Gold is definitely a very safe way to invest your money. Perhaps you are thinking about joining in but have not had enough information to get started. The paragraphs that follow are full of ideas you can help anyone invest in today’s gold market.
It is important to research the current value of gold before selling your gold. If you choose to sell gold, weigh and value pieces that have different karat values separately. Never sell any jewelry as gold scraps that’s worth more than the gold itself due to the designer.
The IRS has to approve the gold that you receive. Bars are often a better deal than coins are.
Get an appraisal if you have no idea what value of your jewelry. This will cost a little money up front, but it is worthwhile. If you continue with your plan to sell, know that you probably are not going to get the full appraisal amount.
Sell your gold online. You don’t have to go to a physical location to sell gold any longer. You can use one of many websites out there to sell your gold. The website will send special kits where you are to return your gold items. If everything works according to plan, you will get paid at market prices.
If you take jewelry or scrap gold to local companies that will pay for it, look around for the best price.
Pawn brokers and many private sellers may just want to pay the melt value.
Buy the right gold if you are investing for retirement. Your gold has to be IRS approved. They require that the gold be coins or bullion bars that are 24 karat. Try going with bars over coins since they tend to be more valuable.
Know what it is you actually have in your possession. Not all gold is as valuable as the real thing. Other metals are often mixed with gold in order to make it stronger. This will reduce the value lower.This is the case with gold plated items as well.
Have all jewelry appraised prior to selling it to anyone as scrap gold. This is especially true for one-of-a-kind pieces like jewelry with intricate details and design. Even though the appraisal will cost you money, you could see a lot of extra money in your pocket. Appraisers can also may know of an interested parties concerning your jewelry.
Try using GoldMoney to buy gold. It’s akin to opening up a bank account but with gold instead. 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. Instead of keeping up with the gold in your own home, it is stored in a secure bank vault. You can cash it out, divide it, or redeem it.
You do not have to physically own gold investments in it. If you buy real gold bars or coins, take into account the cost of secure storage of your gold.
You can actually sell your gold through the mail. A lot of people who sell gold prefer this process due to the simplicity.
Know what you actually have in your possession. Not all pieces that appear to be gold are worth their weight in gold. It’s not uncommon to find gold that has been mixed in with other, lesser metals. This may lower the price. Also, some items may only be gold plated. Having an appraisal done to your gold can help you get the best idea of its actual worth.
Read all the fine print when meeting a gold dealer. This is not a large money making endeavor with lots of money. You must be fully aware of any form you’re attaching your signature to. If you’re not happy with the specific terms, be prepared to move on. It will pay off to know you have that extra protection.
Gold is usually a safe investment but volatile investment. If you do not have the stomach for quick jumps up and down, perhaps the gold market is not for you. If you can, start out with a small investment. Only invest a small amount of your portfolio should be tied up in gold. A good limit is about five percent.
A quick and inexpensive way to test a piece of gold or precious metal to see if it is real, is by using a magnet. If the piece is real gold, the magnet will not be attracted to it. There may be times when an item of jewelry has a solid gold clasp, but the rest of the item is only gold plated. Using this technique will help ensure your pieces are solid gold.
The purity of golds is measured in units called karats.The higher the karats, the costlier and more pure the gold will be per ounce. You cannot just go by the carat stamp. You won’t pay too much for poor quality if you know how to do gold purity tests.
Anyone can benefit from investing in gold, not just experienced investors. Since reading these tips, you know how to make smart choices when it comes to gold. Remember the tips from this article the next time you invest in gold.
Read and understand the fine print in a sales contract. If you’re trying to sell gold to people through the mail, then you have to go over the fine print carefully before you sell gold. In this way you can determine what percentage of your profits will go toward fees and commissions.