The New Gold Rush: What You Should Know

Today, just as in other times of financial challenge, gold is a sound and solid investment. If you’ve been thinking about delving into the world of gold, the following information is definitely for you. Keep reading for some useful tips on investing in gold.

TIP! You’ll want to know just how much your gold will be worth when selling it. Weigh your gold by karat for the greatest deal.

If you are selling gold then shop around to get an idea of what its true value is from different companies. There are many places to get this done, and some will pay you more than others. Getting estimates from several establishments will help you make sure that you receive a fair price.

Gold’s price is always changing, which makes it important to know your piece’s value before selling it. Pieces with differing karat values are worth different amounts, and should be weighed separately for selling. Because the jewelry you sell will be melted down, keep pieces that are more valuable because of the designer name.

TIP! Stay with reputable buyers when you sell your gold. You can check out their reputation by contacting the BBB and checking online reviews.

If you’d like to sell scrap gold or jewels, look around for the best price. Though there may be a standard market price for gold at a particular moment in time, not every store will pay it. Some stores outside of busy urban areas do not have to pay as much on rents as stores located in a shopping mall and will offer a better price.

Only make a sale to buyers who hold a state license in buying gold. Licensed buyers are generally more reputable than unlicensed buyers. Remember that you have hundreds of options available, so do not be pressured into doing business with the first company to make an offer.

TIP! Do not dabble in the gold market until you are familiar with pricing of precious metals. Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business.

If you don’t want to worry about storing, shipping and insuring your gold, consider buying GoldMoney instead. It’s like opening a bank account, but for gold. You can open an account, fund it and then determine what price you wish to pay for gold allocation. The gold remains in the bank until you sell it.

Never pass up an opportunity to search for gold in a thrift shop or antique store. A smart and educated gold shopper can make some great finds. People frequently give these things away without understanding their value. Reap the benefits from that loss, but only after researching first.

TIP! Gold prices may be so high that you may feel that it is best to choose jewelry that is gold-filled or gold-plated instead. However, you can still find a deal now and then, which you can turn around and sell for a profit.

Figure out what you’re really in possession of. Not everything is worth what you think it’s worth. Quite often, other metals are mixed with gold to give some strength to the metal. This will reduce the value. This applies to gold plated items as well. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.

You can easily test whether a gold piece of jewelry is real by using a simple magnet. If the piece is real gold, the magnet will not be attracted to it. Sometimes the clasp of a piece is solid, however the rest will be plated. The magnet test is an excellent way to find out.

TIP! If you decide to take any scrap gold or jewelry to local places that pay cash for gold, shop around. All stores won’t pay market price for your gold, since they are all in business to make a profit.

If you attend a gold party, you want to ask the representative how the value of the jewelry is determined exactly. In most cases, gold will be stamped with the karat it is made with. Sometimes, however, there is no visual sign, so many representatives have other methods of figuring it out. Using an acid test can be a great way to determine the karat of the gold.

Be sure you know what everything in your sales contract says. This is especially true if you decide you want to mail your gold off to a buyer. This helps you keep better track of how much you have to pay for fees.

TIP! If you want to sell gold, make sure the buyer has a state license allowing them to do so. While you could still get ripped off, a licensed buyer is more likely to be reputable.

Appraise jewelry before scrapping it. This is particularly true for unique pieces that have exquisite workmanship and design. Although you will probably have to pay for an appraisal, you might find you have something worth a lot more than you thought. They may even give you a reference to a buyer.

When you are dealing with a particular gold dealer, be sure you pay attention to all forms. This business has its hands in a great deal of money. Know what you’re agreeing to when signing anything. If the terms are not agreeable to you, get ready to move on. It will pay off to know you have financial protection.

TIP! Don’t brag about your gold purchases, no matter how excited you are. The fact is that some people just aren’t trustworthy.

Gold is usually a good investment, but there are no guarantees. You will probably observe some fluctuations on the short term but you should not let this stress you. If your stomach can handle the rough ride, you should still protect yourself from losing too much money. Only invest a small amount into gold. Five percent is a good limit.

Gold is an excellent way to solidify and secure your wealth. The recent economic challenges have made this even more true. Follow the tips and information presented here to make smart choices in gold investment.