Gold is one of those things that people adore, but know so very little about. Not knowing all there is to know about it could really hurt someone. The advice below will be quite helpful to anyone who is not familiar with the ins and outs of gold investing.
Get an estimate from several buyers before selling your gold. From pawn shops to jewelry stores, each location will charge a different premium on gold. When you have several estimates, you’ll have a better idea of what fair market value is.
Get several opinions about the value of your gold piece before you put it up for sale. From pawn shops to jewelry stores, each location will charge a different premium on gold. Therefore, it is wise to get several offers to ensure the best price.
Prior to buying or selling any gold, be sure you truly understand how gold pricing works. Silver, gold and platinum prices fluctuate often, and therefore you need to verify spot pricing the day prior to your intended deal. You need to get ready to pay higher prices than mere melt value on fractional pieces as opposed to one-ounce pieces.
The price of gold changes often, so you need to know the value of your gold before attempting to sell it. If you make the decision to sell gold, separate your pieces by purity level. You should not sell jewelry as gold scraps if its worth is higher because of the brand or design.
Prior to selling old jewelry, research the going price for gold. This will help you set a fair price when you sell or buy. Although there are many honest gold dealers out there, there are also those who will try to offer you much less than it is worth.
If you are considering a gold buyer, do some research on him to make sure he is reputable. You can see how various dealers handle customer complaints by viewing online reviews and contacting the BBB (Better Business Bureau). When you get bids from multiple buyers, you may be able to get top value for the gold.
Consider giving GoldMoney a try for gold purchases. It is kind of like setting up a gold “bank account.” You create an account and fund it; then your account is given some gold at the market price. The gold resides in a bank. From there, you can sell it or do a number of other things with it.
Purchase Gold
Gold should be separated by karat weight before sale. You don’t want everything thrown together in one pile, because it will all be weighed as if it is the same karat. That will result in a lower payout for you. Separate and weigh your gold so you know the true value before selling.
You may think that solid gold jewelry is too expensive and choose to purchase gold plated or filled jewelry. But, it is still possible to purchase gold jewelry without having to go to a jewelry store and spend a fortune. Pawn shops and online sites have hundreds of gold pieces for sale.
Investing in gold has significant profit potential, but it’s not for the faint of heart. Steer clear of this investment if you are easily stressed. If your stomach can handle the rough ride, you should still protect yourself from losing too much money. Do not invest more than a tiny percentage of your portfolio in gold. It should be no more than five percent.
As the start of this article discussed, as much as gold is loved, it’s not a subject most people can say they know all about. Now that you’ve read all this, you should be comfortable with your gold knowledge. Use the knowledge you’ve acquired to assist you with making better decisions regarding gold.
Divide any gold you plan to sell into groups that contain specific karat values. The value of each item is determined in part by karat value. Combining all types in a single package makes it less likely that you will be paid the optimal amount. Gold with higher karat value is worth more money.