After the global economic crisis, gold has gained significantly as a mainstream investment vehicle. Perhaps you want to build your own reserves yet are unfamiliar with the formula for success. If you want to get into this game, read the following tips.
When selling gold, it is a good idea to get an estimated value from more than one source. From pawn shops to jewelry stores, each location will charge a different premium on gold. By getting multiple estimates, you can be assured that you will get a fair price when you sell.
Gold prices change frequently, so you must stay apprised on the values of your items. Weigh your gold by karat for the greatest deal. Do not sell your designer jewelry for its weight in gold because you will lose money.
Make sure you verify the price of gold the same day you plan to buy it. You can find that on a lot of websites, and that can change every day. Paying for gold that is any higher than an 8% markup is not a wise investment. Many dealers try to overcharge you; however, by being informed you can avoid this trap.
Scrap gold is an excellent investment if you are working with limited investment money. Just keep buying a little every time you get paid, over a year or two you will accumulate quite a little pile. Keep it inside a safe location until you get enough to cash in.
Use a magnet to determine if an item is made of gold. Gold and other real precious metals aren’t attracted to magnets. Check the clasp separately from a chain. You can test your jewelry this way.
When looking to sell gold and you’re not sure of the value, look at getting it appraised. Even though it is an extra expense, it can be well worth the investment. Be sure to select an appraiser who is accredited and independent for a realistic appraisal. When selling gold jewelry, you will receive only a percentage of the appraised value.
Be sure to learn how you can test the grade of gold you are considering purchasing. The purity of gold is measured by the karat. Gold’s value by weight increases with its purity, and purer gold receives a higher karat rating. Never go by the stamp stating karat weight. If you know how to test gold’s purity, you will never be overcharged.
You should know about your seller’s buy-back policy. Reselling gold is often done at a premium. Consider whether having to ship bulky gold items to a given destination is worth it or not. For your own safety, never take the risk of having the dealer store the gold you buy.
When it comes time to sell your gold, figure out if you would like to sell it for its melt value or simply as a piece. Pawn brokers and private sellers may just want to pay melt value. Selling your unique gold pieces to a collector can end up netting you more money.
One popular way to buy gold involves purchasing coins from the US Mint that were made before 1933. Until 1933, those coins were in the U.S. marketplace until President Roosevelt recalled them. Many people still kept them and you can still buy them today.
Make sure that you only deal with buyers that are licensed to deal in it. Licensed buyers are much more reputable, and then you can stop worrying. There are quite a few vendors that will purchase gold, so never go into it thinking you’ve got to sell your gold to the first seller you talk to.
If gold investing interests you, there is not necessarily a need to have cash upfront. There is nothing wrong with starting off small. Buy a few small items of gold, such as coins and jewelry, as you can. Over time your collection will build up until you have a substantial amount of gold.
Find out what the value of your gold is before trying to sell it. Usually, when selling gold, dealers just want to make quick money. Therefore, they don’t think they have to pay you what your items are worth to get you to sell them. Finding out the current price of gold is always just a click away.
The gold market has undergone a boom in recent times, probably due to the current poor global economic conditions. When you understand the gold market, you can get the best deals available. Apply what you have learned in this article to be as gold-savvy as you can.
Keep a complete inventory of any gold items you mail to a buyer. Be sure to keep a copy and mail one to the buyer. Put one list in with the items and keep one for yourself.