Gold 101: Tips And Advice For Buying And Selling

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All serious investors need to have commodities in their portfolios. Gold tends to be the best commodity that is out there. From building a retirement nest egg to making beer money, this article will help you achieve a financial goal.Do you are familiar with pricing of precious metals. Silver, gold and platinum prices fluctuate often, so spot check a price on the day you plan to do business. You must to pay a higher percentage for fractional pieces like half ounces and quarter ounces over the melt prices.When you decide to sell gold, you should get a few sources to give you an estimated value. Gold buyers and jewelry stores are out to make a profit, so they’ll all pay less than the actual value of the gold you’re selling. When you get an estimate from more than one, you can help to ensure you’re getting a fair price on the gold you’re selling.Before you buy gold from a dealer, make sure you have a firm delivery commitment from the seller. If a seller gives you anything other than immediate delivery, you must get some kind of writing from them confirming when you can expect to get your pieces. The expected delivery date of arrival should not be a mystery; it should be clearly stated. Proceed with an order only if you get this confirmation.This is easy to do over time, maybe some each day so that you can get some valuable gold in about a year.Keep your stash in a safe place until you get enough of it to cash in.Think about selling gold on the Internet. You don’t have to go to a physical location to sell gold any longer. You can use one of many websites out there to sell your gold. The site will send you a special kit in which you’ll return the gold items. If when they receive it, all is as they expected, you’ll get their current rate.Have a professional appraise your jewelry if you do not know how much it is worth. This may cost a small fee, but it could save you a lot of money later. If you decide to sell, know that you probably are not going to get the full appraisal amount.There are many unscrupulous companies in the gold market. You need to exercise caution and do your research to keep yourself safe.Look at the spot price of gold before selling. This can help you discern whether you’re being offered a good price or not. While dealers often give you market value, some are used to sellers wanting quick cash.Many times you will see the item have a stamp. However, if there are no visual indications, so the reps have ways to determine it. Acid tests are simple ways to do this, so if a representative is using this, they might be new.Always read the fine print in sales contracts. You need to know what you’re getting into if you’re using a mail service. This lets you keep better track of how much you have to pay for fees.If you wish to enter the gold market but don’t have tons of capital, try buying scrap. If you do this on a regular basis your collection would grow quite quickly. Keep your stash in a safe place until you have enough of it to cash in.Read all the fine print when meeting a gold dealer.This is a small-change type of business; there is big money involved. Know fully just what you are putting your signature on. If you’re not comfortable with any terms, walk away. It will pay off to know you have that extra protection.Gold is a safe investment but volatile investment. If you can’t stomach market swings, gold investing is probably not for you. If your stomach can handle the rough ride, then you can still limit the downside risk involved. Only a small portion of your portfolio in gold. A good limit is about five percent.

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Sell only to gold buyers who are licensed by the state. They are likely to be honest. There are a lot of stores and individuals that will buy gold, so don’t feel like you have to sell to the first person you come across.The purity of golds is measured by the karat.The higher the karat, the more pure and the more expensive it is per ounce. You should not just go by the karat stamp. You won’t pay too much for poor quality if you know the methods to testing gold purity tests.Have a game plan in place before you begin investing in gold. Gold is good to have around in a bad economy, but its value can also be very volatile. If you’re able to set a limit on being exposed to it and have a few things in mind before you set out, you have a better chance of making money.Antique stores may hold valuable gold. You can find bargains in these places. People frequently give these things away without understanding their value. Their loss can be your gain.If you are going to sell your gold online, check the prices several times prior to proceeding. It may be simpler to mail it in, but these outlets do not typically pay as well.Make sure you look into the buyback policy of your seller. Some gold buyers may charge premiums for reselling gold while others don’t. Think about how much it would cost to send things like gold bars or coin collections to far-flung dealers. It is best to take the gold you purchase yourself to ensure its safety.Go over the fine print of the contract offered by your buyer. You need to know what you’re getting into if you’re using a mail-in purchasing service to sell gold. Doing so makes it easier to keep track of what portion of your earnings go toward fees and commissions.If your gold jewelry includes gemstones, you can ask to keep them after the piece is melted down. If they are very small, though, this might not work.Be sure you are getting what it is you think you are getting from your purchase. Some coins have just been gold plated.Instead of immediately thinking you have scrap gold, take it to get appraised first. The more intricate the jewelry, the more it will be worth. Although you may be charged a fee for the appraisal, it may earn you more money in the long run. In addition, appraisers may know people who may be interested in your jewelery.Gold tends to be a perennial favorite in the trading market. You can make a profit with gold in both bullish and bearish or bullish.Jewelry with higher karat rating is worth more. Make sure you go to sell.Prior to selling your gold to a buyer, jeweler or dealer, check them out on the BBB. This agency can give you a good indication of whether the business you are dealing with is on the up and up. Don’t worry too much about complaints that have been satisfactorily resolved. If a business has a lot of customer complaints or unresolved complaints, avoid using them.After reading this article, you are ready to purchase gold. You can invest in gold to diversify your portfolio, make long-term profit or to insure your personal wealth. Keep these tips on mind and continue securing success with gold.

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