What do you already know about gold investing and trading? Do you get the feeling that you’re new to it all? Are you a seasoned trader that is looking for new tricks? Whatever your level, most people will find this article’s tips to be helpful. We are confident there is something new.
Look for the most reputable gold buyer you can find.
Do not sell your gold without first knowing what it is currently worth. If you sell gold, pieces that have various karat values need to be valued and weighted individually. Avoid selling jewelry that is worth more because of the designer or maker.
Before you buy gold from a dealer, schedule a timely delivery. If the seller does not provide immediate delivery, get the delivery date in writing. The expected delivery date on which you can expect to receive the items should be noted somewhere. Do not finalize your order unless you have this in writing.
If you plan to mail your gold jewelry to a firm, do your homework on the company and its policies before you make a commitment. Find out when you can expect your payment, and get insurance for your package.
Prior to buying a piece of gold from a seller, make sure you schedule for timely delivery. When the seller doesn’t ship immediately, you must get their promise to ship in writing. A date should be spelled on this piece of paper. Only make the order if you have such a document.
If you’d like to sell scrap gold or jewels, shop around for best prices.
Pawn shops and many private sellers are only looking to pay melt value.
You may shy away due to gold’s price, which may make you go for gold-filled or gold-plated jewelry instead. You do not have to pay full price for gold jewelry if you find that the prices offered by jewelry stores are too expensive. You are able to get gold cheaply in pawn shops or on the Internet.
GoldMoney is a good resource to use in gold buying gold.It’s similar to opening up a bank account which trades in gold. You establish your account and deposit your money, and you’ve bought gold at a particular price. The gold will physically sit in the bank where you can cash it, cash it, or in certain circumstances, you can redeem it for gold bullion bars that weigh a kilo.
Earring backings are often solid gold, no matter if the earring is or not. Necklace clasps and ring bands are usually real gold too. You can sell these smaller pieces together. You will get more money this way.
Only certain kinds of gold are suitable for contributing to your retirement fund. Gold as an investment must be designated as approved by the Internal Revenue Service. This means it needs to be in the form of coins or bullion that is marked 24 karats. Lean towards buying the bars over the coins as they hold more value than coins.
Separate your gold into groups based on karat weight. Some buyers will weigh all your items at one time and offer you for the lowest karat. This is a scam that will cheat you money.
One thing you can do to sell gold is to send it away in the mail. Many sellers like this process because it is really easy.
If you take jewelry or scrap gold to local companies that will pay for it, shop around. Prices paid will vary from shop to shop. The stores located outside of shopping malls and other similar places don’t have as much overhead, so they might be able to pay more.
A good way to get a good value out of gold is to see if any relatives for their broken jewelry. If you use an accurate scale that is designed for jewelry, you can make a profit.
If your gold piece has small gems in it, ask to keep the gems after the gold is melted down. If the gems are tiny, however, they will be difficult to remove.
Try using something like GoldMoney for buying gold. It’s like opening a bank account which trades in gold. With GoldMoney, you pay for a certain amount of gold at market rates, taken from your account, and it is reserved for you. Instead of having to keep this valuable commodity at home, it sits safely in the vault at the bank. You are free to withdraw any time you chose.
You won’t be able to get the full value for your gold. Gold dealers must make a business just like everyone else. You can expect between 50% to 75% of the market price.
Sell your gold primarily when the price of gold is high. The stock market goes up and gold prices change every day. Sell your gold when the market starts to creep back up.
Be aware of the true value of your items. Appearance alone is not an accurate gauge of the value of your gold. It’s not uncommon to find gold that has been mixed in with other, lesser metals. This has a detrimental effect on value. Also, some items may only be gold plated. If you don’t know what kind of piece you have, take it in to be looked at before you try and sell it.
You must fully understand what you intend to buy. Some “gold” coins out there that you may think are gold plated.
Gold is not be something that you try and time. You should instead think of it more along the lines of wealth insurance. If you do decide to time your gold purchase, buy when the gold market is quiet. Gold shortages are common when the economy.
Don’t sell your items to the first buyer you come across; always get a few quotes. The different prices you receive might shcok you. If you go with the first buyer that you meet, you may end up with the worst deal possible. Invest the time into the process, and you will be rewarded in the end.
You could lose money if you just sell your coins for their melt value. Doing your research ahead of time will help you get the best deal possible.
Get gold appraised to make sure you’re getting a great deal for the best possible deal. It will cost you money.
A cheap and quick way to test gold is to use a magnet. Precious metals, such as gold, are not magnetic. Often the clasp of a piece is real gold, while the rest of the piece is just plated. The magnet test is simple and effective for this purpose.
Photograph what you intend to mail to a gold item before shipping it to the buyer. This ensures you have proof of each item’s existence. Take care to photograph any distinguishable marks that are contained within each individual item. This includes engravings and other identifiable marks.
If you will be selling your gold to a buyer through the mail, ask the company about a reimbursement policy if they lost your items by mistake. Many companies limit liability that can be assigned to them for your lost items.
Research gold before investing in it. So-called market experts may really be trying to grab your investment resources with little benefit to you. You must be extremely careful about any promises concerning getting rich quick. Avoid the thought of gold as a get-rich-quick scheme, and you will not be led into false expectations.
You won’t get rich by selling gold jewelry isn’t going to make you instantly wealthy. Many sellers get only a few hundred dollars for their gold.
Always insure a package of gold that you’re sending through the mail.Many companies send out mailers and say they are insured; however, you cannot put your faith in that. Insure it yourself so you can get some money back if there is an issue.
Have all jewelry appraised before selling it as scrap gold. 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. They may even give you a reference to a buyer.
Once you have all these things in your mind you can really start to get into gold. This information is your key to maximizing profits when you buy and sell your gold. That’s what you really want at the end of the day, and this article is your starting point.