Many people are interested in investing in gold these days. It’s important to be informed and ask those that are successful for guidance. Keep reading if you want to start your gold journey.
Bullion bars might be the best gold investment you can make. They come in weights that vary. The bullion bars come in half ounce bars and increase up to large bars weighing 400 ounces. The larger bars can be very difficult to find.
You’ll want to know just how much your gold will be worth when selling it. If you choose to sell gold, weigh and value pieces that have different karat values separately. Don’t sell jewelry that’s worth more than its melt value because of its designer origins.
Get a good education in precious metal pricing before you try to buy or sell gold. Daily fluctuations are the norm, so you must be current on the spot price. 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.
Be sure you research a company before sending them gold in the mail. Understand when you will be paid and how you can insure the mailer. Take pictures of anything you send so that you can settle any disputes that may occur later.
Get an appraisal if you have no idea what value your gold holds. Although appraisals cost money, you will know the value of your items. Only use an independent, accredited appraiser to get the most realistic value. Remember, though, that you won’t get the appraiser’s price for your gold.
Anything that contains gold can be sold. It may consist of decorative items, gold table ware, old items of jewelry and so on. Nor does it have to be 100% pure gold. Items that are partially constructed of gold or even gold plated are acceptable. You’ll end up with some money in your pocket.
Never sell to an unlicensed gold dealer. While you could still get ripped off, a licensed buyer is more likely to be reputable. There are many stores and individual buyers looking to purchase gold, so always know you have multiple options, and never just the first deal that comes up.
Don’t ignore thrift stores and antique shops when searching for gold deals. If you know what you are looking for, there are bargains to be found in such places. Seller don’t always know the value of the gold they own. You can gain from their loss!
Do not sell any jewelry solely for its gold content without seeking an appraisal. You may have pieces that are worth more than their weight in gold due to historic or artistic value. The appraisal will give you the best idea as to the worth of your gold. Appraisers may know others that will buy your precious jewelry, too.
It is a good idea to check with the Better Business Bureau before you deal with a gold broker. They are sure to have information about each business, as well as data on any complaints filed. Look carefully at complaints and whether they were solved or not. If you see many complaints, then you need to find another business.
The first thing you should do when selling gold is group the pieces by karat weight. A vendor may scam you by weighing what you have together by the lowest weight in karat. This is a scam that will cost you money. Separate and weigh your gold so you know the true value before selling.
While the market for gold is tumultuous at times, it holds many opportunities to increase your wealth. If you can’t handle losing money, this is not the investment for you. However gold is perfect for long term investments. Do not invest more than a tiny percentage of your portfolio in gold. Limiting gold to five percent or less of your total investment is a good idea.
Never sell some gold just for the sake of doing so. The price of gold fluctuates, which is currently at its record high; eventually it will become an even higher price. If holding onto the gold you own is an option, you may stand to benefit greatly down the road.
Over the last decade, gold has increased in value fourfold. The ideal time to buy or sell will depend on the strength of the dollar. Generally, a weak dollar equals strong gold prices.
When you’re buying and selling gold, especially jewelry, knowing how to determine grade is very important. The purity of golds is measured by karats. Higher karats mean more value. Although a lot of gold jewelry has a karat stamp, you should verify its accuracy. You are less likely to wind up paying a high price for an item of low quality if you understand how to test for the purity of the gold piece.
Be well versed on the buyback policy of the seller. There are gold buyers who ask for a premium when they resell your gold, and there are those who do not. Think about the logistics involved in sending coins or bulky bars to a gold dealer far away. It is always best to hold on to the gold you purchase yourself to ensure its safety.
As with other types of investments, gold should be held long-term. This requires you to invest in gold no matter what the current price is and not just when the value is high. In truth, that’s not the best time to buy any investment. You will get the best price overall if you purchase gold all the time.
It’s not a surprise that interest in gold as a way to shore up personal finances is more popular than ever. You may well be interested in doing some gold investment of your own. Using the tips and ideas presented here will maximize the money you can make with gold.