If gold is something you’d like to get into but you’re not sure how to, then this is the best place to be. You need not feel intimidated, as the knowledge of this article is power you can use. Investing in gold offers great advantages, which you should take the time to discover.
When you sell gold, get multiple estimates of its value. There are many places to get this done, and some will pay you more than others. You can be certain you’re getting the best deal by shopping around.
Understand the spot price of gold before selling any. If you have made the call to sell any gold you have, group your pieces by karat value. Because the jewelry you sell will be melted down, keep pieces that are more valuable because of the designer name.
Be aware of the going rate of gold before you sell you gold items. That way, you will know if you are being offered a fair price for the items you have. Dealers typically give a fair price, but there are some unscrupulous ones out there. They may take advantage if they think you want to unload your piece fast.
If you’ve been thinking about selling your gold to a mail-in company, take the time to read over their fine print before getting involved with them. You should be clear about when you can expect to be paid. Insuring your gold shipment is a good idea, too. Take a snapshot of everything that you send in the mail for security.
Have a professional appraise your gold jewelry if you do not know how much it is worth. Even though it is an extra expense, it can be well worth the investment. In order to maximize reliability, make sure the appraiser is independent and accredited. Remember if you sell, you will not receive the full price of the appraisal.
When you plan to buy gold, make sure you look at the spot price. Many sites offer this information, plus it changes every day. When purchasing, don’t pay greater than 8% markup above the spot price. Anything more is unethical.
Never neglect the idea of hunting in antique shops or flea markets to find gold. If you are aware of what to search for, you can find bargains in these places. Seller don’t always know the value of the gold they own. If you conduct research, their loss can turn into your gain.
Use a magnet if you want a cost-effective way to determine whether or not the precious metal is real. If the piece is real gold, the magnet will not be attracted to it. Sometimes, the only thing real about a piece of gold jewelry is the clasp. A magnet is a good tool for discovering fake gold.
Go over the fine print that’s in any sales contract. If you’re trying to sell gold to people through the mail, then you have to go over the fine print carefully before you sell gold. You can then ascertain the amount of fees and commissions you will be charged.
In many cases, earing backing are solid gold even the total piece is not. Many rings and clasps for bracelets and necklaces are gold too. Since such pieces often weigh little, attempt selling them in a “lot”. That means they are collected into an assortment that can bring a better price together.
There are many different companies that you can mail your gold into. A lot of sellers enjoy doing this because it’s not hard. Simply receive your prepaid envelope, place the gold inside of it, ship it and wait for your check. Remember that these places usually do not pay as much as other places for gold. In a few cases you might get 30% less for a piece, so know that.
Be sure to choose a solid dealer with a good history. Contact the BBB to learn more. Contacting the BBB will tell you if any complaints have been filed about your gold dealer. If there have been complaints filed, consider using a different dealer.
Know how to test the grade of gold if you are investing in gold. The purity of gold is measured by karat. Twenty-four karat gold is the purest form of gold and is the most expensive. Don’t just rely on the karat stamp. Knowing how to test the purity of gold will ensure that you will not overpay for poor quality.
Now, you have the right information to get started. Use these tips to help you become a master gold investor. Soon you will see how your investments pay off.