The prices of gold may be constantly changing but the trend is always upward. Continue reading to learn how you can get in gold.
Do you know how pricing on precious metals works? Silver, gold and platinum prices fluctuate often, and therefore you need to verify spot pricing the day prior to your intended deal. Also be ready to pay increasingly higher percentages above melt values for any gold pieces that are fractional. These include 1/10, 1/2 and 1/4 ounce pieces.
Gold prices fluctuate on a regular basis, so know the current value before you attempt to sell any. If you sell gold, pieces with different karat values should be weighed and valued separately. Don’t sell jewelry with a designer name that may be worth more when sold as a designer piece.
Before you buy gold, make sure you have a firm delivery commitment from the seller. If the seller delays delivery, get the delivery date in writing. The date of arrival should be noted somewhere. Don’t not follow through an order without this documentation.
It is possible to safely purchase gold online. You no longer have to go to a store to sell your gold. There are plenty of websites that are ready and willing to buy your gold. Most sites work by mailing you a mailer or kit. You then use your mailer to ship the gold. If you have everything together, then you will receive the going rate.
The cost of gold may put you the idea that gold-filled or gold-plated jewelry is better.You still can still buy gold jewelry from a number of sources at a reasonable price. You are able to get gold cheaply in pawn shops or online.
If you plan to sell jewelry through mail-in companies, check them out before doing business with them. Find out when you will receive your payment, and never send your package without insuring it first.
If you are going to buy a particular gold piece from any seller, be certain that you know exactly when to expect the delivery. If a seller gives you anything other than immediate delivery, you need to have some kind of written contract or guarantee when your pieces are arriving. The expected date must be listed. Only complete the order if given this documentation.
Most private sellers and pawn brokers are only willing to pay melt value for your gold.
If selling gold using a mail service, 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 certain you have an idea how much it will cost to get back your jewelry.
If you plan to invest in gold as part of your retirement plan, be sure to do it wisely. The gold has to be IRS approved. It has to be in the form of 24-karat gold bullion or coins. Consider bars more than coins, since they have more value.
Know exactly what it is you actually have. Not all pieces that appear to be gold is worth their weight in it. Other metals are often mixed with gold in order to make it stronger.This will lower the value. This also applies to pieces that are just plated.
Do your research before you sell. You should shop around to get an idea of what other pieces like yours have sold for. This allows you to have a price in mind you can work with.
If you want to invest in gold, but lack significant capital, think about getting into scrap. Use the capital you have and purchase what you can and add to it as money becomes available. Stash your gold in a place that is safe so that you can cash it in later.
Always read the fine print in sales contracts. You should carefully read the whole contract especially if selling through a mail-in purchasing service to sell gold.This helps you understand what you will have to pay for fees and commissions.
One choice for selling gold is through the mail. Many sellers enjoy this process because it is simple.
Do a little comparison shopping before you sell jewelry or other gold items, even if you’re looking for a quick cash-for-gold deal. The “spot” price for gold is determined by a constantly fluctuating market, so not every store is going to pay it. Stores not inside major shopping malls might have lower rent and overhead, and so can pay you more.
Don’t sell gold just because you have to do so. Gold usually increases in value, so waiting may yield even greater profits. You may be able to sell your gold.
A good way to get a good value out of gold is to see if any relatives have broken items that they no longer want. If you use an accurate scale that is designed for jewelry, you can make a profit.
The day that you plan on buying gold, check its spot price. Many sites offer this information, plus it changes every day. When you do buy, avoid more than an 8% markup. Some dealers are going to try and charge you more, but don’t pay it.
You should know ahead of time that you won’t get full value for your gold. Gold dealers are in business like other business people. Expect to receive offers that are 30 to 50 to 70 percent of the gold’s total value.
Sell gold coins whenever gold is high. The stock market goes up and gold prices change every day. Sell your gold when the market is doing well.
Be sure the buyer you are considering is licensed by the state to make gold purchases. There’s always a risk of getting ripped off, but a buyer who is licensed poses far less risk of this occurring. There are plenty of buyers for gold, so do not think that you must make a sale to the first buyer that you meet.
If you have several individual pieces of gold jewelry to sell, have each one weighed separately when selling. This will ensure you are getting paid for your gold.
A terrific site for finding the price of gold prices is www.goldprice.org.
You can easily test whether a gold piece of jewelry is real by using a simple magnet. Precious metals that are true like gold aren’t going to be magnetized. Sometimes only the clasp is solid but the rest is plated. A magnet is a good tool for discovering fake gold.
Remember your identification when you sell gold. Gold is a large target for thieves that are looking to make money. To catch these crooks red-handed, the government made a law that anyone selling gold must present their I.D. It makes it easier for stolen gold to be found this way.
Clearly, gold provides a reliable measuring stick for the economy. Thus, if you want to benefit from trading in gold, you need to fully understand how to best use it to your advantage. Put this information to good use when you are considering gold investments.
If you attend a gold party, you want to ask the representative how the value of the jewelry is determined exactly. In most cases, gold will be stamped with the karat it is made with. There are ways to determine a piece’s purity if no stamp is present. Acid tests are simple ways to do this, so if the rep does this, they’re probably new to the business.