A lot of people decide to invest in gold as a safe way to protect savings from inflation. A lot of investors say that gold is a great place to park your money during times of economic uncertainty.
Get valuations for your tangible gold from a handful of dealers at a minimum. Many jewelry stores and gold buying services are available, and they will all usually take a different profit on the gold they are purchasing. By getting multiple estimates, you can be assured that you will get a fair price when you sell.
Bullion bars are hands down your best gold investment you can make. They come in various weights. They can range from a half an ounce bars. The 400 ounce bars can be very difficult to find.
Stay with reputable firms when you sell your gold. You are able to find out their reputations with the BBB and checking online reviews. A buyer with a good reputation will pay you good service and an equitable price for the gold while giving you are selling. Protect your invest and yourself.
Before selling gold jewelry, see what the current prices are in the gold market. This can help you discern whether you’re being offered a good price or not. Dealers will charge you a premium on top of market value so they can make some money too.
Sell Gold
Think about selling your gold via the web. You don’t need a store to sell gold. There are dozens of websites where you can use to sell gold. The site will send you a prepaid mailer to put the gold pieces in.
There are places you can send you jewelry to get paid. See how you can get your gold back if you don’t like the offer. A lot of companies say they’ll let you ship for free, but to get things back they charge quite a bit. Be sure that you find out ahead of time how much it will cost to get back your jewelry.
Pawn shops and private sellers are only looking to pay melt value.
Make sure you know the price of gold the day you plan to buy or sell. This price can be found on several different websites. Never pay any more than 8 percent markup on the current sales price of gold. Some dealers charge more than that, but that isn’t ethical.
Know what you are working with. Not all pieces that appear to be gold are worth their weight in gold. A lot of times, metals are combined with gold to make the piece stronger. This can make the price a lot lower. The same goes for pieces that are gold plated. If you don’t know what kind of piece you have, take it in to be looked at before you try and sell it.
While purchasing gold can be quite exhilarating, don’t tell everyone about it. You don’t know who to trust or who you can really trust. Make sure that your investment is kept private and protect them by storing them in a local bank safe deposit box. This keeps the gold in all circumstances.
Shop around before you decide which gold buyer. You might get surprisingly different offers you wind up getting! Going with the very first buyer might prove a bad deal. Take a bit more time upfront so that you have the maximum return on your pocket.
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. Precious metals that are true like gold aren’t going to be magnetized. Sometimes the clasp of a piece is solid, however the rest will be plated. The magnet test is an excellent way to find out.
Many times the item will have a stamp on it. However, there are some times when there aren’t visible signs, there are other ways to determine purity.Acid testing is a very simple method, so if the rep does this, they’re probably new to the business.
Read the fine print in a sales contract. You should carefully read the whole contract especially if selling through a mail-in purchasing service to sell gold.This helps you know how much you have to pay for fees.
Know your dealer before purchasing gold. Check with the Better Business Bureau to verify the reputation of a dealer. When you contact the BBB, you will learn whether there are complaints. Look for dealers who have few complaints and a good record of complaint resolution.
Have jewelry appraised prior to selling it as scrap gold. This is especially true for unique pieces like jewelry with intricate details and workmanship. Although you may be charged a fee for the appraisal, you might find you have something worth a lot more than you thought. Appraisers also may know of someone that wants to purchase your precious jewelry.
Make sure you understand the buyback policy of a seller. Some buyers will charge you a premium to resell your gold. Think about how much it would cost to send things like gold of all kinds to different geographical locations. It is always best to hold on to the gold as soon as you purchase it from your local dealer.
Know how to test the grade of gold so that you will be sure to get what you are paying for. You measure the purity of gold in karats. As the number increases, the purity does as well. Gold may be stamped with a karat stamp but you should always test it to be sure. If you know how to test gold’s purity, you will never be overcharged.
While many people think that investing in general is hard, investing in gold is not hard if you learn a little about how it works. Once you learn a bit about the gold market, you should be able to jump in with both feet. Get the most from your money by applying each of these ideas to your investment strategy.