Many people have turned toward gold investing because they want a safe place to put their money. Before you invest in gold, you must learn the ins and outs and know what you are doing. Continue to read and find out what a gold investor needs to know.
Do not sell your gold without first knowing what it is currently worth. If you have made the call to sell any gold you have, group your pieces by karat value. Remember that jewelry will sell at its melt value, not the price the jeweler wants for it.
Try selling gold online. You don’t need to have a physical store location anymore. You can also choose to use an independent online site to that specializes in buying gold. You will receive a kit that will allow you to mail your gold items off. If everything works according to plan, you will get paid at market prices.
Always make delivery arrangements before purchasing gold from a vendor. Delivery times are important. If your seller doesn’t offer delivery immediately, you need written confirmation of when to expect your items. You should be provided with the estimated date of delivery. Don’t order anything without this document.
A fast, cheap way to test for gold’s authenticity is to use magnets. It is true that precious metals are not attracted to magnets. Sometimes a jewelry piece is only plated in gold with a solid gold clasp. Using this technique will help ensure your pieces are solid gold.
Talk to a rep at a gold party to see how they figure out the number of karats in a jewelry piece. Many pieces of jewelry will be stamped with a karat rating. If there is no stamp, there are different ways to test the gold to ensure it is solid. An acid test can be a very simple way of doing this, so be aware of that.
Get a jewelry appraisal before you consider selling it for scrap. This is particularly important for unique pieces with detailed craftsmanship. While you will probably pay to have an appraisal on your gold, this can certainly increase profits further along the way. An appraiser may know someone that’s interested in your jewelry.
A lot of times, earring backs are gold, even when the earrings themselves are not. Clasps of necklaces and ring bands are often real gold as well. Attempt to sell pieces such as these as a “lot” since those pieces are fairly lightweight. A large quantity can assist you in profiting better from them.
Make sure you have separated gold as far as karats when you are figuring out your investments. The gold’s value changes depending on the karat value. Mixing them together may reduce the worth. Gold with higher karat values is more valuable.
If a gold item also includes gemstones, they can be retained once the piece goes through the melting process. But, it could be hard to take them out of the gems are tiny. Most gold dealers aren’t interested in the gemstones in your gold jewelry.
Understand that you’re more than likely not going to receive true value for the gold. Business with gold is just like any type of business. Making money is a must, so it’s necessary to adjust the purchase price accordingly. You can expect to get about 50% to 75% of the market price.
Don’t over-purchase when you make a gold investment. It doesn’t add to your income like stocks and bonds do. On top of that, the price is extremely volatile. At times of devaluing equities, it rises in price. No more than 5 percent of your portfolio should be invested in gold.
Gold is not an investment that you try and time. It should be looked at as being wealth insurance. It’s good to purchase gold during stable economic times. There is plenty of gold out there, but economic crises can create gold shortages.
Be sure to photograph your gold before you leave it with a potential buyer. Also, ask about any guarantees in case the jewelry is stolen or lost while in their possession. Get everything in writing in case there is a dispute later on.
When you sell gold coins, think about the value placed on them by collectors as well as dealers in bulk weight. If you only consider the amount of gold, you may undervalue the coins. Therefore, research is essential before making any sort of sale.
Think about how a certain gold piece was made when purchasing it. Jewelry that was machine manufactured will be worth less than a hand crafted gold piece. Although the value you receive when it’s melted won’t vary, the significance in price is when you sell it as a jewelry piece.
Before you deal with a dealer, do your research. There are a few things to look out for in the gold industry. Taking advantage of you is their primary goal. That’s your responsibility, which is something that starts with online research and asking friends and family. The more information you have, the better your chances of making a wise decision.
Nowadays, the gold market has become more popular and there are no signs of it slowing down. If you want to be a good investor, you need to do your research. Use what you’ve learned here to your advantage so you can get on top of your finances quickly.