If you are an experienced investor, you probably recognize the value in commodities. Gold is the number one commodity available. Whether working on building your nest egg, or buying gold as an investment, this article provides some valuable information.
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. Read online reviews, check with the BBB, and see how the dealers resolve complaints. Ensure you receive the maximum amount for your gold by shopping around.
Sometimes the cost of gold causes buyers to go for cheaper imitation jewelry instead. But, it is still possible to purchase gold jewelry without having to go to a jewelry store and spend a fortune. You can get gold jewelry cheaper online or in pawn shops.
Check the prices of golds the day you plan to buy. This price can be found on a number of websites. When you buy, don’t pay over 8% markup over the price. Some dealers will try to charge more, but they are overcharging and oftentimes, not ethical.
Think about GoldMoney and other such services when you want to buy gold. You will own some actual gold, but it won’t be in your possession. After creating an account and depositing your money, you are allowed a corresponding amount of gold, which is then linked to your new account. Instead of having to keep this valuable commodity at home, it sits safely in the vault at the bank. You are free to withdraw any time you chose.
You may even be able to find old gold at thrift shops or garage sales. When you know what to search for, you can find great items in these places. Many people don’t understand how valuable their items are, so they sell for cheaper than they could at these places. Their loss can be your gain.
Be careful before getting involved in the gold market. Every marketplace has bad apples, but the gold arena is renown for possessing quite a few. Lots of people claiming to be honest gold buyers really just want to trick you. You have to do your research to keep yourself safe.
Know what you’ve really got. Pieces that appear to be gold may not be worth gold’s weight. It’s not uncommon to find gold that has been mixed in with other, lesser metals. This reduces its price though. Items can also be plated with gold. Have your pieces appraised before sale to determine their value.
It is crucial that you understand the gold market before you try to sell any. Compare the prices offered by different buyers. This will give you a price point to work with. Start the bidding a bit above what you really want. That way, the buyer can negotiate a little.
Read the fine print of your sales contract. This is especially important if you decide to sell some of your gold items through a mail-in program. This helps you keep better track of how much you have to pay for fees.
In many jewelry designs, support pieces like the backs of earrings will be made of solid gold, despite the rest of the piece not being solid. In addition, necklace clasps or ring bands may be gold, too. Try to sell them as part of a “lot” since singularly they are not very heavy. By selling them as a collection you will get a higher price.
You can still invest in gold without physically owning any. You can put your money in a gold exchange traded fund. You also buy stock in a gold mining company. There are also mutual funds that focus on gold. If you’re buying bars or gold coins, think about the cost storage when making your purchase.
Before you sell gold, put it in different karat weights. Some buyers will weigh all your gold at once and offer you what the smallest karat weight is worth. This is a scam that will cost you money. Instead, separate each karat weight before going to the dealer.
Now that you have read this article, you hopefully learned a few things you didn’t already know about dealing in gold. Put these tips to use to make extra money or invest in gold. Remember all that you learned here to keep finding success in dealing with gold.