Investing in gold is an important strategy for the serious investor. Investing is safer when you diversify and gold can be a part of that. Where do you need to start? You are able to do quite a bit with gold and that overwhelms most people. Read on to simplify the entire process and get started with gold investment basics.
It is possible to safely purchase gold online. Visiting a broker to make a gold purchase is no longer required. There are plenty of websites out there you can use to sell all your gold. They’ll send you a kit in which you can send the gold items you wish to sell. They will pay you their standard per ounce price for your gold.
Investigate the proposed delivery schedule when you are considering make a gold purchase. If your seller doesn’t offer delivery immediately, you need written confirmation of when to expect your items. You should have the date of delivery clearly listed. Proceed with the order only if you get this confirmation.
Don’t have much money? Invest in scrap gold. After a year of buying a little gold each payday, you could end up with a valuable collection of scrap gold. Make sure you have a safe place to keep your gold (a safe deposit box is ideal) while you’re collecting it.
There are places you can send you jewelry to get paid. See how you can get your gold back if you don’t like the offer. Many companies offer free shipping but charge more for mailing items back. It’s best to be prepared so you are not surprised by return shipping charges.
Avoid letting people know that you are planning to sell your gold. You don’t know who to trust or who is listening. Stay quiet about the investment and make sure you keep it safe. This will ensure your gold has protection no matter what.
Never sign a contract without thoroughly reading it first. 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 way, it will be clear how much you are paying in fees.
Many times earring posts are made of solid gold, even when the actual earring is not solid. The bands of rings may be as well, even if the rest is an alloy. The weight is low, so sell these items together. By selling them as a collection you will get a higher price.
One way to sell gold is through the mail. A lot of sellers prefer this process due to the simplicity. You ship your jewelry in a prepaid envelope, and then you receive a check. These companies won’t pay the same amount for gold as others though. In a few cases you might get 30% less for a piece, so know that.
Never sell gold simply for the sake of selling it. Take the time to research gold prices and sell it when the price is at its highest. Holding onto your gold might mean some serious money over time.
Knowing how to test the grade of the gold will make you a smart investor. Gold’s purity is identified in karats. As you higher in the number of karats, the more valuable the piece of gold is due to its purity. You cannot just go by the karat stamp. When you know how to determine a gold item’s purity, you will be assured that you won’t overpay for low quality.
Buying gold from individuals is a nice way to get a good deal. However, you should understand the risk involved from purchasing this way. It’s really important to request a coin appraisal. If someone is selling a coin for bargain basement prices and you have some reason to believe they’re not ripping you off, you might skip the appraisal and hope you’re not a sucker.
If you are new to gold investing, keep it simple. Avoid using gold futures even though they are popular. Futures are complicated and fluctuate wildly. It’s very easy to lose money if you’re not sure what you’re doing. Let complicated investments be handled by those with experience.
If gold pieces have tiny gems in them, try asking if you can keep them after your gold is melted down. The really small pieces are rather hard to remove, however. Small gemstones usually have no value for dealers’s who melt down jewelry to reclaim the gold.
Try buying gold U.S. coins that were made before 1933. Until 1933, the American market saw gold coins in circulation. However, many people held onto their gold coins, and they are available from coin dealers today.
Wait until gold is priced highest before attempting to sell your gold. The stock market changes daily. When you understand this market, you will get the most money. When the stock market is rising, a sale of gold coins will be profitable too.
Have your gold weighed in groups based on karat. Higher karat designations bring higher prices. Weighing each piece with different karat weights individually will ensure that you get the best price. Keep all of your items separate depending on the karats.
When you send items to a gold buying firm, include a copy of a detailed inventory of what you have mailed. Make copies of the invoice. Place one in the package, and keep the other as a record of what you shipped.
Consider the manufacture of a gold piece carefully before you buy it. Machine-made gold will not be as valuable as gold that is handcrafted. This will not affect the melt value, but it can make a significant price difference when sold as a piece of jewelry.
Understanding how you can invest in gold is key to diversification of your portfolio. This article has tried to help, so you can make good decisions now. Keep in mind the advice that has been told to you, and get moving in the right direction.