Even as currencies and stocks fluctuate, the price of gold is steadily increasing. Clearly this poses some interesting opportunities to pad your investment earnings. Here are some things you must think about when you buy or sell gold. This piece will give you expert tips to maximize your gold transactions.
Make sure that you get a quality estimate from a reputable source before selling your gold. Venues that buy gold will only pay you a percentage of what your gold is worth in order to make a profit. By getting multiple estimates, you can be certain of getting the best price.
Learn how precious metals are priced before you trade in gold. Silver, gold and platinum prices fluctuate often, and therefore you need to verify spot pricing the day prior to your intended deal. You may have to pay higher prices, though, for pieces that have a small fractional measurement.
If you decide to send your jewelry to a company through the mail, research them and their terms before heading to the post office. Be certain you have a clear understanding of the timeline involved, and make certain your jewelry is insured. Last, but not least, photograph each item you are sending via mail so that you have recourse if a dispute occurs.
If you’re unaware of your gold’s worth, have it appraised. Paying a professional to appraise your item is a good investment. In order to maximize reliability, make sure the appraiser is independent and accredited. Also keep in mind you usually won’t get the full value if you do decide to sell the gold.
Make sure you know the spot price of gold the day you plan to buy or sell. You can see it on various sites and it usually changes every day. Never pay any more than an 8 percent markup on the gold prices. Some dealers charge more than that, but it is a rip-off.
Look around before deciding on purchasing from a gold buyer. You’ll be surprised by all the different offers you’ll get. If you accept the first deal offered to you, you might be sorry. Be sure to take time to choose your buyer wisely for the best profit.
Ask what method is used to determine the purity or karats of your jewelry. In most cases, the item is simply stamped. However, at other times, there is no stamp, so a lot of reps use other ways to find out. Dealers using an acid test may be newcomers, as this is a very basic test.
Knows all the details in a gold sales contract. This is especially important if you decide to sell some of your gold items through a mail-in program. This helps you see how much is paid toward commissions and fees.
Only buy from a dealer you know. To help ensure you are buying from a reputable dealer, contact your Better Business Bureau. You can use the Better Business Bureau to see if complaints or adverse claims have been made about the dealer. If so, think about using someone else.
If you’re thinking about selling gold online, research prices before you start. Sometimes you may find a better deal at tradition places that buy gold, like local shops or jewelry stores. It may be simpler to mail it in, but is that simplicity worth giving up a profit in the hundreds?
Many of the best deals can be found by buying gold from the public. However, you should be aware of the risk with this kind of purchase. Always have coins appraised. Sometimes this impossible with a fast seller. In that case, use your best judgement if you think the deal is a good one.
Don’t get too far over your head if you’re just starting out investing. Shy away from investments such as gold futures markets. Futures are both volatile and complex. If you do not understand the process, you can lose money fast. Be sure you let seasoned investors grab these types of investments.
Some gold is in the form of US minted coins made before 1933. Gold coins were regularly minted and circulated by the US treasury before that date, when FDR recalled the coins. A lot of people kept them anyway, and dealers have them today.
There is a reason why selling and purchasing gold is common. The price of gold increases all the time, so it is easy to make good profits. Always remember that you need to educate yourself before jumping into the market. Keep this article in a safe place and refer to it whenever you need a little help.