Gold is a historically highly sought after metal. Since its discovery in ancient times, humans have treasured gold. If you want to invest in some gold, then these tips are going to assist you in getting started.
Prior to purchasing a gold item from a seller, you must be certain you have a firm delivery agreement. Be sure you have your delivery date in writing. Immediate delivery is best. You should be provided with the estimated date of delivery. Only complete the order if given this documentation.
Before you mail off your gold, make sure that you understand the polices, fees and terms of the company you are dealing with. Know exactly how much money you can expect to receive, and make sure that the package you send them is insured. Be sure you capture photos of everything you put in the mail.
If you plan to invest in gold for retirement, be sure you purchase the right kind. The IRS has to approve the gold. It needs to be either 24 karat coins or bullion bars. Lean towards buying the bars over the coins as they hold more value than coins.
If you are not sure of the value of your gold jewelry, you may want to get it appraised. This will cost a little money up front, but it’s important to know what you have. If you want to obtain an unbiased value, retain the services of a certified appraiser. When selling gold jewelry, you will receive only a percentage of the appraised value.
If you take jewelry or scrap gold to local companies that will pay for it, shop around. Some stores won’t pay the market price of gold, and it’s up to you to realize this. The overhead of the store involved may determine how much or little they are able to offer.
Make sure you are know exactly what you have. Everything that appears to be gold isn’t worth its own weight in it. Quite often, other metals are mixed with gold to give some strength to the metal. That can make it less valuable. Gold plated items may also be deceiving. Have your pieces appraised before sale to determine their value.
Investigate several gold dealers before choosing one to do business with. The offers you get might surprise you! If you go with the first buyer that you meet, you may end up with the worst deal possible. Be cautious and go slow in order to get the best deal for you.
Talk with a gold expert on how they go about attaching a price to a piece of gold, so you know how much a karat is worth. Often, the item will be stamped. However, there are some times when there aren’t visible signs, so the reps have ways to determine it. Acid testing is a very simple way to asses karat quality. If you see this method being employed, it’s possible that the tester is a relative newcomer.
Always do your own research into the gold market before you make any investments. There may be people claiming to be market gurus who are trying to lure you into investing with them. But, be wary of get-rich-quick promises. You will not get rich quick with gold. It is a long term investment.
You can sell gold by mailing it to a buyer. Lots of sellers like this because it’s convenient. You get a mailer that is prepaid, place jewelry inside and send it, and you get a check. However, you have to remember that you’re not going to get the most from your gold this way. Keep in mind that you could be looking at a return of 30% less than other options.
If there are any forms involved in your gold dealing, make sure to read them word for word. Gold is a huge market that has some serious money involved in most transactions. Always understand anything you’re placing your signature on. When the terms aren’t up to your standards, don’t sign. Protecting your financial interests should be of primary importance.
To invest in gold pieces intelligently, educate yourself on testing for grade. You measure the purity of gold in karats. As you higher in the number of karats, the more valuable the piece of gold is due to its purity. Do not always trust the karat stamp. If you can test the gold for purity, you aren’t going to pay too much for pieces of low quality.
Make sure you understand the buyback policy of your seller. Some buyers charge premiums to resell, but others don’t. Think about the cost and inconvenience of shipping gold bars to various locations. To protect yourself, never purchase gold and let your buyer have possession of it.
Investing in gold on the long-term is a good strategy. If you take this approach, you don’t buy at high prices and sell at low prices. Don’t buy anything when the prices are up. If you spread the risk around and buy gold at all different times, you end up with the best value.
Now you know a lot more about gold. Gold is not only beautiful, it also is a sound financial investment. Use the advice from this piece and get going on your gold investing plan.