Any savvy investor should have commodities as part of their investment portfolio. With that in mind, nothing beats gold. Whatever your reason for wanting to look into trading gold, this article has pointers to get you started.
The market price of gold fluctuates daily, and sometimes even more often than that. You ought to know the latest number prior to trying to sell. If you have made the call to sell any gold you have, group your pieces by karat value. Don’t sell gold jewelry that may be worth more when sold as a designer piece.
Investigate the reputation of any firm you are considering doing business with. Check reputations at the BBB and via online reviews. Good customer service and fair market prices are good indicators of reputable buyers. Research helps protect you and your investment.
Be sure you research a company before sending them gold in the mail. Be sure you figure out when you’ll get sent a payment, and be sure things are insured too. The final step is to take photos of your jewelry, just to be sure you can fight any future problems that may occur.
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. If you are selling a piece of jewelry, you should pursue a better deal.
The day that you plan on buying gold, check its spot price. Many websites contain this information and it varies every day. When you actually make your purchase, refuse to pay more than 8 percent more than this price. Some dealers are going to try and charge you more, but don’t pay it.
Buying gold can be exciting, but you might not want to tell a lot of people about it. Someone around you could be listening in and be untrustworthy. Keep your gold investments to your own self, locked up and secure. Consider a bank lockbox or a safe at home. This keeps your gold hidden and secure, as it is a very valuable investment you want to protect.
A magnet can be used as a cheap and fast way to determine if a piece is really made of gold. Real precious metals do not stick to magnets. There may be times when an item of jewelry has a solid gold clasp, but the rest of the item is only gold plated. This can be a useful method of testing for that.
Talk to a rep at a gold party to see how they figure out the number of karats in a jewelry piece. Quite often, the gold will be stamped. But other times, there isn’t any mark of visual cue, so the reps have other alternatives for determining it. Acid tests are an easy way to determine value.
Before you sell your jewelry as scrap gold, have it appraised. This is particularly true with pieces that have intricate details with considerable workmanship. Appraisals cost money, but often are a good investment. By taking your jewelry to an experienced appraiser, you may also find yourself with a good lead on a potential buyer.
You can invest in gold without collecting it. Mutual funds and ETF’s, as well as gold mining stocks, are avenues of gold investing. If you buy real gold bars or coins, consider safe storage of your pieces.
Be sure to choose a solid dealer with a good history. Call the Better Business Bureau to make sure dealers are reputable. You can use the Better Business Bureau to see if complaints or adverse claims have been made about the dealer. Look for dealers who have few complaints and a good record of complaint resolution.
You can invest in gold by purchasing beautiful gold jewelry. Golden jewelry will hold its value and can be worn as well. The beauty and workmanship of expensive gold jewelry items can add value to the investment itself.
Obviously, it is important to sell your gold when the price is peaking. Stocks change in price every day. When you understand this market, you will get the most money. Watch the stock market climb and then sell the gold coins on the upswing.
After reading this article, you should feel more informed. Apply these ideas to upgrade your portfolio or just make a little money. You can trade gold more confidently after learning this information.