The value of gold keeps increasing since more people see this precious metal as a safe way of solidifying their wealth. If you’re interested in gold, the material here can provide some excellent investment insight. Continue reading for sound investment advice.
Get your gold valued by multiple sources. Dealer prices vary by store. Getting estimates from several establishments will help you make sure that you receive a fair price.
When purchasing gold, check to see if the dealer offers a return policy. 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.
Melt Value
When selling any gold, you have to decide if it will be as jewelry or for its melt value. Many private buyers and pawn shops are only willing to give the melt value. If you are selling a piece of jewelry, you should pursue a better deal.
If you’re using a mail-order gold buying service, make sure you understand any return postage fees you’ll need to pay if you decline their offer. Most companies will advertise free shipping, but they often charge a lot to put the items back in the mail. Know beforehand how much you would have to send in order to get your pieces back.
Buy Gold
Sell gold to buyers that are state licensed to buy gold. Licensed buyers are much more reputable, and then you can stop worrying. There are various people and stores that can buy gold, so do not think that you must go with the first one you encounter.
When you sell your gold, make sure you verify the market price that day. Look to see what others are asking for when it comes to similar prices. This will allow you to have a price in mind you can work with. Always see if you can get a little more than they’re asking if they allow you to negotiate.
You can use a magnet to test precious metal inexpensively. Gold and other real precious metals aren’t attracted to magnets. Certain pieces have a clasp made of real gold while the remaining parts are plated. This can be a useful method of testing for that.
Go over the fine print that’s in any sales contract. If you are going to sell gold pieces to a mail-in buyer, look at the fine print prior to selling to them. This way, you will know the exact amount of the fees and commissions you will be paying.
You can make gold investments in ways other than actually having physical possession of gold. For example, many people purchase investments in gold mining corporations and mutual funds primarily made up of precious metals. 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. This makes selling it much easier and prevents the vendor from trying to scam you. You will end up losing money. Separate your items by karat in advance to avoid being tricked.
Research a gold dealer before doing business. To make sure you’re dealing with someone good, talk to your BBB chapter. Doing this will help you find any complaints lodged against the dealer. If they aren’t resolved, move on.
Figure out what you want from buying gold before putting your money into it. While the price of gold does fluctuate, it does protect your investment from economic turmoil and inflation. As long as you establish limits regarding exposure and make certain your goals are clear, you stand a good chance of doing well.
Figure out what the buyback policy of the seller is. Some gold buyers charge a premium to resell your gold while others do not. Think about the logistics involved in sending coins or bulky bars to a gold dealer far away. Never allow a dealer to retain physical possession of your gold once you’ve purchased it.
Try buying gold U.S. coins that were made before 1933. They were circulated until being recalled by Roosevelt. Some people didn’t heed that recall, so there are some very valuable coins still available.
Be aware that you’re not going to get what your gold is worth when you go to sell it. The dealers buying from you are looking for a profit, of course. Making money is a must, so it’s necessary to adjust the purchase price accordingly. When selling your gold expect to get between 50 and 70 percent of its value.
Stock Market
Wait for the value of gold to increase before selling your gold coins. The stock market goes up and down everyday. Knowing stock market mechanics can help you get more from money. Watch for the stock market to climb, then, sell your gold coins when it is on an upswing.
If you have many different pieces, have each one weighed separately when selling. In this way, you can be sure of being paid accurately. That’s because a 10k gold ring is worth less than a 18k necklace that is one ounce.
You should take your identification card with you when selling a gold piece. Gold is the main target of thieves looking to make good money. Because of this, the government requires people to present their ID when they sell gold. This helps law enforcement track down stolen gold.
How was your gold made? If the gold is machine-made, you will get less value in return than if it was crafted by hand. The melt value may be the same, but you may get more money selling hand crafted jewelry as a whole piece.
Never agree to do business with a dealer before doing your homework. Some people are only out for themselves. Taking advantage of you is their primary goal. That’s your responsibility, which is something that starts with online research and asking friends and family. Knowledge is power, and it will help you choose wisely.
Gold has been used throughout history to build and maintain wealth. This trend is only magnified by the economic turbulence of recent years. Hopefully, the guidance above has given you the resources you need to get great results.