What You Have Always Wanted To Know About Gold
Gold investments can be a safe harbor in choppy financial waters. Perhaps you have considered the gold market but have not had enough information to get started. If so, this is the place you need to be. The piece that follows is full of useful tips on gold investing.
Get multiple estimates for your gold pieces if you are looking to sell them. There are quite a few stores selling jewelry or that buy it, and they sometimes make more money on the gold than you make on it. Getting multiple estimates gives you a better idea of the prevailing market price, which prevents you from getting ripped off.
Bullion bars are an excellent investment. The weight of these bars vary. From .5 ounces to 400 ounces, the choice is yours. If 400 ounce bars interest you, know it will be hard to find them.
You can get into the gold market with just a small investment in scrap gold. Do this regularly over a certain length of time, and in 12 months or so, you would have accumulated a good amount. Store your gold in a secure location until enough to cash in has been amassed.
When buying gold jewelry as a gift, make sure that the return policy is sound. It is impossible to tell if a jewelry item will be well liked or suitable. It is always best to have the value appraised before you accept an offer.
Get an appraisal if you do not know the value of your gold jewelry. It costs a little, but the knowledge gained is valuable. In order to have it valued most accurately, go with an appraiser who is accredited and independent. If you continue with your plan to sell, do be aware that you won’t receive the price the piece has been appraised at.
Shop around town if you are taking scrap jewelry or gold pieces to sell to a store or pawn shop. While spot pricing is the national standard, most stores don’t honor it. Local stores that don’t have outrageous overhead may be able to pay you more for your gold.
Sell to licensed buyers only. Licensed buyers are generally more reputable than unlicensed buyers. Lots of shops or individual operators are willing to purchase gold, so you should never feel you need to go with the first offer you get.
Use GoldMoney to buy gold. This is the equivalent of establishing a gold bank account. You put money into it like any other account, (e.g. a savings account) but it’s converted into gold bullion. The gold rests in the bank where you can trade it for cash, portion it out, or redeem the gold for bullion bars.
Research the daily spot price before you sell your gold. Check out the competition and what they are offering. This gives you an idea of what you should get. Just make sure to go a little higher than what you actually want so that there is wiggle room for negotiation.
When at a gold party, talk with the rep about how they make the determination on the karats of the jewelry being sold. The item is stamped, a lot of times. However, if there are no visual indications, there are other ways to determine purity. The simplest test is the acid test, so if a rep is using this method, he may be a novice to the market.
You should note that even if a whole piece of jewelry is not solid gold, the backs of earrings or clasps may be. Necklace clasps and ring bands are frequently real gold too. The weight is low, so sell these items together. A larger profit can be obtained this way as many pieces are being sold in one “lot”.
One option when selling your gold is to send it away in the mail. It’s an easy and quick way to sell your gold. They send you a prepaid envelope, which you then turnaround and send your jewelry to them to get your check back later. One thing to consider, though, is that the majority of these places won’t pay nearly the same amount as a local place in your area. Be aware of the fact that you may receive approximately 30% less in some instances.
Identify your goals before investing in gold. The gold market is volatile, even though it is a good investment when the economy is in trouble. You will get a better return on your investment if you have some clear expectations and choose an investment adapted to your needs.
You do not have to be an experienced investor to make money by buying and selling gold. Now that you have some useful information, you should feel confident with your gold decisions. Keep this information handy as you proceed into this market.