People have always been attracted to gold and investing in it, and this could be no more true than during these tough economic times. It’s going to never go away it would seem. If you are interested in making the most of the opportunities presented by gold, this article is for you. Keep reading for several useful tips.
When you invest in gold, the best way to invest in is bullion bars. The weights vary. Bars may be a half ounce, 400 ounces or anything in between. However, the really big bars are very hard to come by.
When you sell gold, deal with a reliable buyer. There are several ways to find out about their reputation, such as online reviews or Better Business Bureau filings. Good customer service and fair market prices are good indicators of reputable buyers. Stick with them to protect your own interests.
Always do your homework with regard to any person or entity from whom you are thinking of purchasing gold, and look around for a buyer with a good reputation. Look for online reviews and check the BBB website for complaints and resolutions. When you get bids from multiple buyers, you may be able to get top value for the gold.
Prior to purchasing a gold item from a seller, you must be certain you have a firm delivery agreement. When the seller doesn’t ship immediately, you must get their promise to ship in writing. The date they expect you to get them should be listed. Don’t proceed with the order until you have this information.
Always research a company you want to send gold jewelry to. Find out when you will receive your payment, and get insurance for your package. Take a photo of all the items you are sending so there will be no questions later.
When purchasing gold, check to see if the dealer offers a return policy. What if it doesn’t fit? If that happens, you want to be able to take the piece back for a refund.
Have a professional appraise your gold jewelry if you do not know how much it is worth. The up front cost is significant, but it can give you a better estimate of value. And make sure you only hire an independent and accredited appraiser to be sure you get an honest appraisal. Even if you still choose to sell, do know that you aren’t going to get the appraised value.
Anything with gold can be sold to a good dealer. This could be tableware, broken jewelry, and other stuff you have around your house. It doesn’t need to be 100% gold either. Plated gold will do. You are sure to turn a decent profit.
On the day you are planning to buy your gold, check the spot price. This price changes every day. You can locate it on several different websites. When you buy, don’t pay over 8% markup over the price. Be on the lookout for any unscrupulous dealers who try to get away with overcharging you.
Don’t go into the situation blindly when selling gold; always know what the market price is. Compare prices with other gold dealers. 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.
Ask the gold party representative about how the gold’s purity in karats is determined. Sometimes there is a stamp. Other times, though, there are no outward signs, and therefore representatives rely on other techniques. Acid testing is a very simple way to asses karat quality. If you see this method being employed, it’s possible that the tester is a relative newcomer.
Have all jewelry appraised before selling it as scrap gold. Jewelry that is hand crafted and unique may be worth more sold as jewelry than as scrap gold. Even though the appraisal will cost you money, you may get more for your jewelry in return. By taking your jewelry to an experienced appraiser, you may also find yourself with a good lead on a potential buyer.
Many times earring posts are made of solid gold, even when the actual earring is not solid. Sometimes rings are only partially gold, and sometimes necklaces just have gold clasps. Those odd pieces should be sold as one lot, as they weigh so little on their own. This is when many pieces are sold together to net a larger profit.
Be sure to separate all your gold items by karat weight before sale. Some buyers will weigh all your gold at once and offer you what the smallest karat weight is worth. You will end up losing money. Separate and weigh your gold so you know the true value before selling.
Gold prices have grown 400 percent in the previous 10 years, which is terrific for those who own this commodity. It is unclear whether now is the right time to purchase gold, though the answer often lies in the current status of the dollar. When the dollar loses value, the value of gold increases.
Like any type of investing, think about gold as a long-term gambit. If you take this approach, you don’t buy at high prices and sell at low prices. You should actually wait until prices drop to make a smart investment. Buying gold steadily over time as the value rises and falls actually give you a better return over time.
Just about everyone recognizes the role gold has always played in solidifying and warehousing wealth. The unstable economy we have had the past few years has made this more of a trend. Hopefully, the advice here will show you the best way to use gold to build your wealth.