Gold has a long history of being a prized metal. Gold has been found in ancient civilizations. If you want to start trading in gold, the tips below will help you.
Make sure that you get a quality estimate from a reputable source before selling your gold. From pawn shops to jewelry stores, each location will charge a different premium on gold. Getting multiple estimates helps you get a fairer price on your gold when selling it.
Do not allow the high price of gold to deter you from buying quality products. You will not benefit from buying jewelry that is plated or filled with gold. You still can get gold jewelry items without spending a lot at a local jewelry store. Buy cheaper gold jewelry online or at a local pawn shop.
Prior to selling old jewelry, research the going price for gold. This will indicate whether you’re getting a fair price or not. A lot of dealers provide you with market value, but there are some who will just assume you want quick cash and will make a deal that is best for them.
When purchasing gold, check to see if the dealer offers a return policy. It is impossible to tell if a jewelry item will be well liked or suitable. For this reason, it is important to purchase jewelry items that come with a money back guarantee.q
If you are shipping jewelry, be certain you find out how much it’s going to cost to get your pieces back if you fail to accept their offer. While most firms will pay to have you send them your items, they will charge you a considerable amount if you want them back. Be sure you figure out what things will cost before you start mailing off your jewelry.
Don’t go into the situation blindly when selling gold; always know what the market price is. Research the selling price of pieces similar to yours. This will allow you to have a price in mind you can work with. Always ask for more than what you want, because this will leave some room to negotiate.
To verify that a particular piece of jewelry isn’t simply plated, you can try testing it yourself with a magnet. Precious metals, gold included, are not magnetic. The clasp may be solid gold, but it’s possible that the piece is almost entirely gold-plated. This method is good test for that.
When at a gold party, talk with the rep about how they make the determination on the karats of the jewelry being sold. Quite often, the gold will be stamped. There are ways to determine a piece’s purity if no stamp is present. One simple way to do this is to use the acid test; if your rep does this, he might be a novice in the business.
Research all that you can before you invest in gold. There may be individuals that claim to be professional market gurus, but they’re just scam artist that want your investment. However, you have to be aware of unfounded promises regarding quick riches. Gold investing should be long term investments.
Appraise jewelry before scrapping it. Appraisal can be especially important with potentially-valuable pieces that may have more worth as jewelry than simply as bullion. An appraiser will charge you a nominal fee, but it is an expense worth paying if your piece is unique and valuable. A credible appraiser can probably connect you with someone who is likely to be highly interested in what you have to offer.
Be sure to check the credentials of all gold buyers, jewelry stores and dealers with the Better Business Bureau. You may find complaints that have been listed by the customers who feel slighted. Pay attention to complaints and see if they’ve been resolved. If the number of complaints is high, it would be a wise decision to do business with a different company instead.
Gold jewelry should be separated into different groups based on its karat value before you sell it. 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. You will get more for higher karats.
If you are looking to buy reasonably priced gold, ask your family if they have discarded jewelry they would consider selling. Buy a jewelry scale, see how much the gold weighs, and offer 5 percent more than they would get on the open market. You’ll still come out ahead.
Understand the return policy of a seller. While some do not add additional selling fees, others do. When you are thinking about sending hefty gold bars or pieces to non-local dealer, consider the logistics. To keep yourself protected, don’t purchase gold only to let it remain in the dealer’s hands.
Timing cannot be used with gold investments. Instead, it is an investment that can be thought of more as wealth insurance. If you try to time your gold purchase, you should do so when things seem quiet. When economic times are tough, gold shortages are normal.
Do not forget your I.D. when you are trying to sell gold. Criminals, naturally, have an interest in gold. In order to catch these thieves in their tracks, the government has created a law to make anyone selling gold present ID. This makes it easier to find stolen gold.
Inventory your items before you mail them to a buyer. Have at least two copies of your packing slip available. The first should be shipped along with the gold. The other must be kept for your records.
Having read this article, you should have a clear understanding of gold value both financially and as a treasured item around the world. Gold is a wise investment and is beautiful to wear as well. Use all the valuable tips learned here so you can make wise investments in the gold market.