Many people love gold, but don’t know much about it. This lack of understanding can make people vulnerable to scams. If you are like so many people, continue reading to find the best tips on how you can benefit from gold.
Take your old gold that you want to sell to a number of different gold-buying companies before settling on one. All stores won’t pay market price for your gold, since they are all in business to make a profit. Stores that are not near shopping malls may have lower overhead and are able to pay more.
If you are shipping jewelry, be certain you find out how much it’s going to cost to get your pieces back if you fail to accept their offer. The majority of companies pay for you to send the jewelry to them, but they charge high fees to return it to you. You want to know what those charges might end up being before you decide to send them your gold.
You can use a magnet to determine the authenticity of gold. True precious metals such as gold will not stick to the magnet. Check the clasp separately from a chain. You can test your jewelry this way.
Always make sure you’re researching the gold market prior to investing in anything. There are those who say they’re market gurus and want you to invest with them. Any claims that promise overnight fortunes must be taken with a grain of salt. Avoid get-rich-quick schemes, and avoid being scammed.
One way to sell gold is through the mail. Sellers often like the simplicity of this process. Oftentimes you will be provided with a prepaid envelope and will receive a check in the mail. The price of this convenience, though, is that you will be paid considerably less for your gold. In certain instances, you might get roughly 30 percent less on the item, so stand guard.
Before you buy gold, get to know the dealer. Call the BBB or visit their online website to get assistance in finding a reputable gold dealer. That way, you can learn about any complaints made about the company. If there are any, try using another dealer.
When you sell gold, separate your gold into groups of different karat values. Gold prices vary based on karat weight. Therefore to get the best money on your investments, it should be separated by karat value. Pieces with higher karats are the more valuable pieces.
In the last ten years, gold’s price has increased about 400 percent. Gold is a market that varies daily and it’s unpredictable when the price will go down. Basically, when the dollar is weak, gold is strong.
You need to know how to test the grade of the gold you buy. The purity of gold is measured in karats. Purity will be indicated by higher karats and a higher price. You cannot just go by the karat stamp. When you know how to test gold, you’ll ensure that you get good quality.
It is important that you read all of the fine print when buying or selling gold. While some do not add additional selling fees, others do. If you plan to sell larger, heavier pieces of gold, think about how that weight might influence shipping costs for companies in different parts of the country or world. Never allow a dealer to retain physical possession of your gold once you’ve purchased it.
If you are investing out of a sheer love of gold itself, think about purchasing pure gold jewelry. Gold jewelry can be purchased as an investment as well as a fashion item. High quality jewelry will be worth more than just its gold value.
It’s wise to buy gold when you have a lengthy time horizon. That means you don’t just buy gold when the price is high. That’s never a smart move for an investment. You will get the best price overall if you purchase gold all the time.
As this article said in the beginning, no matter what people think of gold, they rarely know much about it. Now that you’ve read this, you should know much more about it. Use the above tips to make smarter gold decisions.