It’s amazing how popular gold is since the recession. Perhaps you want to build your own reserves yet are unfamiliar with the formula for success. Read on to learn more about this booming market.
It is always a smart idea to have more than one appraisal when you are considering selling gold. Dealer prices vary by store. Getting estimates from several establishments will help you make sure that you receive a fair price.
It is important to only do business with people who have a good reputation. Check with the BBB and look at reviews online before you sell your gold to a buyer. A legitimate buyer will pay you fairly for your gold while giving you great customer service. This can help you to be protected when dealing with gold.
Prior to buying a piece of gold from a seller, make sure you schedule for timely delivery. If the seller does not provide immediate delivery, you must get some kind of writing from them confirming when you can expect to get your pieces. A date should be spelled on this piece of paper. Do not complete your order without this important information.
Understand that gold dealers are interested in all gold items. It may consist of decorative items, gold table ware, old items of jewelry and so on. It doesn’t have to be all gold either. Items that are partially constructed of gold or even gold plated are acceptable. You still stand to make a fair amount of money selling it.
Always check the daily spot price before you buy gold. This information can be found on several different websites. When going to buy the jewelry, you should not have to pay higher than 8% markup over the spot price. Some dealers charge more than that, but it is a rip-off.
Avoid letting people know that you are planning to sell your gold. You cannot put your trust too easily on people. Keep it to yourself and protected, either with a decent home safe or in a bank. This is the best way to protect yourself and your gold investment.
Look into market prices of gold before selling it. Look to see what others are asking for when it comes to similar prices. That way, you will have a good starting point. You should always ask for a slightly higher price so you can negotiate with the buyer.
Talk to multiple vendors before making a decision about which buyer you’ll go with. You’d be surprised in the variance of prices you’ll get offered. If you do not get several offers, you may not get the best price. Wait a bit of time so you have the greatest cash in your pocket.
Appraise jewelry before scrapping it. Jewelry that is hand crafted and unique may be worth more sold as jewelry than as scrap gold. Although you will probably have to pay for an appraisal, you might find you have something worth a lot more than you thought. A professional appraiser can also point you towards potential buyers for high-quality gold jewelry.
A lot of times, earring backs are gold, even when the earrings themselves are not. Necklace clasps and bands to rings are usually real, too. These pieces don’t weigh much, so try selling them all as a “lot.” You may get more money this way.
When negotiating with the dealer, be sure to read everything with a fine tooth comb. This business is about the dollar signs, and you must recognize this. You need to completely understand the contract you are signing. Don’t be afraid to pass on anything that has terms you don’t agree to. Find a broker you are comfortable with rather than signing a sub-par deal.
You can make money on gold; however, it is a volatile commodity. If you have low risk tolerance, avoid this market. Even if you are okay with taking the risk, you need to prevent downside risks. Only invest a small amount of your financial portfolio. 5% is a good amount.
Break up your gold into karat values when you intend to sell it. Gold values differ by karat, so if they are weighed together you will not get all it is worth. The higher the value of the karat, the more valuable your gold is.
Check the seller’s buyback policy. Some gold buyers charge a premium to resell your gold while others do not. Think about the logistical hassle of sending large gold bars or coin collections to far-flung dealers. To be on the safe side, you shouldn’t buy gold and allow the dealer to keep a hold of it.
Gold coins minted before 1933 are a good way to get some exposure in the gold market. Before 1933, gold coins were circulated throughout America. However, President Roosevelt recalled gold coins. Some people kept them as souvenirs, and as a result, you can still find them today.
Do your homework before buying gold. Lots of coins that are labeled as “gold” are just plated with gold. One way of knowing whether a coin is real gold is to ask for an appraisal before purchasing it.
If you want to invest in gold but do not have a lot of money upfront that is okay. Many investors began with small investments. Pick up single coins or old jewelry one by one. It will not take too long for your collection to grow to a considerable size.
Know your gold’s value before you sell it. Dealers may try to rip you off, so make sure you do your homework. It is this knowledge that makes them think they can get away with giving you less money. Visit www.goldprice.org to check the current gold price.
The world is in a financial tizzy, and the popularity of gold is one of the results. Understanding gold buying and selling is the best way to use these markets to your best personal advantage. Use what you’ve learned here when dealing with gold and you’ll be an expert in no time.