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The New Gold Rush: What You Should Know

Looking at gold as a way to obtain value isn’t a new concept, but its importance today is due to the downward economy. Learn more about making gold work for you by perusing these tips. Keep reading for great advice about investing in gold.

When buying gold, it is best to buy in larger weights. The more the gold weighs, the less you will pay per ounce. Take your time when buying gold to be sure to shop around for the best price for the weight that you are intending to buy to be sure you are investing wisely.

Gold’s price is always changing, which makes it important to know your piece’s value before selling it. Different karat values will be valued and weighed separately when selling your gold. You should not sell jewelry as gold scraps if its worth is higher because of the brand or design.

Know what gold is currently selling for. While it’s convenient to just bring your gold to a shop, do a little internet research first to see what the range is. That way, you can go in knowing how much you can expect to receive. You will know if you are being lowballed.

You should think about selling gold over the Internet. You don’t need to have a physical store location anymore. Many websites want to buy gold from you. Contact the site, and they’ll send out a shipping kit so you can send them your gold. They will pay you once you send the gold in.

When you are thinking about buying gold, consider the person you are buying it from since there is a big difference. Making a purchase from a telemarketer is something that should be avoided at all costs. This is because the high commission they charge makes the transaction not worth it.

When searching for jewelry, you will probably want to know how many karats a particular piece has. The hallmark on a piece of jewelry will provide you with this information. For instance, say you purchase a ring that is 14 karat gold, the hallmark will say “14k”. The hallmark can be found on the inside of each piece.

Understand how weighing gold works prior to going into a shop to sell or buy gold. There are lots of unfamiliar terms like troy ounces and penny weights. This can often fool the inexperienced into thinking they are getting a better deal than they really are. Don’t let that be you.

Do not fall for the pressure that sellers may put on you. Sales pressure is commonly used when the seller is trying to pull a fast one on you. Always take some time to consider all of your options before investing in gold. This is especially true when buying over the Internet.

Do not assume that gold that is old, ugly, broken and unwearable is not eligible to be sold for a profit. The value of gold is not based on the attractiveness of the piece. It all depends on the weight of the gold, so feel free to bring in gold that is in any condition.

A fast, cheap way to test for gold’s authenticity is to use magnets. Gold and other precious metal will not be affected by a magnet, which means that they won’t stick to it at all. There may be times when an item of jewelry has a solid gold clasp, but the rest of the item is only gold plated. That’s a great way to make sure.

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.

Get multiple bids before deciding on the final offer that you’ll take. The logic is simple: every dealer will offer something different. You want the best possible price for your gold, so you owe it to yourself to get at the minimum three bids prior to a final decision. It can turn a good deal into a great one.

When you are strapped for cash, sell your gold. Anything containing gold can be sold. This includes bracelets, necklaces and other jewelry. Gold plated china, gold plated cups and even dental gold can be sold for extra cash. Additionally, broken jewelry, gold coins and gold bullions can also be sold to a gold dealer.

When purchasing gold for investment purposes, make sure you know the actual price per ounce of gold at the time of purchase. Hammer out the details about physical delivery before conducting any transactions. Although precious metal prices have been rising in the past few years, understand that all investments come with a certain amount of risk.

Unless you have true expertise, avoid investing your money in rare gold coins. The novice buyer won’t be able to appreciate the many distinctions in grade between coins and can be easily cheated. If you do go this route then you really should hire a professional coin grader to protect your interests. Be sure to insist on a certificate of authenticity for any purchases you make.

If you are looking to sell gold coins, do it when gold values are at a peak. The market fluctuates daily. When you understand this market, you will get the most money. Sell gold when the market is doing well.

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.

Gold has been used throughout history to build and maintain wealth. A lot of people decide to invest in gold in order to secure their savings. Hopefully, the advice here will show you the best way to use gold to build your wealth.