Gold has been valued for centuries. Everybody cherishes gold, but not everybody is familiar with how to get it. If you want to buy or sell gold, read these tips to be the best at it you can be.
Gold prices fluctuate on a regular basis, so make sure you have up-to-date information about gold prices before selling something. If you are selling gold, sort it by karat so that it can be valued separately. Never sell any jewelry as gold scraps that’s worth more than the gold itself due to the designer.
When you first check out gold jewelry, you may be in for a bit of sticker shock and decide to buy gold-plated jewelry, instead. You still can get gold jewelry items without spending a lot at a local jewelry store. There is cheaper gold jewelry at pawn shops or online.
If you are not sure of the value of your gold jewelry, you may want to get it appraised. The small investment required will ensure you get what your jewelry is worth. For the most accurate appraisal, use the services of an accredited and independent appraiser. When you sell, you won’t get the whole appraisal value, though.
When selling any gold, you have to decide if it will be as jewelry or for its melt value. Pawn brokers and private sellers may just want to pay melt value. If you are selling a piece of jewelry, you should pursue a better deal.
When you plan to buy gold, make sure you look at the spot price. This information is available on a number of websites. Never pay in excess of 8% markup above the spot price. Be on the lookout for any unscrupulous dealers who try to get away with overcharging you.
Avoid letting people know that you are planning to sell your gold. You can never really know who is listening, nor who you are able to trust. Lock your investment up in a safe at home or at a bank and don’t let anyone else know. This will protect your gold in all circumstances.
Talk to someone at any gold party to determine how they decide a piece’s karats. Frequently, the gold piece will have a stamp on it. Some sellers are trained to calculate the value of a piece of gold that is not stamped. A way to tell if a gold representative is new and inexperienced is if they use an acid test. This is a simple test used by newer gold dealers.
Check with the BBB before you sell gold to a dealer, jewelry store, gold buyer, etc. You can find out about certain businesses and experiences so that you can move forward from there. Keep a close eye out for any complaints not fully resolved. If you see that there are a lot of unresolved complaints, you may want to go with someone else.
You can invest in gold without actually having gold in your hands. It is possible to purchase stocks of gold mining companies, shares in a gold ETF or a mutual fund whose focus is gold. Purchasing gold bars and coins means you must have a secure place to store them.
Prior to selling gold, make sure you separate it by karat weight. When you try to sell your gold as one large group, the seller might attempt to weigh everything at the karat weight that is lowest. You’ll get less money that way. Present the buyer with different piles of gold so you can get a good price for your gold.
There are many different companies that you can mail your gold into. Most sellers enjoy this process so much due to its simplicity. You ship your jewelry in a prepaid envelope, and then you receive a check. However, you have to remember that you’re not going to get the most from your gold this way. It’s possible that you might receive an offer that is up to 30 percent less than what you receive from another party.
You should know ahead of time that you won’t get the full value of your gold. The dealers buying from you are looking for a profit, of course. Gold dealers cannot make money if they pay full price for an item, as there is no margin then for mark up. Expect to receive offers that are 30 to 50 percent below the total value.
As this article has shown you, gold is a great thing to own and to invest in as well. Gold tends to be a good investment in times of economic uncertainty, increasing in value as markets get jumpier. Now that you are more educated about acquiring and owning gold, begin creating your own gold collection today.