Gold is probably the safest investment is a terrific way to safeguard your money. Perhaps you have considered the gold market but aren’t sure where to begin. The article that follows is full of useful tips on gold investing.
Gold prices may be so high that you may feel that it is best to choose jewelry that is gold-filled or gold-plated instead. Before settling for a gold plated piece, understand that there are great deals out there on solid gold jewelry. It is easy to get great deals on gold jewelry from online retailers or pawn shops.
Anything that is gold can be sold to a good dealer. This could be tableware, home decor, tableware or any other gold items you have around. It doesn’t need to be 100% pure gold. It just be plated or partially pure. You will still get a little of your initial outlay back.
Use a magnet to determine whether an item is made of gold or another precious metal. Precious metals like gold are not respond to magnets. Sometimes only plated in gold with a solid but the rest is plated. This is a good way to test for that.
When selling jewelry, be aware that most gold buyers will only pay you on the melt value. If you are selling to pawn shops or most private sellers, expect them to offer the melt value. Don’t lose faith; there is always someone willing to buy the item as an entire piece.
Research gold before investing in gold. Some people will claim to be experts in fact just trying to dupe you into investing through them.
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 there. Look closely at any past complaints to find out whether or not they were satisfactorily resolved. If they have a ton of complaints or many that are unresolved, maybe you should look for a more reputable buyer.
Know what you have. Not everything that looks like gold is worth its weight in it. In many cases, additional metals have been mixed with the gold to strengthen it. Items that are not pure gold have a lower value. Items that are just plated in gold can also be affected. If don’t know what you’ve got, have it appraised before you sell it.
One choice for selling your gold is to send it away in the mail. A lot of sellers prefer this because it’s not hard.
Gold can often be a very lucrative but volatile investment. If you’re not ready for a roller coaster ride, perhaps the gold market is not for you. If you are up to the challenge, you should still protect yourself from losing too much money. Only a small overall percentage of your portfolio in gold. A good limit is about five percent.
Before you sell your gold as scrap, it is wise to have it appraised first. You should do this for special pieces. Unique pieces may be worth more intact than they would if eventually melted down. While the appraisal costs money, you might end up with more later on. A credible appraiser can probably connect you with someone who is likely to be highly interested in what you have to offer.
Don’t sell your gold out of desperation if you feel it would get a good price. Gold usually increases in value, and it’s high right now; however it might go up even more. You may benefit in the future by keeping your gold for even more later if you hold onto it now.
Gold Prices
When you go to purchase gold know who you are dealing with. Check with the Better Business Bureau to verify the reputation of a dealer. If you contact the BBB, they will tell you if the dealer has complaints filed against them. If a dealer has complaints files against him, go with another one.
Gold prices have skyrocketed 400% in the last decade which is good if you own gold. The weaker the dollar, the stronger gold prices are.
This is key if you choose to use a mail service that’s in a different state to sell your gold.
Try buying broken gold jewelry from friends and relatives. If you use an accurate scale that is designed for jewelry, you can offer friends and family a higher price than what they would receive at a pawnshop.
If you sell multiple pieces of jewelry, weigh each karat type separately. This is so you make sure you’re paid accurately for your gold.
Jewelry with higher karat weight contains more gold. Make sure you go to sell.
Don’t get too far over your head if you’re just starting out investing. Avoid investments like gold futures, despite their popularity. They are volatile and complex. You can sometimes lose money pretty quickly if you’re not sure about your moves. Investors who have been in gold investing for a long time are the ones that type of investing should be left to.
Think about how a certain gold piece was made before you buy it. Machine made gold jewelry holds less value than a handcrafted piece. The melt value may be the same, but its value as a jewelry piece will be different.
Gold investing can be done by anyone who wants to place their money in a safe place. Having read the tips presented here, you can sally forth into the gold market with confidence. Keep in mind the tips you learned here, to help you.
Be sure you are getting what you think you are getting from your purchase. Some gold coins are actually just plated. If you check with a certified gold appraiser before you purchase a gold coin, you can be assured of its purity.