If you are looking for a good safe investment, how would the make you feel? With the right knowledge, you can build your profits into a hefty amount. Keep reading for some expert advice on investing in gold.
Go with a legit buyer if you’re selling gold. You can check out their reputation by contacting the BBB and checking online reviews. A reputable buyer will typically pay you a fair price for your gold, and they will offer better customer service than less reputable buyers. You should do this to better protect your gold investment and yourself.
When you purchase gold, it’s important to set a fairly stringent schedule for delivery of your metal. If the seller does not provide immediate delivery, you must get some kind of writing from them confirming when you can expect to get your pieces. You should have the date of delivery clearly listed. Do not finalize your order until you receive written confirmation.
Save your money to buy higher quality gold and avoid gold-filled and gold-plated pieces. However, don’t feel that to buy gold of real value you need to pay a high price in a fine jewelry store. Online auctions, estate sales and pawn shops are only some of your options.
If you buy gold for your retirement fund, be sure it’s the proper kind. The IRS must give its approval for your investment. They have to be either 24 karat coins or bullion bars. Lean towards buying the bars over the coins as they hold more value than coins.
When selling gold, you must decide whether you’re selling a piece for its melt value or just jewelry. Private sellers and pawn shops just want the melt value. However, if you are patient, you will find a buyer who is willing to pay top dollar for your jewelry.
There are many sites where you can purchase gold, such as GoldMoney. This is the equivalent of establishing a gold bank account. You will simply establish and account, deposit fund and receive the value of your account in gold. The gold physically sits in a bank vault where you’re able to portion it, cash it, or in certain circumstances, redeem it for one kilo gold bullion bars.
Understand what you really have. Many things look like solid gold but are not. Gold is mixed with other metals for strength. The price will be affected by this, often lowering it. Many items are only gold plated. If you aren’t sure what you’ve got, you should get it appraised before you sell it.
Don’t go into the situation blindly when selling gold; always know what the market price is. Look to see what others are asking for when it comes to similar prices. This is a price point that you can work with. Start the bidding a bit above what you really want. That way, the buyer can negotiate a little.
Comparison shop when you are choosing a buyer. The offers you get might surprise you! If you don’t shop around, you may not get what you are owed. Putting in a little time at the beginning can mean maximum cash in the end.
You can easily test whether a gold piece of jewelry is real by using a simple magnet. 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. A magnet is an easy way to test.
While you will not turn a huge profit on day one, you will be able to build your profits day by day with the tips in this article. By setting gradual benchmarks that you work towards each day, your profits will start growing at a respectable pace. Rome wasn’t built in a day, so it’s important that you understand that profits won’t happen overnight. But you will have fun watching your profit grow as time passes.