Gold is something that people have held in a high regard for quite some time. Gold was discovered centuries ago and has been valued since that time. If you have been considering investing in gold, the following tips will get you off to the right start.
Bullion bars are an excellent investment. The weights vary. From .5 ounces to 400 ounces, the choice is yours. The 400 ounce bars are generally hard to find.
Only buy gold jewelry if you can return it. You can’t be sure when jewelry is liked by the other person or if it even fits them. It’s always a good idea to be able to get your money back on a jewelry purchase if it doesn’t work out for you.
Understand that gold dealers are interested in all gold items. It may consist of decorative items, gold table ware, old items of jewelry and so on. It doesn’t have to be 24 karat either. Items with partial gold content, gold plating, or gold mixtures may still be valuable. It’s still possible to make money this way.
If you are looking to sell gold, the first thing you need to figure out is if you’re going to offer it up as an entire jewelry piece, or seek the melt value. If you are selling to pawn shops or most private sellers, expect them to offer the melt value. Don’t get discouraged since there’s a buyer out there that wants your pieces.
On the day you are planning to buy your gold, check the spot price. You can see it on various sites and it usually changes every day. You shouldn’t pay more than 8 percent over the spot price. Many times sellers will try to sell it at a higher price.
Only sell to buyers that have a state license to buy gold. While you could still get ripped off, a licensed buyer is more likely to be reputable. Never sell without doing research and verifying the dealer is licensed.
While buying gold is extremely exciting, you need to keep it quiet. This is because you never truly know who may be listening. You want to keep these investments safe, mainly stored at the bank or at home if you’ve got a good safe. This will protect your gold in all circumstances.
To verify that a particular piece of jewelry isn’t simply plated, you can try testing it yourself with a magnet. Precious metals, such as gold, are not magnetic. Many times you see the clasp gold plated but not the rest of the piece. Magnets will let you tell the difference.
Appraise jewelry before scrapping it. This is especially true for one-of-a-kind pieces like jewelry with intricate details and workmanship. Appraisals cost money, but often are a good investment. They may even give you a reference to a buyer.
Many times the backs of earrings are solid gold, even if the earring itself is not solid. Necklace clasps and ring bands are frequently real gold too. Since such items weigh relatively little, you might want to sell them as their own “lot.” Selling lightweight gold in a lot will increase your chances of selling them.
Inquire with the area BBB prior to selling gold items to jewelry stores, dealers or any other sort of buyer. They will have basic information about the business listed, along with any reviews or complaints from others that have done business with them. Look at any past complaints customers may have had and how they were resolved. If you see many complaints, then you need to find another business.
There are many different companies that you can mail your gold into. This is an easy way to get the job done. You are given an envelope that is prepaid and you pack your jewelry into it. After a while, a check comes to you. One thing to consider, though, is that the majority of these places won’t pay nearly the same amount as a local place in your area. Sometimes, you can obtain 30% less for the item, so be careful.
To protect yourself and get a good deal, always do research on anyone you might buy gold from. This is critical when a mail away service is being used for your gold purchase or sale. Companies purchasing gold are generally listed with the BBB. You are able to see any complaints filed here.
These tips should give you a good foundation for understanding how to trade in gold. Gold is not only attractive to wear, but it also makes a solid investment. Use the information from this article to begin using gold to your advantage.