Learning how one should invest in gold will be a key strategy for any investor. Gold can add much needed diversity to your financial portfolio.The many options may overwhelm you a bit at first. Read on to simplify the process of gold investment basics.
Before buying or selling gold, be sure you are aware of how metals are priced. Gold, platinum and silver prices tend to fluctuate daily, so make sure you check the spot price on a specific day before you make a transaction. You should be ready to pay a higher percentage for fractional pieces like half ounces and quarter ounces over the melt prices.
Gold prices change all of the time, so know the current value before you attempt to sell any. If you have made the call to sell any gold you have, separate your pieces by purity level. Don’t sell gold jewelry that’s worth more when sold as a designer piece.
Before you put down your money for gold, get a guaranteed delivery date. If the seller delays delivery, you must get some kind of writing from them confirming when you can expect to get your pieces. The date must be listed. Don’t go through an order without this information.
Only certain kinds of gold are suitable for contributing to your retirement fund. The IRS needs to approve the gold. They have to be 24 karat coins or bullion bars. The bars are a better buy than the coins are because they are more likely to retain their value.
The cost of gold may give you the idea that gold-filled or gold-plated jewelry is better. You can still buy gold jewelry items without spending a number of sources at a reasonable price. Pawn shops and there are also many online buying options.
Have a professional appraise your gold jewelry if you are unsure what it is worth. This can cost you a little initially, but it could save you a lot of money later. If you’re going to sell the gold you have, be aware that it’s not likely for you to get full retail value of your item.
On the day you are planning to buy your gold, check the spot price. This information is available on a number of websites. Don’t buy anything marked up over 8% of this. Paying that price would simply be unfair to you.
If you want to unload scrap gold pieces or jewelry items for cash, shop around for best prices.
If you’re using a mail-order gold buying service, 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. Know beforehand how much you mail your pieces back.
Know what it is you actually have. Even though the item looks like gold, it may not have much value. Usually, there are other metals mixed with gold for stability. That can make it less valuable. Gold plate is also not very valuable. Having an appraisal done to your gold can help you get the best idea of its actual worth.
GoldMoney can be helpful when buying gold. It is kind of like setting up a “gold banking account.” You simply establish your account, deposit fund and receive the value of your account in gold. The gold will physically sit in the bank where you can cash it, cash it, or in some circumstances, you can redeem it for gold bullion bars that weigh a kilo.
There are some shady companies out there who deal with gold. You need to exercise caution and do your research to keep yourself safe.
Scrutinize any forms that a gold dealer gives you. A lot of money is exchanged in this business. Always understand anything you’re placing your signature on. If you’re not comfortable with any terms, pass on it. Sometimes it’s worth it to protect yourself financially.
Making the right choices when purchasing gold is a big part of the process of investing. This article has helped you with that, and now you’re ready to make some decisions. Be ever mindful of what this article taught you, and get going.