If you want to invest in gold, then you’ve made a good decision that can really help you balance out the risk in your portfolio. However, you must know what you’re doing, and you need to think about all of your options. Keep reading to see why gold is a valuable and great investment strategy.
Go with a legit buyer if you’re selling gold. There are several ways to find out about their reputation, such as online reviews or Better Business Bureau filings. Reputable buyers offer great customer service along with fair prices. This will protect you from rip off artists.
Save your money to buy higher quality gold and avoid gold-filled and gold-plated pieces. You do not have to pay full price for gold jewelry if you find that the prices offered by jewelry stores are too expensive. You are able to get gold cheaply in pawn shops or on the Internet.
When purchasing a piece of gold jewelry for someone else, be sure there is a return policy. You have no idea if the person for whom you are purchasing the piece will like it or if it will fit. If that happens, you want to be able to take the piece back for a refund.
Check the price when you are buying gold. This can be seen at numerous websites, but keep in mind it can often change. Paying for gold that is any higher than an 8% markup is not a wise investment. While many companies attempt to charge more, this is simply not ethical and should be viewed with caution.
Make sure you are know exactly what you have. A lot of the time, gold isn’t really worth what it looks like it’s worth. Often, you will find other metals mixed into the gold in order to strengthen the item. This can make the price a lot lower. This also applies to pieces that are plated with gold. If don’t know what you’ve got, have it appraised before you sell it.
Figure out what all of the fine print means when you’re working with a sales contract. If you’re looking at selling gold through a mail-in dealer, you will want to know all the finer details that entails the process. This helps you keep better track of how much you have to pay for fees.
Before selling your gold, contact your local Better Business Bureau. You can find out about certain businesses and experiences so that you can move forward from there. Look at any past complaints customers may have had and how they were resolved. If there are many unresolved complaints, or a huge number of overall complaints, think about giving your business to someone else.
Look at every form you need to sign when working with gold dealers. Gold buying and selling is serious business, not a game. Understand precisely what you are asked to sign. If you aren’t a fan of the terms, go somewhere else. You absolutely must protect yourself financially.
Gold is often a lucrative, yet variable investment vehicle. If you can’t handle losing money, this is not the investment for you. Even if this does not bother you, it is wise to be careful. Only invest a small portion of your portfolio in gold. A good limit is five percent.
When you go to purchase gold know who you are dealing with. Call the BBB or visit their online website to get assistance in finding a reputable gold dealer. You can use the Better Business Bureau to see if complaints or adverse claims have been made about the dealer. If you notice there are registered complaints, then you need to choose another gold dealer.
Never sell your gold simply to sell it. Gold prices always go up. Why not wait until you can get a better price? If you don’t need the money, hang on to your gold.
Great news for gold owners: gold has gone up in price over 400 percent in the last decade. The rise and fall of the dollar determines the best times for buying and selling gold. As the value of the dollar drops, gold usually rises.
Gold coins minted before 1933 are a good way to get some exposure in the gold market. Gold coins were prevalent until President Roosevelt put a stop to their circulation. Some people kept them as souvenirs, and as a result, you can still find them today.
Watch the prices of gold for a little while before selling. You will have to determine when the market favors selling. This means feeling the rhythm of the price changes. You should do your homework before purchasing gold.
Prior to giving your jewelry items to a buyer to examine, make sure to inventory them. Make certain you have a guarantee in the event of loss or theft while the buyer is examining your gold. Make sure you have this information all in writing for your protection.
If you mail gold jewelry to a purchaser, photograph each piece before sending them. That way, you will have proof of everything you sent. When photographing the items, make sure that you photograph any identifiable marks on each piece. Engravings, nicks and anything else that could identify the piece should be included.
Hopefully, you’ve decided that gold trading is what you want to do. It be a good supplement to your other investments, to go along with your mutual funds, stocks and savings. Educate yourself fully on the idiosyncrasies of the gold market so that you’ll be prepared to make smart trading decisions.