The surge in popularity of gold buying and selling in recent years is likely the result of the perfect storms of financial insecurity and economic turbulence. If investing in gold is something you have intended to learn more about, you have come to the right place. Continue on for some terrific tips that you can put to use right away.
Beware of buying or selling gold from any mobile offices or cold-call solicitations. These “businesses” are set up in temporary locations that include inns and motels. They claim to offer instant cash for silver and gold pieces, especially coins. They enjoy taking pieces to make a profit for unfair or no compensation.
Before attending a gold party, separate your jewelry by karat weight. Some buyers will try to weigh all of your pieces together, and then pay you based on the lowest karat weight among them. This amounts to less money in your pocket, meaning you have made an unfair sale.
When buying gold through a private sale, always test to make sure that the gold is real. There are many pieces of jewelry that are gold plated. In order to make sure you are buying the real deal, invest in a gold testing kit. They are not expensive and can save you from buying fools gold.
Once you decide to sell your gold, start your search with local dealers. Go into a store and get a ballpark figure for your pieces. From there, you can begin checking online and in other shops to see where you can get the most bang for your buck. Get at least four to five quotes before you go forward with a sale.
Use GoldMoney if you are interested in buying gold. It’s like a bank account for gold. All you need to do is create an account and fund it. You are assigned the same amount of gold as the value of the account. The gold rests in the bank where you can trade it for cash, portion it out, or redeem the gold for bullion bars.
Look around before buying from a particular gold buyer. You’ll be surprised by all the different offers you’ll get. If you accept the first deal offered to you, you might be sorry. Invest the time into the process, and you will be rewarded in the end.
A photo id is required with each sale of precious metal. This is because the information is kept on file to assist local police authorities in the investigation of thefts and robberies. A reputable dealer will require identification when selling gold. If the buyer does not require identification, he is not honest, and you should find a different gold dealer.
Look at every form you need to sign when working with gold dealers. Gold dealers have to protect their investment. Know exactly what you are putting your signature on. Don’t be afraid to pass on anything that has terms you don’t agree to. Find a broker you are comfortable with rather than signing a sub-par deal.
When you buy gold as an investment, you should consider how easy it will be to sell when you are ready. Common gold coins are relatively simple to sell. Rare gold coins and coins mostly traded outside the US can be more difficult to sell. Gold bars can be expensive and difficult to resell if you need to send them to a dealer.
Do not get into a bidding war over gold pieces on online action sites. In the spirit of competition, you may end up paying excessively for a piece that is not worth it. Go into each separate auction with a clear understanding of how much you are willing to pay for the gold.
If your gold piece has precious stones attached, consider getting them removed by a professional prior to selling the gold. Those gems may have a lot of value on their own, so you’ll want to take great care of them. And before you do any of this, get the jewelry appraised. It may be worth more just as it is.
When selling gold jewelry, it is important to know the karat of your gold. One way to easily identify your karat is by visually inspecting each piece of jewelry. Each piece will be stamped verifying the karat of the gold. Additionally, if you have an older piece that is not stamped, have it appraised before selling.
Make sure you go to any gold dealer with your official I.D. in hand. This is a must as there are Federal regulations surrounding it. This is to protect the dealer in case there are issues later on stolen goods or other shady gold selling tactics. As well, if the dealer doesn’t ask for your I.D., you may want to look elsewhere to do business. It may be a sign that something isn’t right.
If you are mailing your gold to a buyer, purchase insurance from your local post office of delivery service. This will help protect you should the item get lost during transportation. Insurance is very inexpensive on items and will help protect you from loss or damage caused by the delivery service.
Before getting involved with gold you must know that there is a downside. Since there is a rather large fluctuation in the prices of gold, it is best to hold onto it for at least three years. If you trade gold everyday there are just too many risks involved, making it much more likely that you will lose money.
Trading gold can be an attractive way to make money and it is generally a more stable option than trading currency. It is best to do some research before you begin and start with a practice account that will not use your actual capital. Trading gold also allows you to diversify your investments.
The concept of using gold as a way to consolidate and protect personal wealth is nothing new, but the immense interest in this investment vehicle in recent years has taken some by surprise. If gold investing appeals to you, it is important that you arm yourself with expert advice. Using this article as a foundation is a great way to have begun.