Let Your Portfolio Shine With These Gold Tips
8 min read
Learn about how to invest in gold. You can’t just dive into this because you’ll get lost, but know that this isn’t terribly difficult to get into. Keep reading to become educated on how to invest in gold.
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. By seeking multiple estimates, you are able to determine whether an offer is truly fair.
Arrange for delivery of your gold at the time of purchase. If delivery isn’t immediate, then you need written confirmation from the seller about your pieces. There should be a date listed for when you can expect them. Proceed with the order only if you get this confirmation.
Always use a reputable company when selling gold. Check with the BBB and look at reviews online before you sell your gold to a buyer. A legit buyer will offer a fair amount for the gold you have. Protect your invest and look into these companies.
Melt Value
Before you buy or sell your gold, make sure you understand how the prices of precious metals work. Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business. You must be prepared to pay higher percentages over the melt values for fractional gold pieces like 1/10, 1/4th, and 1/2 ounces versus one-ounce pieces.
When selling your gold, it is necessary to determine if you wish to sell something as jewelry or simply to get its melt value. Many buyers only want to pay for the melt value of the jewelry. If you’re prepared to put more effort into locating a buyer, though, you may make more by selling your pieces as jewelry.
Gold prices may be so high that you may feel that it is best to choose jewelry that is gold-filled or gold-plated instead. You don’t have to spend a mint at a jewelry store, though. You can usually find more affordable gold jewelry online, or if you visit pawnshops.
If you are sending your jewelry off in the mail, make sure you investigate how much it will cost you to have the pieces sent back to you if you don’t like the offer. Companies often provide free shipping, but it can be costly to get them back to you in the mail. By knowing this information ahead of time, you can prevent unnecessary charges.
Know the current price per ounce of gold before selling your pieces. This way you will already know what to expect for your gold. Though many deals will provide you with its true value, others will try to deceive you so they can get a better deal for themselves.
Licensed Buyers
Why not get your gold jewelry appraised if you are not too sure about its current value? The up front cost is significant, but it can give you a better estimate of value. You will want to find someone who is accredited in gold appraisal to get the proper value of the piece. If you decide to sell, be aware that it’s not likely for you to get full retail value of your item.
Sell to licensed buyers only. While you can still get taken for a ride, licensed buyers tend to be more reliable. There are a number of people out there willing to buy, so avoid thinking you have to go with the first buyer you see.
If you’d like to sell scrap gold or jewels, look around for the best price. While the market quotes a price, not all companies actually pay close to that price. You might get a better deal at a store not in a major shopping mall, since their overhead and rent is lower.
Use GoldMoney to buy gold. It’s like opening a bank account which trades in gold. You can open an account, fund it and then determine what price you wish to pay for gold allocation. Your gold is physically kept in a vault where it can be cashed in, segmented or redeemed for bullion bars.
When sending off your jewelry, you need to consider the shipping cost to you if you’re not satisfied with the offer given. They may not charge you to send it to them, but they could gouge you to send it back. Realize in advance that you’re out money to get back your jewelry.
Always read any fine print on your contracts. If you are selling gold by mail, this is even more important. Doing so makes it easier to keep track of what portion of your earnings go toward fees and commissions.
Never neglect the idea of hunting in antique shops or flea markets to find gold. You can find gold in unexpected places, but you have to know what to look for. Lots of folks are unaware of the value of the items they donate to these places. A little bit of effort on your part to look around can yield big results.
When you make a transaction with a gold buyer or seller, make sure you understand all the terms. Gold dealers have to protect their investment. You need to know what you’re signing. If you don’t care for the fine print, move on. Sometimes this is right thing to do to protect your interests.
A quick and inexpensive way to test a piece of gold or precious metal to see if it is real, is by using a magnet. Gold and other real precious metals aren’t attracted to magnets. Check the clasp separately from a chain. The magnet test is an excellent way to find out.
Only buy from a dealer you know. Check the Better Business Bureau to make sure a gold dealer can be trusted. You can phone the BBB or visit their website to see if any customers have filed any complaints against a company for not-so-great business practices. If you find complaints, think about going elsewhere for your transaction.
Ask the gold party representative about how the gold’s purity in karats is determined. Items are usually stamped. Sometimes, though, an eye test is insufficient and buyers have other ways of making that determination. The simplest test is the acid test, so if a rep is using this method, he may be a novice to the market.
Do not sell your gold just because you can. Gold is always increasing in value, so don’t sell it unless you really need the money. You may benefit in the future by keeping your gold.
Before you sell your jewelry for scrap gold, have them appraised. Fine details and other clear signs of craftsmanship may result in a piece’s value being worth more than just the value of the gold itself. Knowing the true value of a piece can make it well worth the cost of appraisal. This is also a great way to locate buyers who might be interested in your gold.
Karat Values
Earring backings are often solid gold, even when the earrings are not. Ring bands, clasps on necklaces, and other easy-to-overlook bits of jewelry also often have significant gold content. Those odd pieces should be sold as one lot, as they weigh so little on their own. You may get more money this way.
Break up your gold into karat values when you intend to sell it. The gold values differ by karat values so if all the gold you have is weighed together, it won’t be the best value you can get. Gold with a higher karat value is worth more.
If you are selling gold pieces you own, keep pieces of different karats separated. This will ensure that you are paid correctly; otherwise, a dealer may try to pay you using the lower karat weight values. This is a scam that will cost you money. Instead go in with the piles pre-separated so that you’ll get the most for your gold.
To protect yourself and get a good deal, always do research on anyone you might buy gold from. If you plan to mail the gold out of state, this is even more important. Companies which buy gold are listed with the BBB, so you may see if complaints are listed for your vendor.
When negotiating with the dealer, be sure to read everything with a fine tooth comb. There is a lot of money in gold and some unscrupulous brokers out there. It’s best to pay attention to what you’re signing your name to. If you aren’t a fan of the terms, go somewhere else. Find a broker you are comfortable with rather than signing a sub-par deal.
Ask relative for broken jewelry that they no longer want. Get yourself an accurate scale that can weigh the jewelry so you know how much to offer your relatives and still make a profit from the deal.
As you prepare to sell your gold pieces, divide it into separate piles based on karat values. Don’t allow all of your gold items to be weighed together or you will not get the true karat value. Pieces with higher karats are the more valuable pieces.
Try to sell high. The stock market goes up and down everyday. When you understand how the market works, you are better prepared to turn a profit. Wait to sell your gold until you see the stock market climbing.
If you’d like to keep yourself safe when buying gold, be sure you’re researching who is buying it. This is critical if you are looking into a mail-away type service with a buyer in another state or community. Any gold dealer will be listed through your Better Business Bureau.
After learning more about investment in gold, you need to use that information. Think over everything that you went over here and be sure you use it when you’re developing a strategy for your investments. Chances are that making a profit from gold will be a benefit to you over the long run.
You should guard against buying too much gold as an investor. Gold doesn’t generate income, unlike purchasing bonds or stocks. Additionally, gold prices are really volatile. When equities are devalued then gold goes up. Never invest greater than five percent of your whole portfolio in gold.
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