Gold is a highly prized metal. Since it was discovered a long time ago, gold has be something man has greatly sought after. Want to invest in the gold market? The tips below will help.
If you’re sending your gold to some company via the mail, check them out before doing business with them. Insure your shipment, and get a solid confirmation of when you can expect to be paid. Also you need to be sure to photograph everything you’ve put in your package in case they start a dispute.
If you’d like to sell scrap gold or jewels, look around for the best price. The current value of gold may be one price, but that certainly doesn’t mean every buyer is willing to offer it. Stores that aren’t in big shopping malls tend to have much lower rent and may pay more.
Find out if the firm you are mailing your gold to will ship it back, and how much that will cost. Many companies offer free shipping but charge more for mailing items back. Find out how much you will have to spend in order to get your gold back if you decide not to sell it for the price offered.
When selling gold, only work with licensed buyers. Most states require that dealers be licensed when dealing with the buying and selling of gold. There are various people and stores that can buy gold, so do not think that you must go with the first one you encounter.
Be knowledgeable about market prices before you accept someone’s offer to buy your gold. Also, it might be beneficial to compare prices and see what others are selling similar items for. This way you have an idea of what you can ask for yours. People will haggle, so ask for more than you will actually settle on.
A cheap and quick way to test gold is to use a magnet. Gold is not magnetic. Sometimes the clasp of a piece is solid, however the rest will be plated. A magnet is an easy way to test.
Do not sign anything from a gold dealer without fully understanding what it implies. This is a large money making endeavor with lots of dollars associated with it. Like anything else, you should understand what you are signing. If you don’t care for the fine print, move on. It pays to watch out for yourself in this way.
Divide any gold you plan to sell into groups that contain specific karat values. Gold is valued by its purity in karats, so if you mix up the karat values, you will not get the best price for them. Gold with a higher karat value is worth more.
Identify your goals before investing in gold. Gold can be volatile, but it is great when you are trying to balance your portfolio through rough economic times. If you limit your risk and have set goals, you are more likely to profit.
Before you buy any gold online, make sure you are getting the best price first. You may get a better deal by going to a local dealer. Selling online and/or through the mail is awfully convenient, but that convenience could very well cost you a great deal of money in terms of lost profit potential.
Investigate your sellers buyback policy. Some buyers will charge you a fee to sell your gold. Think about how much it would cost to send things like gold bars that are bulky to dealers far from where you live. To protect yourself, avoid buying gold and leaving it in the custody of a dealer.
Don’t over complicate your strategies. Avoid gold futures and other similar investments. They are volatile and complex. If you don’t happen to know exactly what you’re getting into, you risk losing money instead of making it. Rather than getting involved in these tricky investments, they should be left to someone that has experience in this area.
If there are small gems in your gold piece, ask to keep the gems after the gold is melted down. The seller may not be able to remove them easily if the gems are small, though. Many dealers do not appreciate small gems as they have no value after being melted down.
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.
Know you aren’t going to get the full price for any gold you sell. Gold dealers must make a profit just like everyone else. They are after profits, so they have margin to work with in their purchase price. You should expect to receive between 50 and 70 percent of the value of your gold.
Sell your gold when its worth the most. Market values rise and fall at an alarming rate. Knowing stock market mechanics can help you get more from money. When the stock market is rising, a sale of gold coins will be profitable too.
Now you should know more about gold values and why it’s treasured by many worldwide. Gold is a wise investment and is beautiful to wear as well. Use the advice from this piece and get going on your gold investing plan.