Gold investing is often considered to be a “safe” investment. Many say that gold is a good investment in uncertain times. Read on to learn more about the buying and selling of gold. These tips should help you understand gold better.
When selling gold, sell to reputable buyers. Look at the Better Business Bureau to gather information about the company to see if their legitimate or not. A good buyer will treat you well and offer a fair price on your jewelry. Protect your invest and look into these companies.
You need to be cautious about the kind of gold that you purchase to help fund your retirement. This needs to be gold investments that have IRS approval. This means it needs to be in the form of coins or bullion that is marked 24 karats. Try to buy gold bars more than coins, because they are much more valuable.
Consider a fair return policy as an absolute necessity when you’re purchasing gold jewelry, especially if you intend to make a gift out of it. It is hard to tell if that jewelry is going to fit another person, or if that person is going to want it. In those cases, you should return the jewelry for a refund.
Think about GoldMoney and other such services when you want to buy gold. It is akin to establishing a bank account in which you deposit gold. You set up an account, deposit your funds, and you’re assigned some gold at a price that prevails to your account. It then is kept in a vault. The gold is yours to cash in if you wish. You may also redeem it for physical gold later.
Buying gold can exciting, but keep that to yourself. You don’t know who could try to keep tabs on this, and you don’t want to have to worry about trusting people. Keep your investment private and secured, preferably in a safe. This is the best way to protect yourself and your gold investment.
Know what you are working with. Appearance alone is not an accurate gauge of the value of your gold. Usually gold is mixed with other metals to give it strength. The less gold, the less value. So, too, can items that are simply gold plated. Get your items appraised before selling your gold.
Talk to a rep at a gold party to see how they figure out the number of karats in a jewelry piece. Frequently, the gold piece will have a stamp on it. Sometimes, however, there is no visual sign, so many representatives have other methods of figuring it out. Acid tests are simple ways to do this, so if the rep does this, they’re probably new to the business.
Frequently, earring backs are made of solid gold. This is the case even when the earring is not made of pure gold. Necklace clasps and ring bands often are too. If you want to sell these, though, you need to get quite a few of them together to make it worth it. That means they are collected into an assortment that can bring a better price together.
Never sell gold to a dealer or store with checking their ratings with the BBB first. You will see if there were any complaints and be able to read reviews from consumers who have conducted business with them. You definitely want to notice any complaints, whether resolved or not. If there’s a lot of complaints about one company, consider not using them.
You can make gold investments without owning gold. You can buy gold shares in an ETF, a mutual fund with a focus on gold, or in gold mining equities. For those that want to buy real gold, make sure you think about how you are going to keep the items safe.
If you want to sell your gold, you should divide it in different lots in function of the karat weight. If the vendor weighs all of your items together, you will not get a fair price for your higher karat items. You’ll lose out on a lot of potential profit this way. Be safe and maximize your value by having all the gold separated before dealing with the buyer.
You can sell your gold through the mail. This does not involve posting any advertisements or going into different shops. You simply drop your jewelry items in a prepaid envelope and wait for your check to come in the mail. The price they pay will be very low, though. In a few cases you might get 30% less for a piece, so know that.
Research a dealer before doing business with them. Call the Better Business Bureau to make sure dealers are reputable. You will be able to learn if there have been any complaints lodged against them. If you notice there are registered complaints, then you need to choose another gold dealer.
Gold jewelry should be separated into different groups based on its karat value before you sell it. Since a piece’s value can vary considerably based on its karat value, weighing and selling it all in one batch may lead to you missing out on some potential profits. The higher the karat value, the higher the value of your gold.
Know how to test the grade of gold so that you will be sure to get what you are paying for. The term, karat, is used to refer to the purity of gold. As you higher in the number of karats, the more valuable the piece of gold is due to its purity. You cannot just rely on the carat stamp. Knowing how to test the purity of gold will ensure that you will not overpay for poor quality.
Buying and selling gold is not as complicated as it may seem at first. Anyone can understand it. Now, you’re ready to go panning for gold. Remember to make full use of all the information at your disposal in order to make savvy investments.