The popularity of gold is based on the fact that it is reliable when the economy falls flat. Potential investors need to know some things before they start, though. Continue on to discover the keys to smart gold investing.
When investing in gold, bullion bars are the best way to go. You can find them in several different weights. There is a choice of half-ounce and then up to 400 ounce bars. However, the really big bars are very hard to come by.
You might be shocked by how much gold costs these days. You can still buy gold jewelry without spending a fortune at a store. Pawn shops provide great discounts.
Be aware that it is possible to sell anything with a gold content to gold dealers. Gold pieces can be anything from jewelry to tableware, even home decor. You can get something for an item if it is not made out of pure gold. Items with partial gold content, gold plating, or gold mixtures may still be valuable. You still stand to make a fair amount of money selling it.
Do a little comparison shopping before you sell jewelry or other gold items, even if you’re looking for a quick cash-for-gold deal. Some stores won’t pay the market price of gold, and it’s up to you to realize this. Local stores that don’t have outrageous overhead may be able to pay you more for your gold.
Don’t let others know you invest in physical gold. You don’t know who is listening, and you don’t know who you can trust. Protect your investment in a secure home safe or in a safe deposit box. This will protect your gold in all circumstances.
Know what you actually have in your possession. Just because something looks like gold, that doesn’t mean it’s worth the full weight in gold. Usually, there are other metals mixed with gold for stability. This makes the value lower. Gold plated items are subject to this too. If you aren’t sure what you’ve got, you should get it appraised before you sell it.
Always research the market price before you try and sell your gold. Also, ask around to find out how much similar pieces are going for. This is a price point that you can work with. Always see if you can get a little more than they’re asking if they allow you to negotiate.
Earring backs are often solid gold when the earring isn’t. Necklace clasps and ring bands are as well. In these instances, it’s best to sell the gold parts in a lot. This is a bunch of different gold pieces in quantity and can help you to get more money for them.
Before you consider selling your gold, check the BBB.org website. The BBB’s website will share any negative reports made against a company through the BBB’s service. The key thing to look for is how complaints against the business were resolved. If a business has a lot of customer complaints or unresolved complaints, avoid using them.
Have some idea of who you are selling to. To ensure your dealer is reputable, check with the Better Business Bureau. The BBB can tell you if the dealer has had any complaints. If there are complaints, you need to find a different dealer.
Do not sell your gold just because you can. Gold prices keep going up, and it’s high right now; however it might go up even more. The longer you can retain your gold, the more benefit you will obtain.
Be sure to divide your gold holdings by karat value when selling. Gold is valued by its purity in karats, so if you mix up the karat values, you will not get the best price for them. The higher the karat value, the higher the value of your gold.
See if friends or relatives have broken pieces of gold they want to sell. Simply purchase a quality jewelry scale to find the exact weight of the gold. This allows you to make a fair offer on the value of your friends’ and family members’ gold pieces.
Investigate your sellers buyback policy. Some buyers charge premiums for reselling gold while others don’t. When you are thinking about sending hefty gold bars or pieces to non-local dealer, consider the logistics. You don’t want to purchase gold only to leave it with the dealer.
Pre-1933 gold coins are a great investment. In 1933 President Roosevelt recalled the gold coins that were circulating around the United States. However, many people held onto their gold coins, and they are available from coin dealers today.
Understand that you will not receive full price on your gold. Just like any other business, gold dealers are in it to profit. Dealers must make a profit; therefore, they must calculate their profits in the purchase price. Offers of 50% to 70% of the actual value are commonplace.
Remember your identification when you go to sell gold. Thieves often steal gold because it is small and valuable. To catch these crooks red-handed, the government passed a law to require the presentation of an ID during a sale. That makes thieves easier to apprehend.
When you buy gold, look at how it is made. Machine-made gold jewelry is less valuable than handcrafted items. It won’t affect melt value, however, it can drastically cause price differences when sold as jewelry.
Take a picture of each piece before you mail in gold pieces. This protects you by providing physical documentation of each item’s existence. A good photograph will be detailed enough to identify the pieces well. Focus on unique identifying marks. This includes scratches, engraving and anything else unusual.
Gold bullion is one of the better ways you can invest in gold. It’s not hard to see the value of the bullion because they are each marked clearly, and bullion is actually manufactured from fine gold. Buy bullion from a reputable dealer and be sure to have it appraised.
There is an increasing interest in gold trading, and there is no sign of that slowing down. Wise investors will take some time to analyze the market carefully before entering. Use the information you learned from this article to get the most out of the gold market.