The rise in gold seems to be almost continuous. If you feel curious as to how to break into this sector, know you can sell and buy gold like a pro investor. Here are tips to get you off to a good start in the gold market.
Always do your homework to find an honest and reputable gold buyer. Read online reviews and check with your local Better Business Bureau to find out if a dealer has any complaints filed against them. Get the best offer for the gold you have to sell by approaching multiple buyers.
Get your tangible gold from a handful of dealers at a minimum. There are quite a few stores selling jewelry or that buy it, and they all use different metrics to decide on price. Getting multiple offers allows you make sure that you receive a fair price.
Look for a gold buyer you can find.
Arrange for delivery of your gold at the time of purchase. If delivery isn’t immediate, then you need written confirmation from the seller about your pieces. There should be a date listed for when you can expect them. Only complete the order if given this documentation.
Think about selling gold via the web. You no longer need to visit a jewelry store or pawn shop. You can use one of many websites to sell gold. You will get a kit to send your gold to these websites for money.
The IRS must have approved the gold.Bars typically are more valuable than the coins.
Do not allow the high price of gold to deter you from buying quality products. You will not benefit from buying jewelry that is plated or filled with gold. You still can get gold jewelry items without spending a lot at a local jewelry store. Check pawn shops and online websites for cheaper gold prices.
Get an appraisal if you have no idea what value of your jewelry. This adds an up-front cost, but it is worthwhile. If you decide to sell, do be aware that you won’t receive the price the piece has been appraised at.
Sell gold buyers who are licensed to buy gold. There are quite a few vendors that will purchase gold, but some are out to rip you off.
While you may be very tempted to quickly send off your old gold scraps and jewelry to a business that buys gold through the mail, do your homework about the company first. Ensure you understand the reimbursement terms, and don’t neglect to purchase postal insurance for the package. Be sure you capture photos of everything you put in the mail.
There are some shady companies out there who deal with gold.You have to do your research.
Know exactly what it is you actually have. Not everything that appear to be gold are worth its weight in gold. Other metals are often mixed with gold in order to make it stronger.This makes the price. This is the case with gold plated items as well.
Only certain kinds of gold are suitable for contributing to your retirement fund. It has to be given the stamp of approval from the IRS. It needs to be either 24 karat coins or bullion bars. Gold bars tend to hold their value better than gold coins.
Many times the backs of earrings are solid gold, even when the actual earring is not solid. Necklace clasps and ring bands are usually real gold too. You can often sell these small pieces together. This is a bunch of different gold pieces in one quantity and it can help you earn more money for them.
Gold Prices
Make sure that you know the current market value of your gold before selling it. The spot price can be found in many places, and it tends to fluctuate often. Don’t buy anything marked up over 8% of this. Some dealers are going to try and charge you more, but don’t pay it.
Gold prices have increased by over 400 percent in the last decade. The weaker the dollar, the stronger gold prices are.
The purity of golds is measured in karats. The higher the karat, the more expensive and pure it is per each ounce. You cannot just go by the carat stamp.You will not inadvertently purchase bad quality when you know the methods to testing gold purity.
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. Shipping to them is free, but the cost to get your pieces back is often massive. You should be well aware of what this could cost in advance.
Know your investment goals are before investing in gold. Gold is good to have around in a bad economy, but its value can also be very volatile. If you keep yourself protected, you have a good chance at being successful.
If you are thinking about selling gold on the Internet, check the going price of gold first. It may be handy to mail your gold, but these outlets do not typically pay as well.
Try a site like GoldMoney to purchase gold. It’s like opening a bank account which trades in gold. All you do is set up the account, deposit funds, and then you are assigned gold to your account. It then is kept in a vault. The gold is yours to cash in if you wish. You may also redeem it for physical gold later.
Find out what your seller’s buyback policy. Some gold buyers charge premiums for reselling gold while others don’t. Think about how much it would cost and inconvenience of shipping gold bars that are bulky to dealers far from where you live.It is always best to take the gold as soon as you purchase it from your local dealer.
If your gold piece has small gems in it, find out whether you can keep them. If they are very small, however, they are going to be hard to remove.
Never pass up an opportunity to search for gold in a thrift shop or antique store. If you are aware of what to search for, you can find bargains in these places. A lot of people don’t know the value of what they have, and just give or sell cheaply to those places. You can reap the benefits of their loss if you do your homework first.
Gold Coins
A great way to start collecting gold is to buy US gold coins minted prior to 1933. Gold coins were used every day until President Roosevelt recalled them. Many people still kept these coins anyways and you can still buy them today.
Don’t sell your items to the first buyer you come across; always get a few quotes. It might come as a surprise and you never what kind offers are out there! If you stick with your first buyer, you could get a terrible deal. Spend a bit of time on the front end so you get the most profit out of the transaction.
Now that you know this information, you should be able to jump into the gold market. No matter the direction you take with gold, hard work always pays off. Use the advice you learned here, and you are sure to be prepared.