All serious investors should have commodities in their portfolio tied into commodities. Gold tends to be the best commodity to invest in. From retirement saving to just turning a small profit, gold can do it all for you when you use the tips below.
Before buying or selling gold, know how precious metal prices work. Prices of precious metals fluctuate everyday, so pick a day to check on the spot price before you buy or sell. 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.
Before buying from a gold seller, know when it is going to be delivered. If the seller does not provide immediate delivery, you have to get a written confirmation on when the expected delivery date is. The date on which you can expect to receive the items should be listed. Don’t go through with the purchase unless you have this documentation.
The IRS must have approved the gold. Bars are more valuable than coins are.
Don’t sell to entities that are not licensed by the state to buy gold. Licensed buyers will probably be reputable. Many entities buy gold, so you don’t necessarily have to sell when you get the first offer.
This is easy to do over time, and you can see how this can make a valuable investment. Keep your stash in a safe place until you get enough of it to cash in.
If you take jewelry or scrap gold to local companies that will pay for it, do your homework first.
While purchasing gold can be quite exhilarating, try not to discuss your purchase with others. You don’t know who to trust or who is listening. Do not tell others about your investment, and keep it locked up either in a home safe or at a bank. In this way, you can be sure your gold investment is safe.
Buy Gold
Sell only to gold to buyers who are state licensed to buy gold. There are a lot of stores and individuals that will buy gold, so do not think that you must go with the first one you encounter.
A way to get gold at a great price is to simply ask your relatives if they want to sell broken gold jewelry. Buy a jewelry scale, see how much the gold weighs, and offer 5 percent more than they would get on the open market. You’ll still come out ahead.
GoldMoney can be a good resource when purchasing gold. It is kind of like setting up a “gold banking account.” You have started an account, fund it and then you will be assigned gold. The gold will physically sit in the bank where you can cash it, cash it, or in some circumstances, redeem it for one kilo gold bullion bars.
While purchasing gold can be quite exhilarating, you need to keep it quiet. You don’t know who else could be listening or who you can really trust. Make sure you keep your investment is kept private and kept safe. This will ensure your gold and that it is safe regardless of the circumstances.
Great deals can be had by purchasing gold from members of the public. But, you need to know about the risks that come with this kind of purchase. It’s a good idea to get an appraisal for coins first. If you can find someone that will sell you a real gold coin at a low price, you can take the chance and hope it’s a genuine gold coin.
Shop around before making any decisions about a gold buyer you will use. The different prices you get might surprise you! Going with the very first buyer who comes along might not be a bad deal. Take a bit of extra time upfront so you’ve got the maximum return on your gold investment.
Use a magnet to determine if an item is really made of gold or another precious metal. Precious metals do not going to be attracted to a magnet.Sometimes only plated in gold with a solid but the rest is plated. This can be a useful method is good test for that.
Try buying gold U.S. coins that were made before 1933. Up until 1933, gold coins circulated in the American marketplace until they were recalled by President Roosevelt. Many people chose to keep the gold coins rather than turning them in and they are sold still.
Earring backings are often solid gold, no matter if the earring is or not.Necklace clasps and ring bands often are as well. You can sell these smaller pieces together to get more money. This is a bunch of different gold pieces in quantity and it can help you earn more money for them.
Now that you have read this article, you hopefully learned a few things you didn’t already know about dealing in gold. Apply this understanding and boost your investment portfolio starting now. You can trade gold more confidently after learning this information.
Be aware of the type of gold you are purchasing. Often a coin that you expected to be solid gold may really be gold plated. A good way to guarantee that you received true gold coins is to inquire about appraisal by a third party before making a purchase.