Gold is prized all over the world and has been a treasured commodity since it was first discovered thousands of years ago. If you want to start buying gold, read on for some important information.
Gold is high in price, and this deters some. You might choose gold-plated or gold-filled pieces instead of ones that are full gold. However, it’s still possible to buy gold jewelry and not need to spend a fortune at the jewelry store. It is easy to get great deals on gold jewelry from online retailers or pawn shops.
Do you are familiar with pricing of precious metals. Silver, gold and platinum prices vary from day to day, and therefore you need to verify spot pricing the day prior to your intended deal. You should be ready to pay a premium to the melt prices.
Before buying from a gold seller, be sure you know exactly when it will be delivered to you. If delivery isn’t immediate, get something in writing which confirms delivery of your pieces. The expected delivery date they expect you to get them should be something you can see listed. Don’t order until you have this document.
Take a look at the spot price prior to going out to purchase gold. The spot price can be found in many places, and it tends to fluctuate often. When you buy, don’t pay over 8% markup over the price. Some dealers charge more than that, but it is a rip-off.
Anything that is gold is able to be sold. This could be jewelry pieces which are broken, home decor, and other stuff you have around your house. It also doesn’t have to be all gold either. It could be gold plated or a bit of gold within it. You can still stand to make a fair amount of money selling it.
Pawn shops and many private sellers may just want to pay melt value.
Sell only to gold buyers who are licensed by the state. Licensure is not a guarantee of credibility, but it is certainly a good indicator. Lots of shops or individual operators are willing to purchase gold, so you should never feel you need to go with the first offer you get.
Research the market price of gold before you sell yours. You should see what others are offering for similar gold pieces. This gives you have an idea of what you should be asking for.
Research how the gold market ahead of investing. There may be people saying that they know what they’re talking about just so you’re likely to invest with them.
Exercise great care when you’re getting into gold trading. As with any market, there is unsavory, dishonest people. This is especially true when it comes to precious metals. There are quite a few people out there that would just love to dupe you out of what you are really owed. Stay alert and always take the time to obtain the information you need to make an informed decision.
Before selling your gold, you will want to inquire with the BBB. You will see if there were any complaints and experiences so that you can move forward from consumers who have conducted business with them. Pay close attention to whether any of the complaints and if they were not settled in a satisfactory way. If a business has a lot of customer complaints or unresolved complaints, it would be a wise decision to do business with a different company instead.
Separate your gold by karat values. Some buyers will weigh all your items at one time and offer you for the smallest karat weight is worth. This will cheat you receiving less money.
Use a magnet to test inexpensive jewelry to determine if it consists of steel. Gold and other precious metal will not be affected by a magnet, which means that they won’t stick to it at all. Sometimes it’s the clasp that is gold, while the rest is only gold-plated. Using this technique will help ensure your pieces are solid gold.
As is now quite clear, gold is a precious commodity that is easily traded. It makes sense to invest in gold because it retains its value and increases in value as time goes on. Now that you’re initiated, start investing in gold today!