All dedicated investors should have commodities in their portfolio tied into commodities. Gold is the top commodity available. From building a retirement nest egg to making beer money, this article will help you achieve a financial goal.
Gold’s price is always changing, which makes it important to know your piece’s value before selling it. If you make the decision to sell gold, separate your pieces by purity level. Don’t sell jewelry with a designer name that has a higher worth than straight melt value.
Stay with reputable buyers when selling gold. You are able to find out if they’re trustworthy by looking at the BBB reviews. A legitimate buyer with a good reputation will give you good service and an equitable price for the gold you great customer service. You should do this to better protect your investment and yourself.
Check the current market before you sell any jewelry. This way you will know if a fair price when you sell or buy.
If you plan to mail your gold jewelry to a firm, do some research on them and their policies before you do so. Know exactly how much money you can expect to receive, and make sure that the package you send them is insured. The final step is to take photos of your jewelry, just to be sure you can fight any future problems that may occur.
Only buy gold jewelry if they have a return policyIf this happens, it is important you can return the piece for a full refund.
Have a professional appraise your gold jewelry if you are unsure what it is worth. This adds an up-front cost, however it is crucial if you want to know the true value of your item. If you still decide to sell your gold, do be aware that you won’t receive the price the piece has been appraised at.
Make sure that you know the current market value of your gold before selling it. This information is readily available online. Be aware that it is updated every day. Paying for gold that is any higher than an 8% markup is not a wise investment. Some sellers try charging more, but that’s overcharging, which is generally unethical.
If you take jewelry or scrap gold to local companies that will pay for it, check out more than one.
Pawn shops and many private sellers may just want to pay the melt value.
Make sure you’re only selling to someone who has a license to purchase gold. There’s still a chance of getting a bad deal, but chances are your buyer will be more than reputable. There are a number of people out there willing to buy, so avoid thinking you have to go with the first buyer you see.
Many times you will be stamped with a karat rating. Sometimes, however, you won’t be able to see any kind of a stamp, so many representatives have other methods of figuring it out. If you see the gold buyer performing an acid test, it’s an indication they are a newer business.
Earring backings are usually solid gold, even when the earrings are not. Necklace clasps and ring bands are usually real gold too. You can often sell these small pieces together to get more money. Selling in a lot will increase your chances of selling them.
Keep your gold investing to yourself. This is because you never truly know who may be listening. Keep investments private and guard them in a quality safe or in a bank. That will ensure that a home robber doesn’t get away with it.
Karat Value
When selling gold, separate it based on karats. The value of the gold differs by the karat value of each and if all your gold is weighed together, so you are unlikely to receive the best price for your gold if it is all weighed together. Gold with a higher karat value is more pure and therefore more valuable.
Do not invest in any market before you have done your homework. There may be unscrupulous dealers claiming to be experts in order to get you to invest with them. Any claims that promise overnight fortunes must be taken with a grain of salt. Do not think of gold as some way to get rich quickly, and you won’t be disappointed.
Gold prices have skyrocketed 400% in the last decade which is good if you own gold. When the dollar loses value, gold rises.
Find out what your seller’s buyback policy.Some buyers may charge you a fee to sell your gold. Think about how much it would cost to send things like gold coins or bars that are bulky to dealers far from where you live. It is always best to hold on to the gold as soon as you purchase it from your local dealer.
Know what your goals are before you invest money in gold. Gold can be volatile, but it is great when you are trying to balance your portfolio through rough economic times. If you’re able to set a limit on being exposed to it and have a few things in mind before you set out, you can make more money.
Having read this article in full, you now know a thing or two you previously didn’t. Apply these ideas to upgrade your portfolio or just make a little money. Keep all of this in mind to succeed with gold.