Not many people know all about gold, even though they may love it. That little amount of knowledge makes it tough for many to take full advantage of gold as an investment. If you’re someone that’s not really knowledgeable about gold, then you can use the tips that follow to your advantage.
Get an estimate from several buyers before selling your gold. Dealer prices vary by store. By shopping around, you will get a better idea of what the gold you are selling is really worth.
Be sure to find a reputable gold buyer to do business with. Check BBB.org to find out more about the firm. If you are being offered good customer service and an honest price for the gold, then you are dealing with a reputable buyer. Doing this protects your investment.
You may shy away due to gold’s price, which may make you go for gold-filled or gold-plated jewelry instead. You can still buy gold jewelry without spending too much at the jewelry store. Pawn shops and online sites have hundreds of gold pieces for sale.
Only buy gold jewelry from a seller if they have a return policy You’re not going to be sure about the jewelry fitting or whether or not a person actually likes the piece. If that should occur, it is important you can return the piece for a full refund.
The day that you plan on buying gold, check its spot price. This price changes every day. You can locate it on several different websites. Never pay more than 8 percent over the current sales price of gold. Some will attempt to charge even more, but that isn’t ethical.
The gold market involves many different areas that you could invest in. You might invest in an ETF or an individual gold mining stock when buying gold stocks. If you’re buying bars or gold coins, think about the cost storage when making your purchase.
Before buying gold, know your dealer. To ensure you’re dealing with someone legitimate, do some research with the BBB. Doing this will help you find any complaints lodged against the dealer. Upon learning of numerous complaints, it’s best to look elsewhere for services.
When selling gold, separate it into different karat value groups. The gold values differ by karat values so if all the gold you have is weighed together, it won’t be the best value you can get. When the karat value is higher, more money goes in your pocket.
Know how to test the grade of gold so that you will be sure to get what you are paying for. The purity of gold is measured in units called karats. The more the karats, the more the gold is worth. You should not just rely on the karat stamp. Testing for gold’s purity will prevent you from paying too much for a poor piece.
Inquire if your relatives would be interested in selling any gold they no longer want. Purchase an accurate jewelry scale to weigh your gold. With a good scale, you can offer to buy gold for more than pawn shops will offer.
If investing in gold is new to you, keep your strategy simple. Avoid using gold futures even though they are popular. Futures are complex and very volatile. When you don’t know about gold, you could end up losing tons of money. Let experts engage in these markets.
When you’re selling jewelry for the raw bullion value of the gold in your pieces, make sure to ask about getting back any small gems included in your jewelry. But, if they are tiny, it can be tough to separate them. Most gold dealers aren’t interested in the gemstones in your gold jewelry.
A great way to acquire gold is to buy US gold coins minted before 1933. They were circulated until being recalled by Roosevelt. Many people kept these coins anyways and they are available to buy.
Be aware that you’re not going to get what your gold is worth when you go to sell it. A gold dealer must make a profit just as any other business must. They are in it to make money, so they need room in the purchase price to do just that. Expect to see offers from 50 to 70 percent of the gold’s total value.
Sell your gold when the market price is high. Values fluctuate on a daily basis. When you understand how the market works, you are better prepared to turn a profit. The time to sell your gold is when the stock market is rising.
Lots of people that are big on gold don’t really know that much about it. However, after reading the above tips and techniques, you should have a better understanding of gold. Use the above tips to make smarter gold decisions.