Gold is a highly prized metal. Gold has been around for thousands of years and man has always held it in high regard. If you are interested in investing in gold, these tips will help you maximize the return on your investment.
Get your gold valued by multiple sources. Gold buyers and jewelry stores are out to make a profit, so they’ll all pay less than the actual value of the gold you’re selling. By shopping around, you will get a better idea of what the gold you are selling is really worth.
It is important to research the current value of gold before selling your gold. If you make the decision to sell gold, separate your pieces by purity level. You should not sell jewelry as gold scraps if its worth is higher because of the brand or design.
Investigate the reputation of any firm you are considering doing business with. Look at the Better Business Bureau to gather information about the company to see if their legitimate or not. Reputable buyers offer great customer service along with fair prices. Don’t let yourself be taken advantage of.
Before you mail off your gold, make sure that you understand the polices, fees and terms of the company you are dealing with. You should find out how long the process takes, and get package tracking and insurance on your package, too. Last, but not least, photograph each item you are sending via mail so that you have recourse if a dispute occurs.
You must be sure to purchase the right type of gold if you hope to rely on it in your golden years. It has to be given the stamp of approval from the IRS. They must be 24 karat bullion bars or coins. Over time, gold bars appreciate better than gold coins.
When purchasing gold, check to see if the dealer offers a return policy. You never know if the jewelry will fit someone else or if the person will even like it. If that should occur, it is important you can return the piece for a full refund.
Understand that gold dealers are interested in all gold items. This could be jewelry pieces which are broken, home decor, tableware or any other gold items you have around. It is not really necessary for these items to be solid gold. Items with partial gold content, gold plating, or gold mixtures may still be valuable. You can still get some decent money selling these items.
You need to only sell your gold to buyers that are licensed. Licensed buyers are much more reputable, and then you can stop worrying. Many establishments purchase gold, so there is no need to sell yours to the first buyer you deal with.
An inexpensive and simple way to see if an item is gold is with a regular household magnet. Real precious metals do not stick to magnets. Sometimes you’ll find a clasp to be something solid, but everything else is plated. Magnets will let you tell the difference.
Ask the gold party representative about how the gold’s purity in karats is determined. Many times, the items are stamped. Sometimes, though, an eye test is insufficient and buyers have other ways of making that determination. Acid tests are an easy way to determine value.
When working with gold dealers, make sure to read all of the fine print you are given. There’s a lot of money involved in this business. You must be fully aware of what you are committing to. Don’t be afraid to pass on anything that has terms you don’t agree to. It pays to watch out for yourself in this way.
Don’t just sell your gold on a whim. Gold tends to increase in price, so waiting may yield even greater profits. The longer you can hold your gold, the more profit you can make on it.
Research each buyer carefully to ensure a good deal. This is key if you are using mail-in services or buyers who are not local. Companies that buy gold ought to be listed with your local BBB, where you are able to find out if complaints are filed against a company.
Learn more about a the seller’s buyback policy. While you must pay a premium to some gold buyers who resell your gold, you may find others who do not charge a premium. Consider the logistics of having to send bulky gold bars or coins to a dealer outside your geographical location. For your own protection, do not buy gold and leave it in the physical custody of your dealer.
Obviously, it is important to sell your gold when the price is peaking. Market values rise and fall at an alarming rate. Understanding stock market fundamentals will help you manage your money. Sell your gold when the stock market starts to creep back up.
Now you should know more about gold values and why it’s treasured by many worldwide. Gold is lovely to look at and profitable to invest in. Take the information and tips from this article and start investing in your own collection of gold today.