A lot of people use gold because they feel that it is safe to deal with. Many say that gold markets are the ideal safe haven when economic troubles prevail.Stay with reputable firms when you sell your gold. You are able to find out their reputation by contacting the BBB and through online reviews. A legitimate buyer with a good reputation will pay you fairly for your gold while giving you great customer service. Protect your gold investment and your gold by doing this.Before buying or selling gold, know how precious metal prices work. Gold, platinum and silver prices tend to fluctuate daily, so make sure you check the spot price on a specific day before you make a transaction. Understand that you will likely pay a higher price for fractional pieces. A half an ounce, for instance, will not exactly cost one half the price of an ounce, it will be slightly higher.Think about selling your gold via the internet. You don’t have to go to a physical store or pawn shop. There are plenty of reputable websites where you can buy and sell all your gold. The website will mail you are to return your items.Before you purchase a gold piece, make sure you have a firm delivery commitment from the seller. If you don’t get delivery immediately, you need written confirmation of when to expect your items. The expected date should be noted somewhere. Do not complete your order unless you have this in writing.When you first check out gold jewelry, you may be in for a bit of sticker shock and decide to buy gold-plated jewelry, instead. You can still buy gold jewelry without spending a fortune at a store. You are able to get gold cheaply in pawn shops or on the Internet.If you plan to sell jewelry through mail-in companies, do your homework on the company and its policies before you make a commitment. Find out when you will receive your payment, and never send your package without insuring it first.The IRS needs to approve the gold that you receive. Bars are more valuable than the coins.If you have an interest in getting into the gold markets, but don’t have a lot of investment capital, consider buying scrap. This can be done bit by bit. For example, you might invest a bit each payday to amass an impressive collection of gold as time passes. Keep your collection safe until you have an sufficient amount to cash in.If you send off gold by mail, find out how much shipping will be. Be certain you have an idea how much it will cost you to reclaim your items.There are some shady companies out there who deal with gold.You have to do your research.Check gold prices on the day your are buying or selling gold. You can find this on a variety of websites, and it can change daily. Paying for gold that is any higher than an 8% markup is not a wise investment. Occasionally an unethical dealer may try to overcharge their customers.Look around before buying from a gold buyer. You might be amazed by the spread of offers received. Going with the very first buyer who comes along might not be a good idea. Take a bit of extra time upfront so you’ve got the most cash possible in your gold investment.Use a magnet to determine whether an item is really made of gold or another precious metal. Precious metals do not going to be attracted to a magnet. Sometimes a jewelry piece is only the clasp is solid but the rest is plated.This can be a useful method is good test for that.Make sure you’re only selling to someone who has a license to purchase gold. Though you still may be taken, licensed buyers tend to be more trustworthy. Never sell without doing research and verifying the dealer is licensed.Research all that you can before you invest in it.Some people swear they’re market experts in the field.Be certain to review the sales contract says.You need to know what you’re getting into if you’re using a mail service. This allows you see how much is paid toward commissions and fees.Try using something like GoldMoney for buying gold. You will own some actual gold, but it won’t be in your possession. You establish your account and deposit your money, and they assign you a certain amount of gold equivalent to the value of your initial deposit. It then is kept in a vault. The gold is yours to cash in if you wish. You may also redeem it for physical gold later.You can make gold to invest in it. If you want to get physical gold, you should consider how you will store your gold.A way to get a good price on gold inexpensively is to ask your relatives to see if they have broken jewelry that they want to sell. If you can buy it from them at below melt value, you can offer friends and family a higher price than what they would receive at a pawnshop.
Be fully aware of what you have. Not all pieces that appear to be gold are worth their weight in gold. Gold is mixed with other metals for strength. The less gold, the less value. This is the case with gold plated items. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.
A good way to invest in gold is buying United States gold coins minted prior to 1933. Gold coins were used every day until that year when President Roosevelt put a stop to their circulation. Many people chose to keep the gold coins rather than turning them in and they are available to buy.A fast, cheap way to test for gold’s authenticity is to use magnets. Gold and other precious metals are non-ferrous, so they won’t be attracted to a magnet. Check the chain as well as the clasp for an accurate reading. The magnet test is an excellent way to find out.Understand that you’re more than likely not receive true value for the gold. Gold dealers are in business just like other business. You can expect between 50% to 75% of the market price.Gold is not be something that you try and time. It’s an investment to hang onto for long term wealth. If you try to time it, it’s best to buy when things are quiet. Gold shortages are common when the economy.Remember to research the gold market prior to investing any money. Some people swear they’re market experts and attempt to get you to invest with them. Nonetheless, you should be wary of high flung promises of wealth. Don’t set expectations too high and you won’t be disappointed in your gold investment.You can begin investing in the gold without having tons of money. You can definitely start off small.You can start off small gold pieces of jewelry and coins – whatever is within your budget.Monthly and weekly charts are great for performing your market analysis. Using both timelines will help you get a full understanding of the market.Be sure to have your jewelry appraised before you decide to sell it. This is particularly true with pieces that have intricate details with considerable workmanship. An appraiser will charge you a nominal fee, but it is an expense worth paying if your piece is unique and valuable. Appraisers can also tip you off about interested parties concerning your jewelry.Take pictures of your gold pieces before you let a buyer inspect them. Also talk about their reimbursement policy should the jewelry suddenly go missing. Make sure that you have this in writing for protection.You could lose quite a bit of money if you’re just selling them for their melt value. This points up the importance of doing your homework about value before you sell.Separate your gold into groups based on karat values. When you start weighing gold at the time of sale, vendors might attempt to weigh all the pieces as once and claim they all fall under the lower weight. You will get significantly less money that way, and the dealer gets more. Instead, separate each karat weight before going to the dealer.Make sure you make duplicate copies of that list.You do not make millions when you sell your old gold jewelry. Many sellers just get a few hundred dollars for all their gold stash.When working with a dealer of precious metals, carefully examine every page of the contract before signing it. This business has its hands in a great deal of money. You must be fully aware of what you are committing to. Move on if their terms don’t meet your needs. It can be worth it to make sure you have that extra protection.Even if the shop has its own scale, they might not be as accurate as yours. Scales do not cost much and can make sure you get the price.Be aware of the marketplace. Gold fluctuates in price, so learn what the price is daily if you are buying or selling gold. Try selling when the market is up to make more money.If you want to be an intelligent gold investor, learn to test gold for its grade. Purity is rated in karats. The higher the karat, the more the gold is worth. The stamp isn’t enough to go on. You will not inadvertently purchase bad quality if you know how to do gold purity tests.Buying and selling gold is not as complicated as it may seem at first. Anyone can understand it. Now that you are armed with this information, you are better prepared to make smart choices in the gold market. Use the information here to your advantage as you seek to invest your more wisely.