You have come to the right place if you want to learn more about getting started with gold investing. Don’t feel intimidated; instead, use the information in this article to empower you to make the best decisions. Gold investing has many advantages, and you need to know what they are.
Gold fluctuates a lot, so be aware of the purchase price before selling your gold. If you choose to sell gold items, those with differing karat designations ought to be weighed on their own. Never sell any jewelry as gold scraps that’s worth more than the gold itself due to the designer.
Learn how precious metals are priced before you trade in gold. Silver, gold and platinum prices fluctuate often, and therefore you need to verify spot pricing the day prior to your intended deal. You must be prepared to pay higher percentages over the melt values for fractional gold pieces like 1/10, 1/4th, and 1/2 ounces versus one-ounce pieces.
Research a gold buyer before selling your gold. The BBB website and other online forums are excellent resources for information on customer satisfaction and a company’s standing. If you get bids from a few buyers, you can likely get a better price.
Buy Gold Jewelry
Do not allow the high price of gold to deter you from buying quality products. You will not benefit from buying jewelry that is plated or filled with gold. You do get to buy gold jewelry without spending a ton at an actual jewelry store. You can buy gold jewelry more cheaply in pawn shops or online.
Look at the current gold market price prior to selling your pieces. That way you will be able to ascertain if a dealer is providing you with a fair price or not for your pieces. While dealers often give you market value, some are used to sellers wanting quick cash.
If you want to unload scrap gold pieces or jewelry items for cash, do your homework first. Many stores will charge a higher rate than the posted spot rate for gold. Stores which are not centrally located may be able to give you a better price.
If you’re selling a gold item that has value beyond its weight in gold, you need to choose whether to sell the piece for its intrinsic value or its melt value. If you are selling to pawn shops or most private sellers, expect them to offer the melt value. Never let this dissuade you, however, as you are sure to locate an appropriate buyer eventually.
On the day you are planning to buy your gold, check the spot price. This information can be found on several different websites. Never pay any more than an 8 percent markup on the gold prices. Some sellers try charging more, but that’s overcharging, which is generally unethical.
Exercise great care when you’re getting into gold trading. There are always a few bad apples in every market, and players in the gold market are no exception. There are plenty of honest dealers; however, there are also people who are only out to steal your personal information. Doing a good amount of research will ensure that you are getting the very best deal.
Even if your earrings are not real gold, the backs may be. Ring bands, clasps on necklaces, and other easy-to-overlook bits of jewelry also often have significant gold content. In these instances, it’s best to sell the gold parts in a lot. Selling lightweight gold in a lot will increase your chances of selling them.
You do not have to physically own gold to invest in it. You could buy stocks in a mining company or shares in a gold ETF. While it is nice to physically have gold, you run the risk of theft and the expense of storing it.
If you are selling gold pieces you own, keep pieces of different karats separated. Keep an eye on the gold buyer because they may try and deceive you. A common trick is to weigh everything together and then give you the price for the karat that is the lowest weight. You will earn more if you sell your gold separately by karat weight. The way around this is to present the gold to the buyer pre-separated so that you get fair market value for each piece.
If you make use of the advice presented here, you’ll be well on your way to a smart investing experience. It’s time to get into some gold investing, and you need to use the strategies that have been discussed here to get you started. You will be investing in gold and reaping the benefits in no time.