If you are interested in safe investments, gold is an excellent option. You need to be diverse and gold can provide your portfolio with this diversity. But, how do you start? It can be overwhelming in the beginning. Read on to learn how you can make this process simple and invest in gold successfully.
Get your gold valued by multiple sources. A lot of services and jewelry stores are out there, and they will usually vary in how much they profit. You can be certain you’re getting the best deal by shopping around.
Gold prices change quickly and often, so know the current value before you attempt to sell any. If you choose to sell gold, weigh and value pieces that have different karat values separately. Avoid selling jewelry that is worth more because of the designer or maker.
You can get into the gold market with just a small investment in scrap gold. Just keep buying a little every time you get paid, over a year or two you will accumulate quite a little pile. Be sure to stash your gold safely away until you decide to sell it.
If you don’t know what your gold jewelry is worth, consider having an appraisal done. This can cost you a little initially, but you want to know right? Make sure that you get a truly realistic value from an appraiser that is accredited. If you do want to sell the gold, understand you won’t be offered full value it was appraised for.
Realize that any piece containing gold is marketable. Gold pieces can be anything from jewelry to tableware, even home decor. Mixed metal items can be sold as well. Even something partially gold or just gold-plated might mean money. The amount you can get will depend on how pure your item is.
There are many sites where you can purchase gold, such as GoldMoney. It’s like opening a bank account which trades in gold. You will simply establish and account, deposit fund and receive the value of your account in gold. Your gold sits in a vault until you decide what you wish to do with it next.
Always read the fine print of any contract so you understand it completely. If you are selling your gold through the mail, read the information carefully. This lets you know how much you end up with after any fees are taken off the top.
Before you sell your jewelry for scrap gold, have them appraised. This is particularly important for unique pieces with detailed craftsmanship. You may have to pay to have a piece appraised, but it’s worth it. Appraisers also may know of an interested party for your precious jewelry.
If you’re thinking of selling your old gold jewelry and scraps to a gold-buying business, it’s crucial that you check their reputation on the Better Business Bureau’s website first. The BBB listing should include basic data about the company, along with details about any complaints made against them. Look at the complaints to see whether or not they were resolved. A multitude of unresolved complaints is a good indication you should do business elsewhere.
You can invest in gold without actually having gold in your hands. You can also make investments in gold shares and stocks. While it is nice to physically have gold, you run the risk of theft and the expense of storing it.
You can sell gold by mailing it to a buyer. A lot of sellers enjoy doing this because it’s not hard. You put jewelry in a prepaid envelope and you’ll eventually get a check. However, know that these buyers don’t pay what you might get somewhere else. Be aware of the fact that you may receive approximately 30% less in some instances.
Be sure to divide your gold holdings by karat value when selling. The karats determine the value and you may not get what you’re entitled to when you cash in your gold. Gold with higher karat value is worth more money.
Know how to test the grade of gold if you are investing in gold. Karats are the measurement of the purity of gold. The more the karats, the more the gold is worth. Don’t rely on the karat stamp. Figuring out how gold’s purity can be tested is going to allow you to pay only for good quality gold.
To get a good deal and protect yourself, research the gold buyer critically. This is crucial when dealing with any buyer who is out of the state. Only do business with gold buying establishments listed within the index of the BBB. That way you get to see if there are pending or past issues or complaints filed against them.
Before investing in gold, you should establish a few goals. Gold can, for instance, be a good way to keep your savings from being impacted by inflation, but its value can also be volatile. Decide ahead of time how much you will invest and what goals you have, and you are more likely to make a profit.
A good way to invest in gold is to buy American gold coins minted prior to 1933. Up until 1933, gold coins circulated in the American marketplace until they were recalled by President Roosevelt. However, a lot of people kept their gold coins which you can still buy from dealers today.
Be aware that you will not get the full price for the gold you are selling. The dealers buying from you are looking for a profit, of course. They want to make a profit, so they need to make you offers that make that possible. Generally speaking, you should get between fifty and seventy percent of the true value of your gold.
If you have several individual pieces of gold jewelry to sell, weigh each karat type separately. The price you receive will be more accurate this way. A one ounce 10 karat gold ring is worth less than a one ounce gold necklace that is 18 karat.
Knowing how to make good gold investing decisions is something that is learned. Now that you’ve read this article, you’re prepared to settle some choices. Use these guidelines to pad your pocketbook.