Gold is something that has been a high regard for quite some time. Gold was discovered centuries ago and has been treasured for thousands of years. If gold investing is on your radar, then here are some tips to help you get the most value for your money.
If you’ve been thinking about selling your gold to a mail-in company, take the time to read over their fine print before getting involved with them. The last thing that you want to do is lose money because of a flawed shipment. Lastly, take pictures of all items you’re sending so you have proof in the event of a dispute.
Gold prices change all of the time, so be aware of the purchase price before selling your gold. If you choose to sell gold items, know that various karat values are going to need to be weighed separately. Don’t sell jewelry that may be worth more when sold as a designer origins.
Research gold buyers before selling your gold.
Get your jewelry appraised. The up front cost is significant, but it can give you a better estimate of value. For the most accurate appraisal, use the services of an accredited and independent appraiser. Do not expect to get the full value of the appraisal, but you should try finding a buyer who will give you an amount as close to the appraisal as possible.
Check the current price in the gold market values before you ever sell your jewelry. This allows you discern whether you’re being offered a fair price when you sell or buy.
Only buy gold jewelry if you can return policyIf the gold turns out to be fake, you want to be able to send the jewelry back and get your money back as well.
Sell gold to buyers that are state licensed to buy gold. While you can still get taken for a ride, licensed buyers tend to be more reliable. There are a lot of stores and individuals that will buy gold, so don’t feel like you have to sell to the first person you come across.
Have a professional appraise your jewelry if you are unsure what it is worth. This will cost a little money up front, but it could save you a lot of money later. If you’re going to sell the gold you have, you should know that you will not be paid the full appraisal value.
Gold Prices
Scrutinize any forms that a gold dealer gives you. This business deals with large amounts of money. Always understand anything you’re placing your signature on. If the terms are unacceptable, get ready to keep looking. It will pay off to know you have financial protection.
Check gold prices on the day your are buying gold. This information is available on several different websites. Never pay any more than an 8 percent markup above the gold prices. Some dealers will try to charge more, but that’s overcharging, which is generally unethical.
If selling gold using a mail service, you should see what it’s going to cost to have things mailed back if you don’t like their offer. Be certain you have an idea how much it will cost you to reclaim your items.
Assess your objectives prior to investing in gold. Gold is often used as a terrific hedge against economic turmoil and inflation, but it can be a volatile proposition. By setting goals and limits ahead of time, your chances of making money increase.
Don’t rule out getting gold items from thrift stores or antique stores. You can find bargains if you understand what to look for. You can take advantage of their loss if you do your homework first.
Read the fine print in a sales contract. You should carefully read the whole contract especially if you’re using a mail service. This lets you understand what you will have to pay in fees and commissions.
At the start of your career in gold investment, stick to straightforward buying and selling. Avoid investments like gold futures, despite their popularity. Gold futures are complicated and incredibly volatile. You may end up losing your investment if you don’t do your research first. Investors who have been in gold investing for a long time are the ones that type of investing should be left to.
Have all jewelry appraised prior to selling it as scrap gold.This tends to be true especially concerning pieces that have intricate workmanship and details. While you will probably pay to have an appraisal on your gold, you might end up with more later on. An appraiser may know someone who will give you sell your special item.
Many times the backs of earrings are solid gold, even when the actual earring is not solid. Necklace clasps and ring bands are too. You can sell these smaller pieces together to get more money. This is various gold pieces in one quantity and it can help you to get more money for them.
Hold on to or look for US gold coins made prior to 1933. Gold coins were regularly minted and circulated by the US treasury before that date, when FDR recalled the coins. A lot of citizens chose to just keep the gold coins they owned, many of which are in the hands of dealers looking to sell today.
These tips should give you a good foundation for understanding how to trade in gold. Gold is a great investment that’s beautiful to look at and wear. Follow the tips presented here to amass your own gold collection.