Gold increases in value while other investments are falling. Whenever prices are low, it is a perfect time to buy gold. There are several things to consider before buying or selling your gold. This article is going to give you some pro advice to help you make the most of your gold trading.
When you sell gold, get an idea of value from a number of sources. There are many places where you can buy and sell gold, and they all use different metrics to decide on price. You should get your gold appraised by a professional and compare prices offered by different buyers.
All gold buyers are different, so it is important to look around and find someone that you feel comfortable doing business with. The BBB website and other online forums are excellent resources for information on customer satisfaction and a company’s standing. You have a better chance of getting the highest possible price for your gold when you obtain bids from a number of different gold buyers.
Before you buy gold from a dealer, get a guaranteed delivery date. If the seller does not provide immediate delivery, you must get some kind of writing from them confirming when you can expect to get your pieces. This should be spelled out in no uncertain terms. Don’t proceed with the order until you have this information.
You need to know what you’ve got. Even though the item looks like gold, it may not have much value. Often, you will find other metals mixed into the gold in order to strengthen the item. This reduces its price though. So can gold-plating. Get your items appraised before selling your gold.
Talk to a gold representative to learn how they test gold for purity. The item is stamped, a lot of times. Sometimes, however, there is no visual sign, so many representatives have other methods of figuring it out. Acid testing is a very simple way to asses karat quality. If you see this method being employed, it’s possible that the tester is a relative newcomer.
Even if your earrings are not real gold, the backs may be. In many cases ring bands and the clasps of necklaces are real gold too. Since these items are so small individually, it’s best to sell them together in a larger lot. You will get more money if you put them all together.
Before selling gold, separate everything by karat. If the vendor weighs all of your items together, you will not get a fair price for your higher karat items. This is a scam that will cost you money. So keep each piece separated to ensure you get the most you can.
Gold can often be a lucrative but volatile investment. It is important to understand that prices can vary daily on gold values. However gold is perfect for long term investments. Don’t invest any more than a small percentage of your overall portfolio in gold. Five percent is often touted as an advised cap.
Have some idea of who you are selling to. The Better Business Bureau can help you determine whether you are dealing with a credible, honest company. You can phone the BBB or visit their website to see if any customers have filed any complaints against a company for not-so-great business practices. Upon learning of numerous complaints, it’s best to look elsewhere for services.
If you want to be an intelligent gold investor, learn to test gold for its grade. Karats are used to measure gold purity. Twenty-four karat gold is the purest form of gold and is the most expensive. Gold may be stamped with a karat stamp but you should always test it to be sure. Knowing how to test the purity of gold will ensure that you will not overpay for poor quality.
To make sure you get a fair deal, conduct sufficient research on your gold buyer. If you plan to mail the gold out of state, this is even more important. Only do business with gold buying establishments listed within the index of the BBB. That way you get to see if there are pending or past issues or complaints filed against them.
There is a reason why selling and purchasing gold is common. The rise in value the last decade has been phenomenal. Gold is up over 400% since the early 2000s. However, when dealing with the gold market, you need to be educated on the subject. Go over this article again to gain proper understanding of everything you have just learned in order to get maximum value when looking to buy or sell gold.