Any savvy investor should have commodities as part of their investment portfolio. When it comes to trading commodities, you can’t do better than gold. Whether working on building your nest egg, or buying gold as an investment, this article provides some valuable information.
Always check out the up to date market value for gold before you seek your gold jewelry. This allows you to evaluate a dealer’s offer against the current market rate. Most dealers are honest and stick close to market value, but a minority try to rip desperate people off by low-balling their offers.
Make sure you verify the price of gold the same day you plan to buy it. This price changes every day. You can locate it on several different websites. Only place your order if you can find a dealer willing to sell for an 8% markup or less over the spot price. Some will attempt to charge even more, but that isn’t ethical.
Know what you have. Just because it looks like gold doesn’t mean it’s valuable. It’s not uncommon to find gold that has been mixed in with other, lesser metals. The less gold, the less value. Gold-plated items apply the same principle. If you don’t know how much your gold is worth, then it would be wise for someone to appraise its worth if you intend on selling it.
Always research the market price before you try and sell your gold. Compare prices with other gold dealers. This way you have an idea of what you can ask for yours. Ask a bit more so you can negotiate.
Before you go with one gold buyer, shop around. You’ll be surprised by all the different offers you’ll get. Selling your gold to the first dealer you see could result in a very lousy deal. 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 precious metal will not be affected by a magnet, which means that they won’t stick to it at all. Sometimes the clasp of a piece is solid, however the rest will be plated. You can test your jewelry this way.
Be certain to review the sales contract carefully. This is especially true if you decide you want to mail your gold off to a buyer. This lets you know how much you end up with after any fees are taken off the top.
When you go to sell your gold have it separated into how much each karat weight. This will ensure that you are paid correctly; otherwise, a dealer may try to pay you using the lower karat weight values. This will result in you receiving less money. Rather, pre-separate the pieces so you can get the most money you can.
When negotiating with the dealer, be sure to read everything with a fine tooth comb. Gold is a huge business that makes a lot of money. Know exactly what you are putting your signature on. When the terms aren’t up to your standards, don’t sign. You have to make sure you financially protect yourself.
You don’t want to get too complicated when it comes to gold investing in the beginning. Gold futures may be popular but they are not for the beginner. Futures are not only complicated, but they tend to change. It’s possible to burn through a great deal of money without turning a profit if you flounder into a market you don’t really understand. This type of gold investment is best left to the more experienced gold investors.
Purchasing pre-1933 gold US coins is a good gold investment. Gold coins were used every day until that year when President Roosevelt recalled them. However, some folks kept them anyway, and you can find them for sale today.
Since gold is better as a long-term investment, don’t worry about trying to buy when prices are low. It’s an investment to hang onto for a rainy day. If you try to time your gold purchase, you should do so when things seem quiet. Rough economic times usually have gold shortages.
No matter the conditions of the market, gold is always a favorite. The good news is that it makes it possible to profit if the market is up or down. This flexibility is what makes trading gold so effective, but you must learn strategies which work in both conditions to capitalize on the situation.
Always have each type of gold weighed individually when selling your gold jewelry. That way you get an accurate assessment of all your pieces worth. The higher the karat of gold, the more it is worth.
When mailing gold items into a gold buyer, write a detailed list stating each item that is contained in the mailer. Create two copies of this list. Put one in the gold mailer and stow the other in a spot where you can easily find it later if you need it.
After reading this article, you are ready to purchase gold. Use these ideas for improving the investment portfolio or making money with just gold. To be successful with gold, keep these tips in mind.