The Golden Dream: Making Money With Gold
Gold keeps rising in value when other currencies fall. There are several things you must keep in mind when it comes to gold investing. This article can help you make the best out of your gold purchase or sale.
Get multiple estimates for your gold pieces if you are looking to sell them. Different gold purchasing entities are at your disposal, and they all require different profits from the purchases. Therefore, it is wise to get several offers to ensure the best price.Do not dabble in the gold market until you know how pricing of precious metals. The prices of precious metals fluctuates daily, which is why it is important to understand the market trends.You should be ready to pay a premium to the melt prices.Research several gold buyer you are considering using and shop around for a reputable buyer.Prior to buying or selling any gold, be sure you truly understand how gold pricing works. With silver, platinum and gold the prices vary wildly throughout the day, and in order to get the correct price you must spot check it on the day before making a purchase. 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.If you plan to sell jewelry through mail-in companies, check them and their conditions out carefully before going to your post office. Find out when you can expect your payment, and never send your package without insuring it first.This can accumulate over time, and can lead to an accumulation of real value in the span of a year or two. Store it in a secure location until you have accumulated enough to cash in.Before you put down your money for gold, make sure you have a firm delivery commitment from the seller. If the seller does not provide immediate delivery, you must get some kind of writing from them confirming when you can expect to get your pieces. The expected delivery date should be noted somewhere. Only go through with your order if you obtain this document.Only buy gold jewelry from a seller if they have a return it. If the gold turns out to be fake, it is important you can return the piece for a full refund.
When you’re dealing with any type of gold it can be of valuable to someone that buys it. That could be broken pieces of jewelry, tableware, home decor, or anything else you have around. It doesn’t need to be 100% gold either. It could be part of an item that’s gold, or just gold-plated. They won’t be worth as much but you can still get money for them.Check gold prices on the day your are buying gold. This information can be found on a number of websites. Never buy something listed at more than ten percent of the gold prices. Some dealers are going to try and charge you more, but it is a rip-off.Know exactly what you actually have. Not everything that looks like gold piece are worth its weight in gold. Other metals are often mixed with gold in order to make it stronger.This can make the value lower. This also applies to gold plated with gold.
Check spot prices before you buy. This information is available on a number of websites. When you actually go to buy, do not pay more than an eight percent markup over this price. Paying that price would simply be unfair to you.Many times the item will have a stamp on it. Sometimes, however, you won’t be able to see any kind of a stamp, so many representatives have other methods of figuring it out. Acid tests are simple ways to do this, so if a representative is using this, they’re probably new to the business.Have all jewelry appraised before you sell them as scrap gold. This tends to be true for unique pieces that have exquisite workmanship and details. Even though there is an appraisal fee, you may get more for your jewelry in return. Appraisers also tip you off about interested party for your precious jewelry.Try using something like GoldMoney for buying gold. It is very much like opening a “gold banking account.” You create an account and fund it; then your account is given some gold at the market price. You can redeem the gold bullion in one-kilo bars or leave it in the vault and trade it or cash it in.Get to know the dealer you’re going to buy gold from. If there are any, move on.Gold prices have increased by over 400 percent in the last decade. The weaker the dollar is, the stronger the gold price.Figure out what you’re really in possession of. Pieces that appear to be gold may not be worth gold’s weight. In many cases, additional metals have been mixed with the gold to strengthen it. This makes the value lower. This also applies to pieces that are plated with gold. Have an appraisal done on large amounts of jewelry or gold whose value you are uncertain about before selling it.This is critical if you are looking into a mail-away service for a buyer in another state or community.Don’t over your head if you’re just starting out investing. Avoid using gold futures and other similar investments.Futures are both volatile and fluctuate wildly. You can sometimes lose a great deal if you’re not sure about your moves. Let more experienced investors deal with complex investments like this.Use a magnet if you want a cost-effective way to determine whether or not the precious metal is real. Precious metals do not respond to magnets. In some cases, individual parts of a piece (like the clasp) may be solid gold while other parts are plated. A magnet can help test jewelry quickly.Be aware that you might not get the full prices for your gold. Gold dealers are in business like other businesses. You should expect to get about 50% to 75% of the total value.There is a good reason that gold sales and purchases remain popular with investors. The popularity and value of gold is expected to continue thriving, which means there is an excellent opportunity to make serious money. However, when dealing with the gold market, you need to be educated on the subject. Go over this article again to gain proper understanding of everything you have just learned in order to get maximum value when looking to buy or sell gold.When at a gold party, talk with the rep about how they make the determination on the karats of the jewelry being sold. In many cases, items are stamped. However, if there are no visual indications, there are other ways to determine purity. Acid testing is a very simple way to asses karat quality. If you see this method being employed, it’s possible that the tester is a relative newcomer.