A lot of people decide to invest in gold because they feel that it is safe to deal with. A lot of investors will say that the gold is a great place to park your money during times of economic uncertainty.
Get an appraisal if you do not know the value your gold holds. This adds an up-front cost, but it’s important to know what you have. If you’re going to sell the gold you have, know that you probably are not going to get the full appraisal amount.
Get valuations for your tangible gold from a handful of dealers at a minimum. There are many places to get this done, and some will pay you more than others. 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.
Make sure you verify the spot price of gold the same day you plan to buy or sell. This price can be found on several different websites. Never pay more than 8 percent over the gold prices. Some dealers are going to try and charge you more, but that isn’t ethical.
If you plan to mail your jewelry, be certain you find out how much it’s going to cost to get your pieces back if you fail to accept their offer. Be sure you have an idea how much it will cost before you to reclaim your items.
Before buying or selling gold, know how precious metal prices work. Gold, along with silver and platinum, have prices that change on a whim. Therefore, you must always know what the spot price currently is. You might need to pay a higher percentage for melt values such as 1/10, and 1/2 fractional pieces.
Shop around before you decide which gold buyer. You might get surprisingly different offers that you’ll get! Going with the very first buyer who comes along might prove a good idea.Take a little bit of extra time upfront so you’ve got the maximum return on your gold investment.
Many pieces of jewelry will have a stamp. However, if there are no visual indications, so the reps have ways to determine it. Acid testing is a very simple method, so if a representative is using this, they’re probably new to the business.
Research a gold buyer before selling your gold. The BBB website and other online forums are excellent resources for information on customer satisfaction and a company’s standing. You have a better chance of getting the highest possible price for your gold when you obtain bids from a number of different gold buyers.
Research gold market is doing before investing in it. There may be unscrupulous dealers claiming to be market gurus who are trying to lure you into investing with them.
Always read any fine print in sales contracts. You need to know what you’re getting into if selling through a mail service. This lets you know how much you have to pay for fees.
Do not allow the high price of gold to deter you from buying quality products. You will not benefit from buying jewelry that is plated or filled with gold. Before settling for a gold plated piece, understand that there are great deals out there on solid gold jewelry. Pawn shops can offer many good deals and there are also many online buying options.
Many times the backs of earrings are solid gold, even when the actual earring is not solid. Necklace clasps and ring bands are usually real gold too. You can sell these small pieces together to get more money. Selling lightweight gold in a lot will increase your profit.
If you’re unaware of your gold’s worth, have it appraised. It costs a bit of money, but you’ll have a good idea of what your gold is worth. Make sure you go to an accredited and reliable appraiser to get valid appraisal papers. Also keep in mind you usually won’t get the full value if you do decide to sell the gold.
Separate your gold into groups based on karat weight. Some vendors may try to weigh all your items at one time and offer you what the smallest karat weight is worth. This will cheat you money.
You can actually sell gold through the mail! Many sellers like this process because it is really easy.
Understand that any item containing gold carries value with gold dealers. Valuable gold can be made into anything that is now broken such as jewelry and any home items that could be around. Having 100% gold isn’t required, either. Items with partial gold content, gold plating, or gold mixtures may still be valuable. You are sure to turn a decent profit.
Get to know the dealer you’re going to buy gold from. If they aren’t resolved, use another dealer.
The purity of golds is measured by karat. The purer the gold, the more pure and the more expensive it is per ounce. You should not just rely on the carat stamp. You will not inadvertently purchase bad quality when you know the methods to testing gold purity tests.
If you send off gold by mail, see how much it is to have it returned to you if the offer isn’t that great. While most firms will pay to have you send them your items, they will charge you a considerable amount if you want them back. Make sure you know in advance what you might have to pay to get your jewelry back.
If you want gold because you think it looks great, think about purchasing jewelry that is made almost entirely out of pure gold. You can buy gold jewelry as an investment or a fashion statement and sell it when you need cash.
Making your way into trading gold is not hard if you educate yourself on the process of the market. Since you’ve just read excellent tips on buying gold, nothing’s stopping you from entering the gold market. Use what you have learned here to maximize your investment.
Never sell to an unlicensed gold dealer. Licensed buyers will probably be reputable. Many establishments purchase gold, so there is no need to sell yours to the first buyer you deal with.