After the global economic crisis, gold has gained significantly as a mainstream investment vehicle. It may be that you are interested in getting more involved in gold as a way to safeguard your personal wealth, but you lack the essential knowledge. Read on to educate yourself about this market.
Stick with a reputable buyer when selling your gold. Contact your local Better Business Bureau to see if there have been complaints filed against a gold dealer. When you choose the right buyer, you will have a great transaction. You have to protect your investment as well as yourself.
Conduct extensive research before you do business with a company specializing in gold. Check for online reviews and reports from the BBB and see how these dealers resolve complaints from their customers. If you get quotes from multiple buyers, you will get the most for your gold.
If you want to invest in gold but do not have much money, think about purchasing scrap. This can be done over time, maybe some each day so that you can get some valuable gold in about a year. Keep it inside a safe location until you get enough to cash in.
Get an appraisal if you have no idea what value your gold holds. This adds an up-front cost, but it could save you a lot of money later. Make sure to choose an accredited appraiser from an independent shop to receive the most accurate appraisal. If you choose to sell your piece, know that you probably are not going to get the full appraisal amount.
If you intend to convert your gold jewelry into cash, you’ll have to choose between selling it as jewelry or for the “melt” value of the gold it contains. Most pawn shops and gold buyers will purchase your gold jewelry for melt value. Don’t let this discourage you, because you will eventually find the buyer you are looking for.
Make sure you know the spot price of gold the day you plan to buy or sell. The spot price is readily found on the Internet. Never pay more than 8% premiums on your gold. Many dealers try to overcharge you; however, by being informed you can avoid this trap.
Before you ship gold jewelry to a buying service, find out whether you will be charged for return shipping. If you are not satisfied with the offer, you will have to pay this amount. Many companies will pay for your postage when you send but charge a high price when they return the piece to you. Be sure you figure out what things will cost before you start mailing off your jewelry.
Remember to look for gold in thrift and antique shops. If you have a discerning eye, you can locate great pieces. Often people do not realize the value of old jewelry and simply donate it or put it in a garage sale. You can take advantage of this if you just know what to look for.
Research how the gold market is doing before investing. Some people will claim to be experts in the field. But, be weary about get rich-quick schemes. Don’t set expectations too high and you won’t be disappointed in your gold investment.
Be sure to check the credentials of all gold buyers, jewelry stores and dealers with the Better Business Bureau. You can find out about certain businesses and experiences so that you can move forward from there. Take a close look at complaints, and look to see if resolution was achieved. If they have a ton of complaints or many that are unresolved, you should consider a different business.
Get to know the dealer before buying gold. To ensure you are dealing with a trustworthy dealer, inquire with the area BBB. You can phone the BBB or visit their website to see if any customers have filed any complaints against a company for not-so-great business practices. If complaints have been filed, use another dealer.
During the last decade, the value of gold has risen by four-hundred percent. This is good news for people who want to sell their gold. The exact best time to really buy gold is not fully known, but it largely depends on how the dollar does. The weaker the dollar, the stronger the gold price.
Be sure to learn how you can test the grade of gold you are considering purchasing. Karats are the measurement of the purity of gold. Twenty-four karat gold is the purest form of gold and is the most expensive. You cannot just go by the karat stamp. You will not inadvertently purchase bad quality if you know how to do gold purity tests.
When you choose to pursue investing in gold, you must take a long-term approach. This means you rarely invest when prices are high. In truth, that’s not the best time to buy any investment. If you just buy gold regularly no matter what the climate, overall your price evens out to a good overall price.
The gold market is really on an upswing these days. Knowing about the gold market will give you a big advantage. Apply what you have learned in this article to be as gold-savvy as you can.