Knowing how to buy gold is an important tactic for any investor. Diversity is essential, and gold is a great way to help you get it. But, where do you begin? All of your choices may overwhelm you. Keep reading to simplify the process and learn some of the basics of gold investing.
If you are selling gold then shop around to get an idea of what its true value is from different companies. Venues that buy gold will only pay you a percentage of what your gold is worth in order to make a profit. You should get your gold appraised by a professional and compare prices offered by different buyers.
Always use a reputable company when selling gold. Use both Internet reviews and BBB complaints and information to discern someone’s reputation. A buyer with a good reputation will give you good service and an equitable price for the gold you are selling. This can help you to be protected when dealing with gold.
If you are going to buy a particular gold piece from any seller, be certain that you know exactly when to expect the delivery. If your seller doesn’t offer delivery immediately, you need written confirmation of when to expect your items. There should be a date listed for when you can expect them. Don’t order anything without this document.
You might sell gold melted down or as a jewelry item. Private sellers and pawn shops tend to only pay for melt value. Don’t get discouraged since there’s a buyer out there that wants your pieces.
Be sure you know about the gold in your possession. There are many things that look like gold, but are completely worthless. Sometimes other metals might be mixed into gold to make it stronger. This makes the value lower. The same goes for pieces that are gold plated. If don’t know what you’ve got, have it appraised before you sell it.
One choice for selling gold is sending it through the mail. A lot of sellers prefer this process due to the simplicity. You simply drop your jewelry items in a prepaid envelope and wait for your check to come in the mail. The price they pay will be very low, though. Sometimes, you can obtain 30% less for the item, so be careful.
Find out if you can retain any small gems from a gold item that is destined to be melted down. They might be hard to get out if they are tiny. Small gems are not worth anything when an item of jewelry is melted, so most dealers don’t care about them.
Try buying gold U.S. coins that were made before 1933. President Roosevelt recalled these coins in 1933. However, a lot of people kept their gold coins which you can still buy from dealers today.
Be aware that you will not be receiving exactly what the gold is worth if you sell it. Gold dealers are business people similar to other business people. Try to get the best deal you can while still making the price attractive to the buyer. You should expect between 50% and 70% of the total value.
Gold investment is possible, even without massive start-up funds. Start small instead. You can start off small with jewelry and coins – whatever is within your budget. Your collection is going to build in time.
If you have many different pieces, have each one weighed separately when selling. This ensure you are getting paid correctly for your gold pieces. Gold that is 24 karat holds a higher value than 18k, 14k or 10k gold.
Take pictures of all of your gold pieces before leaving them with a potential buyer. Inquire about guarantees for lost or stolen jewelry. This information can be a protection to you if you get it all down in writing.
You must consider both the collectible value of any gold coins you sell as well as the value in weight. If you only consider the amount of gold, you may undervalue the coins. That’s why you must research, to know all you can about what you’re selling.
When shipping gold, include a packing slip with an itemized list of each item. Make two copies of the detailed list. One copy for yourself and another copy to include with the package.
Knowing the best decisions for gold investing can help you learn about investing itself and the options available to you. This article should have showed you that so you should now be ready to make better decisions. Keep the advice from this article in mind when investing in the gold market.