The idea of buying and selling gold has become very popular, primarily after the onslaught of shaky economic times across the globe became apparent. Keep reading to discover what you need to know about making gold investing work out well for you.
When selling gold, sell to reputable buyers. You can check out their reputation by contacting the BBB and checking online reviews. A buyer with a good reputation will normally pay the going rate for gold, and offer superb customer service than a company than is not legitimate. Stick with them to protect your own interests.
Get a value from several buyers before selling your gold. There are quite a few stores selling jewelry or that buy it, but prices vary from one professional to the next. Getting estimates from several establishments will help you to understand what you can get for your gold.
The high price of gold may put you the idea that gold-filled or gold-plated jewelry is better. You can still buy gold jewelry from a number of sources at a reasonable price. You are able to get gold cheaply in pawn shops or online.
Only buy gold jewelry if you can return it. People’s tastes are different and you don’t know the whether the person will like what you buy. This is a huge problem.
If you plan to sell jewelry through mail-in companies, check them out before doing business with them. Find out when you can expect your payment, and get insurance for your package.
The IRS needs to approve the gold that you receive.Bars typically are often a better deal than coins are.
Before you ship gold jewelry to a buying service, find out whether you will be charged for return shipping. If you are not satisfied with the offer, you will have to pay this amount. The majority of companies pay for you to send the jewelry to them, but they charge high fees to return it to you. It’s best to be prepared so you are not surprised by return shipping charges.
This can accumulate over time, and can lead to an accumulation of real value in the span of a year or two. Keep your collection safe until you have enough of it to cash in.
Make sure you know the price of gold the same day you plan to buy or sell. This information is available on several different websites. Never buy something listed at more than an 8 percent of the gold prices. Some dealers charge more than that, but don’t pay it.
Know what you’ve really got. Just because something looks like gold doesn’t mean it is worth gold’s weight. It’s not uncommon to find gold that has been mixed in with other, lesser metals. These metals can reduce the value of gold. Gold plated items are subject to this too. If you are not certain about what you have, an appraisal before selling is wise.
There are some shady companies out there who deal with gold.You need to do your research to keep yourself safe.
Have your pieces appraised prior to selling it to anyone as scrap gold. This is particularly true for pieces that have intricate workmanship and design. Even though there is an appraisal fee, you may get more for your jewelry in return. An appraiser may know someone who will give you a good price for your special item.
Talk to a gold representative to learn how they test gold for purity. In most cases, the item is simply stamped. In some situations, though, no visual sign presents itself, so there are other ways of determining it. If a buyer uses acid testing, it’s an indication they are a newer business.
Before doing business with an gold dealer, contact your local Better Business Bureau. You can usually find out about complaints that have been listed by the customers who feel slighted. Pay close attention to whether any complaints and if they were resolved or not. If you see many complaints, think about moving on.
The gold market is a profitable way to invest, and therefore many people are interested in getting involved. It is common for a lack of knowledge to stop them from getting the most out of it. With any luck, this piece has started demystifying the process for interested parties.
Never sell gold to a dealer or store with checking their ratings with the BBB first. In this way, you can get sound information on the performance and history of these entities. Pay attention to complaints and see if they’ve been resolved. If they have a ton of complaints or many that are unresolved, you should consider a different business.