Any serious investor needs to have a portion of their total investment portfolio in commodities. Gold is the best commodity that is out there. If you are planing for your retirement or simply want to generate some investment profits, this piece is for you.
Get multiple estimates for your gold pieces if you are looking to sell them. Many jewelry stores and gold buying services are available, and they will all usually take a different profit on the gold they are purchasing. When you have several estimates, you’ll have a better idea of what fair market value is.
Before buying or selling gold, know how all the prices work. The value of gold tends to fluctuate, which is why it is important to understand the market trends. Also, understand that some types of gold will be more expensive than others.
Look at the current gold market price prior to selling your pieces. You will then be prepared to negotiate. The majority of dealers will offer you market value for your gold, but some know that sellers just want to convert their items into cash quickly, and they take advantage of the buyers.
If you are looking to gold as a retirement vehicle, be certain you invest in the proper kinds of gold. The IRS must have approved the gold that you receive. They require that the gold be coins or bullion bars that are 24 karat. Consider buying bars instead of coins, since they tend to be more valuable.
Check the return policy before you buy anyone a gift of gold. You never know if the jewelry will fit someone else or if the person will even like it. If this happens, you need to return it for a complete refund.
There are many unexpected places to find gold, including thrift stores and antique shops. A smart and educated gold shopper can make some great finds. A lot of people don’t know the value of what they have, and just give or sell cheaply to those places. If you know what you’re doing, this can be your benefit.
Figure out what you’re really in possession of. Not all that looks as if it’s real gold is as valuable as the real thing. Other metals are frequently put together with gold in order to make it stronger. This reduces its price though. This also applies to pieces that are plated with gold. Having an appraisal done to your gold can help you get the best idea of its actual worth.
Whenever you begin the gold selling process, you need to be educated on the market price. Research the selling price of pieces similar to yours. This will allow you to have a price in mind you can work with. Ask a bit above it to give room for negotiation.
Prior to investing in gold, research the current market. Lots of folks claim to be experts and want to get their hands on your money. But, be wary of get-rich-quick promises. If you do not buy into the premise that you will get rich quickly, then you won’t be disappointed.
Gold can often be a lucrative but volatile investment. If you can’t handle losing money, this is not the investment for you. Even if you are okay with taking the risk, you need to prevent downside risks. Invest only a tiny percentage of your portfolio in gold. Five percent is a good limit.
Only buy from a dealer you know. Speak with the BBB in your area to be sure the dealer is reputable. That way, you can learn about any complaints made about the company. If they aren’t resolved, move on.
A good way to get good value out of gold is to see if any relatives have broken items that they no longer want. If you have a decent jewelry scale, you can weigh gold yourself. This way, you pay your family more money than they’d get at a pawnshop and you get to make a few bucks yourself.
If your interest in gold is purely aesthetic, why not buy solid gold jewelry? Golden jewelry will hold its value and can be worn as well. Exquisite details and craftsmanship improves the overall value of a piece beyond the actual material value.
You can get the best gold deals by buying from people. However, you need to know that there is risk in buying that way. Thus, get yourself appraisals of all coins. If you can find someone that will sell you a real gold coin at a low price, you can take the chance and hope it’s a genuine gold coin.
Be aware that you will not get the full prices for any of your gold. Just like any other business, gold dealers are in it to profit. They are about making money, so they will try to negotiate a purchase price. Depending on the buyer’s particular needs and situation, he or she may only be able to offer you half to three-quarters of your gold’s current market value.
Gold is not one of those investments that you can time. Rather, this investment should be looked at as “wealth insurance”. Watching the market and buying when the market is at its lowest is a smart idea. In rough economic climates, gold shortages have arisen.
Weigh your jewelry by karat. This is important, as you might not get full market value for your gold otherwise. For instance, one 18 karat necklace that’s gold weighs about an ounce and is more valuable than a single 10 karat ring that’s gold.
Always bring at least one form of identification when you go to sell your gold. Thanks to its relative anonymity, gold is one of the most common valuables that thieves try to fence. In order to deter thieves, the government requires anyone who sells gold to show proof of identification. That way, stolen gold is found more easily.
After reading this article, you should know more about gold than you did before. Use this advice to widen your portfolio, or make a bit of extra money. If you want to find success, use this article as your springboard.