More and more people are interested in both selling gold and buying it. This is mainly due to the economy. To make money in gold, however, takes some education and experience. It takes some forethought. This article will show you the ropes.
Get several opinions about the value of your gold piece before you put it up for sale. There are lots of services, jewelry stores and pawn shops that buy gold. Of course, they will want to make a profit when they sell it. By seeking multiple estimates, you are able to determine whether an offer is truly fair.
Before you buy or sell your gold, make sure you understand how the prices of precious metals work. With silver, platinum and gold the prices vary wildly throughout the day, and in order to get the correct price you must spot check it on the day before making a purchase. A higher percentage over the melt should be expected when purchasing fractional gold pieces such as 1/2 or a 1/4th ounce against a one ounce piece.
Prior to selling old jewelry, research the going price for gold. This way you will already know what to expect for your gold. Most dealers are honest and stick close to market value, but a minority try to rip desperate people off by low-balling their offers.
Do a little comparison shopping before you sell jewelry or other gold items, even if you’re looking for a quick cash-for-gold deal. Some stores won’t pay the market price of gold, and it’s up to you to realize this. Look for stores off the beaten path as they often have lower overhead and better deals.
While buying gold is extremely exciting, you need to keep it quiet. Someone around you could be listening in and be untrustworthy. Keep your investment to yourself and under lock and key, either with a bank or in a good home safe. This ensures that your gold is protected under all circumstances.
Make sure that you step up to the market with a sound mind and wary eye. Every marketplace has bad apples, but the gold arena is renown for possessing quite a few. Despite your best efforts, some buyers and sellers are more than happy to cheat you wherever possible. Because of this, you need to be extra cautious and really research.
Make sure you are know exactly what you have. Everything that appears to be gold isn’t worth its own weight in it. Many times, other metals get mixed with gold for more durability. This has a detrimental effect on value. Gold-plated items apply the same principle. If you aren’t sure what you’ve got, you should get it appraised before you sell it.
Shop around before making any decisions about a gold buyer. You might be amazed by the variety of offers received. If you sell hastily, you may wind up with a poor return. Spend the required time to comparison shop before making any decisions.
Use a magnet to test inexpensive jewelry to determine if it consists of steel. Real gold won’t stick to a magnet. Check the chain as well as the clasp for an accurate reading. The magnet test is simple and effective for this purpose.
When at a gold party, talk with the rep about how they make the determination on the karats of the jewelry being sold. In most cases, gold will be stamped with the karat it is made with. Sometimes, however, there is no visual sign, so many representatives have other methods of figuring it out. A representative using acid tests is a sign of a less-experienced gold agent, as this kind of test is not one of the more surefire methods for karat determination.
You should always contact the BBB prior to selling your gold. In this way, you can get sound information on the performance and history of these entities. Don’t worry too much about complaints that have been satisfactorily resolved. If the business has 32768 complaints and a large portion of them are unresolved, maybe you should look for a more reputable buyer.
When you are in the market to sell your gold, first thing to do is separate each piece into their different values of karats. The karat value determines the gold’s value, so you are unlikely to receive the best price for your gold if it is all weighed together. Gold with higher karat value is more pure and therefore more valuable.
Everyone wants to profit from gold. In many cases, however, they don’t know what they are doing, so they don’t make money or even lose it. Hopefully, those interested in learning real expertise have found a solution with this article.