Gold is a treasured commodity and is universally valued, and has been since its discovery centuries ago. Everyone loves gold, but most people don’t know enough about it. If you are in the market to buy gold, then keep reading for some helpful tips on how to get some gold.
Understand the spot price of gold before selling any. Don’t forget to take into account the different karat values of your gold pieces. Try not to sell jewelry items that are valuable due to their maker.
Think about selling gold on the Internet. You don’t have to go to a jewelry store or pawn shop. You can use one of many websites out there to sell your gold. They’ll send you a kit in which you can send the gold items you wish to sell. If you have everything together, then you will receive the going rate.
If you plan to invest in gold for retirement, be sure you purchase the right kind. The gold has to be IRS approved. Gold for this purpose must be bullion bars or gold coins of 24 karat weight. Bars are generally more valuable than coins and should, therefore, be favored.
You must be sure to purchase the right type of gold if you hope to rely on it in your golden years. Gold as an investment must be designated as approved by the Internal Revenue Service. You need to buy only 24-karat bullion coins or bars. Bars are often a better deal than the coins.
Check gold prices on the day your are buying or selling gold. This information can be found on various websites, although they tend to fluctuate each day. Never pay any more than an 8 percent markup on the gold prices. Some dealers will try to charge more, but they are overcharging and oftentimes, not ethical.
If you don’t know what your gold jewelry is worth, consider having an appraisal done. Although you’re spending some money up front, at least you’re getting fair market value for your items. Make sure you go to an accredited and reliable appraiser to get valid appraisal papers. Also keep in mind you usually won’t get the full value if you do decide to sell the gold.
Know what you actually have in your possession. Just because something looks like gold, that doesn’t mean it’s worth the full weight in gold. A lot of the time there will be something mixed with the gold so it holds up better. This makes the value lower. Many items are only gold plated. If you don’t know what you have, have it appraised before trying to sell it.
Realize that any piece containing gold is marketable. This could be tableware, broken jewelry, and other stuff you have around your house.
Talk with a gold expert on how they go about attaching a price to a piece of gold, so you know how much a karat is worth. In many cases, items are stamped. A visual cue may not be available so other methods are used to figure it out. Acid tests are an easy way to determine value.
As you can see, gold is a prized possession. It is also a precious commodity and can be easily traded. It makes sense to invest in gold because it retains its value and increases in value as time goes on. Now that you are more educated about acquiring and owning gold, begin creating your own gold collection today.
When you go to purchase gold know who you are dealing with. To ensure you’re dealing with someone legitimate, do some research with the BBB. In this way, you can check reviews, experience, complaint resolution and more. If there are any, try using another dealer.