This article is ideal if you are interested in gold. You need not feel scared; just rely on your ability to acquire the complexities of this market; many successful gold investors are entirely self-taught. There are many good things about investing in gold of which you know what to look for.
Look for the most reputable gold buyer that has a good reputation.
Only sell to reputable buyers. Check BBB.org to find out more about the firm. A good buyer will treat you well and offer a fair price on your jewelry. This will protect you from rip off artists.
Before you buy gold from gold sellers, schedule a timely delivery. If the seller does not provide immediate delivery, get something in writing which confirms delivery of your pieces. The expected delivery date they expect you to get them should be listed. Don’t go through with the purchase unless you have this documentation.
The IRS has to approve the gold that you receive. Bars typically are often a better deal than coins are.
If you’re thinking of getting gold to help you retire, you need to get the right variety. The gold has to be IRS approved. They must be 24 karat bullion bars or coins. Since gold bars are worth more than coins, it is best to buy them instead.
Only buy gold jewelry if you can return policyIf the gold turns out to be fake, it is important you can return the piece for a full refund.
Pawn brokers and private sellers are only looking to pay melt value.
Before selling your old and broken gold items for cash, make it a point to visit at least 3 or 4 buyers. Some stores won’t pay the market price of gold, and it’s up to you to realize this. You might get a better deal at a store not in a major shopping mall, since their overhead and rent is lower.
Check gold prices on the price when you are buying or selling gold. This information is available on several different websites. Never pay any more than an 8 percent markup on the current sales price of gold. Some sellers try charging more, but they are overcharging and oftentimes, which is generally unethical.
Make sure that you only selling to someone who has a license to purchase gold. There are a lot of stores and individuals that will buy gold, so never go into it thinking you’ve got to sell your gold to the first seller you talk to.
When you are selling gold, you need to decide whether you want to sell it as a piece of jewelry, or for the melt value. Many private buyers and pawn shops are only willing to give the melt value. If you want to sell your gold as a jewelry item, you should keep looking for a good buyer.
Research the market price before you attempt to sell yours. You should shop around to see what other people are asking for similar gold pieces. This will provide you determine a good starting price point.
Shop around before making any decisions about a gold buyer you will use. You might just be shocked to see how different the offers you wind up getting! Going with the very first buyer might prove a bad deal. Take a bit of extra time upfront so that you have the maximum return on your pocket.
Make sure you know the spot price of gold the day you plan to buy or sell. This price changes every day. You can locate it on several different websites. When purchasing, don’t pay greater than 8% markup above the spot price. There are dealers who attempt to charge a higher amount, but they are unethical and simply overcharging.
Have all jewelry appraised before you sell them as scrap gold. This is particularly true for pieces that are one-of-a-kind. You may have to pay for the appraisal, but it’s worth it. An appraiser may know someone who will give you a good price for your special item.
Before doing business with an gold dealer, contact your local Better Business Bureau. You may find out about complaints and customer reviews. Pay close attention to any complaints and if they were resolved or not. If there’s a lot of complaints about one company, consider another buyer.
If you decide to mail your gold to a buyer, find out how much mailing and insuring these items will cost you and how much you will have to pay to have the items mailed back to you in case you do not accept the buyer’s offer. Most companies will give you free shipping to them but charge you an arm and a leg for return postage. By knowing this information ahead of time, you can prevent unnecessary charges.
You can make gold without owning gold. If you opt to buy gold coins or bars, think about the cost storage when making your purchase.
You now are equipped with the necessary information to get you rolling in the right direction. Now is the time to get involved with investing in gold using all the strategies listed here. Soon you are likely to see why so many investors have turned to gold to increase their wealth.
Sell only to gold buyers who are licensed. Most states require that dealers be licensed when dealing with the buying and selling of gold. Remember that you have hundreds of options available, so do not be pressured into doing business with the first company to make an offer.