Investing in gold is a great way to balance out your investment portfolio. Keep reading to see why gold is a smart investment strategy.
Before buying or selling gold, be sure you are aware of how metals are priced. Prices of precious metals fluctuate everyday, so pick a day to check on the spot price before you buy or sell. Watching the market can help you to buy or sell your gold at a great price.
Get your tangible gold valued by multiple sources. There are quite a few stores selling jewelry or that buy it, and they each have different target margins. Getting estimates from several establishments will help you to understand what you can get for your gold.
Think about selling gold via the Internet. You don’t have to go to a jewelry store to do this. There are quite a few websites where you can buy it. The site will send you a prepaid mailer to put the gold pieces in.
Think about selling gold on the web. You don’t have to go to a jewelry store or pawn shop. Many websites are available will help you sell your gold. You will receive a package that details how to send you gold pieces. If everything is okay, they will pay you whatever their current rates are.
Before you buy gold, know when it is going to be delivered. If your seller doesn’t offer delivery immediately, make sure you get a written contract outlining when the items will arrive. The date of arrival should be provided. Don’t proceed with the order without this documentation.
The IRS must have approved the gold.Bars typically are more valuable than the coins.
When you buy gold jewelry as a gift, be sure to understand the return policy and get a gift receipt. You never know if the jewelry will fit someone else or if the person will even like it. If that happens, you want to be able to send the jewelry back and get your money back as well.
Only buy gold jewelry if you can return policyIf you have the receipt, you want to be able to send the jewelry back and get your money back as well.
Pawn shops and private sellers are only looking to pay melt value.
Before selling you gold through the mail, be sure you know what the procedure is for getting your items back and any costs involved in doing so. They may not charge you to send it to them, but they could gouge you to send it back. Make sure you know in advance what you might have to pay to get your jewelry back.
Purchase Gold
Make sure that you only selling to someone who has a license to purchase gold. There are quite a few vendors that will purchase gold, so you can sell to someone else if you’re not happy with the first offer.
Investigate several gold dealers before choosing one to do business with. The offers you get might surprise you! If you choose to sell to the first buyer, you might get a bad deal. Taking your time can really end up getting you the best deal out there.
Research the daily spot price before you attempt to sell yours. You also look around to see what other people are asking for similar items. This gives you to get an idea of what you should be asking for.
Have jewelry appraised before selling it to anyone as scrap gold. This is especially true for one-of-a-kind pieces that have exquisite workmanship and design. You might have to pay a fee to get this appraisal, but it’s worth it. Appraisers can also tip you off about interested parties concerning your precious jewelry.
Many people don’t know that a magnet can be used to test whether something is made of gold or some other type of metal that is precious. True precious metals such as gold will not stick to the magnet. Sometimes a jewelry piece is only plated in gold with a solid gold clasp. Magnets will let you tell the difference.
You can make gold without owning gold. If you opt to buy gold coins or bars, consider how much it would cost to store it securely.
Karat Weight
Have jewelry appraised prior to selling it to anyone as scrap gold. Fine details and other clear signs of craftsmanship may result in a piece’s value being worth more than just the value of the gold itself. A proper appraisal may cost money, but it can definitely be worth the expense with valuable pieces that may have resale value. Appraisers also may know of an interested party for your precious jewelry.
Separate your gold into groups based on karat weight. Some vendors may try to weigh all of your gold at one time and pay you what the smallest karat weight is worth. This will cost you money.
One option when selling your gold is to do so through the mail. Many sellers like this process because it is really easy.
Check with the BBB before you sell gold to a dealer, jewelry store, gold buyer, etc. You should easily find basic facts concerning the specific business, as well as complaints and reviews from previous clients. Complaints that have been resolved are actually a good thing, so factor those in as well. If the purchaser has any unresolved complaints, steer clear of them.
Many of the best deals can be found in public for gold buying. You also need to know the risk associated with this method of purchasing. If someone’s offering cheap gold coins, take your chances and go for it.
Don’t over complicate your head if you’re just starting out investing. Avoid gold futures even though they are popular. Futures are volatile and unpredictable. You can lose vast amounts of money pretty quickly if you’re not sure about your moves. Avoid dabbling in intricate investments such as these until you have become a seasoned investor to sort it out.
You don’t have to physically own gold to invest in it. For example, many people purchase investments in gold mining corporations and mutual funds primarily made up of precious metals. If you decide to buy gold bars or coins, consider how much it would cost to store it securely.
Gold Coins
A great way to start collecting gold is to buy US gold coins minted before 1933. Gold coins were used every day until that year when President Roosevelt put a stop to their circulation. Many people still kept them and they are available to buy.
You can actually sell your gold through the mail! Although this process may be easier, you may not earn as much money. You get a mailer that is prepaid, place jewelry inside and send it, and you get a check. With the extra expense and the tendency of these companies to pay lower premiums, your profits may be deleted quickly. You might even take a thirty percent loss. Understand that going in.
Remember your identification when you sell gold. Thieves love to target gold because they can sell it for a lucrative heist. In order to catch these thieves in their tracks, the federal government now requires you to present identification before you sell gold. It makes it easier for stolen gold to be found this way.
With the knowledge you now have, you should have no trouble adding gold to your investment portfolio. Gold makes an excellent entry in a diversified investment portfolio, striking a useful balance between the liquidity of cash reserves and the growth potential of stocks and bonds. Discover the greatness of gold as an investment, and appreciate the variety of risk levels available.
If you want to be an intelligent gold investor, learn to test gold for its grade. The purity of golds is measured by karats. Higher karats mean more value. You cannot just rely on the carat stamp. When you know how to test gold, you’ll ensure that you get good quality.