Many people have an affinity for gold but don’t know much about it.This means that many people don’t know about the financial advantages of gold.
Do not dabble in the gold market until you are familiar with pricing of precious metals. Silver, gold and platinum prices fluctuate often, and therefore you need to verify spot pricing the day prior to your intended deal. 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.
Get your gold from a handful of dealers at a minimum. There are quite a few stores selling jewelry or that buy it, but prices vary from one professional to the next. Getting multiple offers allows you make sure that you receive a fair price.
Research several gold buyers and compare them to obtain the best price for a reputable buyer.
Why not make money selling your gold to online buyers? You don’t need to visit an actual store to do this. You can buy and sell your gold at many websites online. Contact the site, and they’ll send out a shipping kit so you can send them your gold. If everything works according to plan, you will get paid at market prices.
Think about selling gold online. Gold dealing doesn’t require traditional physical storefronts. You can use an independent online site to that specializes in buying gold. The site will send special kits where you a kit for mailing in your gold items.
The high price of gold may give you off. You can get gold jewelry without spending a ton at a local jewelry store. It is cheaper online retailers or pawn shops.
Consider delivery time when buying gold. 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 date they expect you to get them should be listed. Don’t buy without such a contract.
Check out current market before you ever sell your jewelry. This can help you discern whether you’re being offered a dealer is offering you the proper amount for your items.
If you’re selling gold through a mail-in service, research them and their terms before heading to the post office. Find out when you will receive your payment, and never send your package without insuring it first.
You can sell anything that contains gold to gold dealers. That could be broken pieces of jewelry, tableware, home decor, or anything else you have around. Nor does it have to be 100% pure gold. Items with partial gold content, gold plating, or gold mixtures may still be valuable. The amount you can get will depend on how pure your item is.
If you are sending your jewelry off in the mail, 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. Be sure you have an idea how much it will cost before you to reclaim your items.
Sell only to gold buyers that are state licensed to buy gold. There are quite a few vendors that will purchase gold, so do not think that you must go with the first one you encounter.
When you decide on buying gold the first thing to do is look at the spot price. This information can be found on several different websites. Never buy something listed at more than ten percent of the spot price. Occasionally an unethical dealer may try to overcharge their customers.
Use a magnet to determine whether an item is made of gold or another precious metal. Precious metals like gold are not respond to magnets.Sometimes a jewelry piece is only the clasp is solid gold clasp. This method is good way to test for that.
Gold is usually a very lucrative but this precious metal can also be volatile. If you can’t stomach market swings, perhaps the gold market is not for you. If you are up to the challenge, try to reduce your downside risk. Only a very small amount into gold. A prudent limit is five percent.
If you don’t want to worry about storing, shipping and insuring your gold, consider buying GoldMoney instead. Think of it as a bank account that deals exclusively in gold. You can open an account, fund it and then determine what price you wish to pay for gold allocation. The gold is in a vault being protected, but you can sell it or even have a bullion bar shipped to you.
Research a dealer before doing business. If you find filed complaints, then you need to choose another gold dealer.
Ask people you know for broken jewelry. If you use an accurate scale that is designed for jewelry, you can make a profit.
Speak with professionals to learn different strategies to find the karat value of gold. Items are usually stamped. A visual cue may not be available so other methods are used to figure it out. If you see the gold buyer performing an acid test, this is probably somebody who is inexperienced in this market.
Many great deals are able to be found by buying gold from the public. You also need to know the risks before purchasing any gold. If you happen across someone wishing to sell cheaply and you believe the item to be genuine, make sure the item is valuable first by having it appraised by a professional.
As was mentioned earlier, no matter how much they love it, most people don’t know much about gold. However, after reading the above tips and techniques, you should have a better understanding of gold. Use this knowledge to make better gold choices.
Read the fine print of your sales contract. If you want to sell gold to mail-in gold buyers, read the small print carefully before you sell. This lets you know how much you end up with after any fees are taken off the top.