research them and their terms before heading to the post office. Be sure to understand when to expect payment and how to insure your items. Make sure that you photograph each piece of gold you’re sending before you mail it off.
Research a gold buyer before selling your gold. BBB and consumer reviews are two sources of information that can give you an indication of a dealer’s reputation. If you get multiple bids from various gold buyers, you are more likely to receive the top price for your gold.
If you’re thinking of supplementing your retirement funds with the help of gold investing, it’s important to understand what type of gold to invest in. The gold must be approved by the IRS. That means only 24 karat and only coins or bullion. Bars typically are more valuable than coins are.
You might have avoided gold because of the price, and chose instead to buy gold-filled or gold-plated pieces instead. But, it is still possible to purchase gold jewelry without having to go to a jewelry store and spend a fortune. You are able to get gold cheaply in pawn shops or on the Internet.
If you choose to sell jewelry or scrap gold, shop around. All stores won’t pay market price for your gold, since they are all in business to make a profit. The overhead of the store involved may determine how much or little they are able to offer.
Only buy gold jewelry if you can return it. People’s tastes are different and you don’t know the whether the person will like what you buy. If that happens then you’re going to want to return it and get your money back.
Sell only to gold buyers who are licensed by the state. Licensed buyers are generally more reputable than unlicensed buyers. There is no shortage of places to do gold trading, so don’t feel pressured to take the first offer you get.
Take your old gold that you want to sell to a number of different gold-buying companies before settling on one. All stores won’t pay market price for your gold, since they are all in business to make a profit. Some stores outside of busy urban areas do not have to pay as much on rents as stores located in a shopping mall and will offer a better price.
While gold buying can be fun, don’t tell everyone about it. You may not know who is overhearing you, or who is trustworthy. Keep your investments personal and protect them at a safe or bank. This keeps the gold and you safe under various circumstances.
Licensed Buyers
There are many unexpected places to find gold, including thrift stores and antique shops. Just make sure you 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, this can be your benefit.
Sell to licensed buyers only. You could still have a problem, but licensed buyers are more likely reputable. There are quite a few vendors that will purchase gold, so never go into it thinking you’ve got to sell your gold to the first seller you talk to.
Ask the gold party representative about how the gold’s purity in karats is determined. Many times the item will have a stamp. Sometimes, though, an eye test is insufficient and buyers have other ways of making that determination. Dealers using an acid test may be newcomers, as this is a very basic test.
Talk to a gold representative to learn how they test gold for purity. Many times you will see the item have a stamp on it. In other cases, there’s no visual evidence and the rep must make the determination by an alternate method. One simple way to do this is to use the acid test; if your rep does this, he might be a novice in the business.
Carefully read and check the small print in the sales contract. This is especially important if you decide to sell some of your gold items through a mail-in program. Doing so makes it easier to keep track of what portion of your earnings go toward fees and commissions.
Rich Quick
Although gold can be a lucrative investment, it can be volatile. It is important to understand that prices can vary daily on gold values. If you can, try to reduce your downside risk. Only invest a small amount into gold. Many experts say that no more than 5 percent of your assets should be devoted to gold.
Be sure to do your homework about current gold values prior to any investment decision or action. Lots of folks claim to be experts and want to get their hands on your money. Be wary of any claim to help you get rich quick in the gold markets. You will not get rich quick with gold. It is a long term investment.
Don’t sell gold just to sell it. Gold tends to increase in price, so waiting may yield even greater profits. You may be able to sell your gold for even more later if you hold onto it now.
Talk to the BBB before selling your gold to a jewelry store, dealer or gold buyer. They will have basic information about the business listed, along with any reviews or complaints from others that have done business with them. Pay attention to complaints and see if they’ve been resolved. If you see that there are a lot of unresolved complaints, you may want to go with someone else.
IF you want to be a good gold investor, find out how you can test the grade. Gold purity is measured in karats. The higher they are, the more expensive and pure it is per each ounce. Don’t just believe the karat value expressed by the karat stamp. When you know how to test gold, you’ll ensure that you get good quality.
As stated in the article from above, many people love to own gold but aren’t well-versed in what exactly it entails. However, after reading the above tips and techniques, you should have a better understanding of gold. Use the above tips to make smarter gold decisions.
Inquire if your relatives would be interested in selling any gold they no longer want. Simply purchase a quality jewelry scale to find the exact weight of the gold. This allows you to make a fair offer on the value of your friends’ and family members’ gold pieces.
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