If you have a solid knowledge base, you can do well in the gold market. Maybe you are a person who wants to get in the action? If you are, continue reading.
Do you know how pricing on precious metals works? The value of gold tends to fluctuate, which is why it is important to understand the market trends. There are different percentages owed based on the sizes of gold you own.
Make sure that you get a quality estimate from a reputable source before selling your gold. From pawn shops to jewelry stores, each location will charge a different premium on gold. You’ll get a fairer price if you’ve gotten a few estimates.
Understand that gold dealers are interested in all gold items. That could be broken pieces of jewelry, tableware, home decor, or anything else you have around. Note that these items need not be pure gold. Plated gold will do. You will still stand to make a bit of profit.
If you’re sending your gold to some company via the mail, check them out before doing business with them. You should be clear about when you can expect to be paid. Insuring your gold shipment is a good idea, too. Lastly, take pictures of all items you’re sending so you have proof in the event of a dispute.
Sell only to gold buyers who are licensed. This does not prevent you from getting scammed, but a licensed buyer probably has a better reputation. There is a lot of competition out there, so you can sell to someone else if you’re not happy with the first offer.
If you’re unaware of your gold’s worth, have it appraised. The small investment required will ensure you get what your jewelry is worth. An independent appraiser should be used in order to receive the best value. When you sell, you won’t get the whole appraisal value, though.
Separate your gold into groups based on karat values. Some vendors may try to weigh all of your items at one time and pay you for the lowest karat. That always means less cash for you. Separating the gold before you go prevents this from happening.
If you take jewelry or scrap gold to local companies that will pay for it, shop around. Many stores will charge a higher rate than the posted spot rate for gold. The overhead of the store involved may determine how much or little they are able to offer.
When you are in the market to sell your gold, first thing to do is separate each piece into their different values of karats. Since a piece’s value can vary considerably based on its karat value, weighing and selling it all in one batch may lead to you missing out on some potential profits. When the karat value is higher, more money goes in your pocket.
Melt Value
You might be able to scrounge up some gold by simply asking your friends and relations if they have damaged jewelry items they no longer want. If you can buy it from them at below melt value, you can make a profit.
Is it better to sell your gold jewelry for melt value or as jewelry? Pawn brokers and private sellers may just want to pay melt value. Don’t let this hamper you, because you’ll find the right buyer eventually.
If your interest in gold is purely aesthetic, why not buy solid gold jewelry? You can wear it, too! The fine craftsmanship of high-end gold jewelry adds value to the actual gold content, making this a desirable investment.
Anyone can enjoy gold as an investment method. If you have been hesitant in the past to get involved, the tips here should have alleviated those fears. Invest confidently in gold using these tips. Best wishes as you begin!
At the start of your career in gold investment, stick to straightforward buying and selling. Avoid complicated investments such as gold futures. Futures can be extremely volatile and are complex. It’s very easy to lose money if you’re not sure what you’re doing. Investors who have been in gold investing for a long time are the ones that type of investing should be left to.