Any serious investor should have a portion of their investment portfolio. Gold is truly the best commodity available. From building a retirement nest egg to making beer money, this article will help you achieve a financial goal.
Bullion bars are hands down your best gold investment. These come in various weights. The bars vary in size from half an ounce to 400 ounces. A heavier bar may be more difficult to find, however.
Gold prices change frequently, so be aware of the purchase price before selling your gold. If you choose to sell any gold, separate your pieces by purity level. Don’t sell gold jewelry that’s worth more than its melt value because of its designer origins.
Stay with reputable buyers when selling gold. You can check out their reputation by contacting the local BBB and checking online reviews. A legitimate buyer will give you good service and an equitable price for the gold while giving you great customer service. You have to protect your gold investment as well as yourself.
If the gold price is not to your liking, perhaps going with gold-filled or gold-plated jewelry is something to consider. However, it’s still possible to buy gold jewelry and not need to spend a fortune at the jewelry store. You are able to get gold cheaply in pawn shops or on the Internet.
Delivery Date
Before you put down your money for gold, get a guaranteed delivery date. If a seller gives you anything other than immediate delivery, get the delivery date in writing. The date should not be a mystery; it should be clearly stated. Don’t go through with the purchase unless you have this in hand.
Comparison shop when selling old gold jewelry. The “spot” price for gold is determined by a constantly fluctuating market, so not every store is going to pay it. Stores that aren’t in big shopping malls tend to have much lower rent and may pay more.
Most buyers will offer you just the melt value for gold jewelry.
If you are shipping jewelry, make sure you understand any return postage fees you’ll need to pay if you decline their offer. Be sure you have an idea how much it will cost you to reclaim your jewelry.
Using a brokered service such as GoldMoney may be the gold investment technique that best suits your needs. It’s similar to opening a “gold bank account.” Set up the account, deposit some funds, and you get gold at the price that correlates to the account. You can redeem the gold bullion in one-kilo bars or leave it in the vault and trade it or cash it in.
Use a magnet to determine if an item is made of steel. Precious metals do not going to be attracted to a magnet.Sometimes a jewelry piece is only plated in gold with a solid but the rest is plated. This can be a useful method is good test for that.
Research all that you can before investing in gold. Some individuals pretend to market experts but who are in fact just trying to dupe you to invest with them.
It is important to understand that market before becoming active in it. There are some shady companies in the gold market. Lots of people will scam you if given the chance. Stay alert and always take the time to obtain the information you need to make an informed decision.
Have all jewelry appraised prior to selling it to anyone as scrap gold. This is particularly true for unique pieces that have exquisite workmanship and details. While you may get charged a small fee, this can certainly increase profits further along the way. An appraiser may know someone who will give you sell your jewelry items.
Separate your gold by karat values. Some vendors may try to weigh all of your items at one time and pay you what the smallest karat weight is worth. This will cost you receiving less money.
Research the market ahead of investing. There are predators out there in the gold market that claim to be big shots but just want you investing with them. Any claims that promise overnight fortunes must be taken with a grain of salt. Don’t overestimate how quickly gold will get you rich.
With the knowledge gained from this piece you should have a new perspective on gold investments. Take the tips you’ve learned here to help better your financial portfolio, or maybe even make yourself a little extra money. Do plenty of research on gold and investments before starting to work on your portfolio.