For centuries upon centuries, the allure of gold has attracted people. Even today, many people find gold to be one of the most attractive investments around. If you are thinking about putting your money into gold, you need to make sure that you understand the risks involved. Keep reading to learn more.
Find out if you have a piece made by a well-known designer. Sometimes, the origin of the piece and the designer of the piece makes a gold piece worth more, rather than having it melted down. Tell the buyer if you have a piece done by someone noteworthy, to get a better price.
If a deal seems too good to be true, then it probably is. Be leery of people who are selling their gold for way below the going rate. Chances are probably good that it is gold plated or brass. Even if it is stamped, it is always best to have it tested before you buy it.
Do not hesitate to sell any gold jewelry that you no longer have use for. There are many people that hold on to these pieces for no logical reason when they can be sold for a tidy profit. The money you make from the sale would do more good than unused jewelry sitting in a box.
Only jewelry that is at least 10 karats can be sold to gold dealers. The more karats your piece is, the higher amount it will command on the market. Therefore, a necklace that is 14 karats should get you a better price than something that is only 10 karats. Prior to taking in your jewelry, look at each piece to determine how many karats it is. This may help you decide whether you want to sell it or not.
Be aware of any fees that are attached to the transaction of buying gold. Online purchases come with several types of fees. You may suffer from a markup of as much as ten percent from the dealer. Read all of the fine print to learn about any and all fees that are related to the purchase
Regardless of where you are selling your gold, you will be asked for your driver’s license or some other form of identification. Make sure you have it on you when you go to make the transaction. If you are preparing to sell and you don’t get asked for your ID, that should raise a big red flag.
If you want to purchase a piece of gold jewelry that will last a long time, it’s crucial to purchase heavier jewelry. Though they may be more expensive, heavier pieces are able to withstand pretty much anything. On the other hand, thinner more fragile pieces are more likely to break.
When attending a gold party, watch the representative carefully. Your natural instincts are often correct. If you feel like the person is being genuine with you, they probably are. If, however, you feel like the individual is holding back a little, you may want to wait and sell your gold to someone else.
While some people like the idea of purchasing gold in coins or bars, the cost is very high. It is also not advisable to keep valuable coins or bullion in your possession unless you have a very secure safe. Having personal possession of a few gold coins is only a good idea if you know you can keep them secure.
When selling gold, it is important to realize that most states govern the buying and selling of precious stones and metals. For this reason, you should always bring a valid photo id with you when selling your gold. By only dealing with a reputable dealer who requires identification, you can ensure that there is no stolen items in the store.
Don’t just bring your gold to a buyer without knowing its true value, no matter how badly you are in need of cash. Calculate the value of your items based on purity and weight so that you have a good idea what the fair market value is. Only then should you bring your gold to a dealer.
See if friends or relatives have broken pieces of gold they want to sell. Buying gold from people you know cuts out the middle man so both sides will make more money than they would going to a pawn shop.
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.
Keep in mind that gold doesn’t just come in white or yellow. There are many hues of the precious metal due to the alloys that are mixed with it to give it strength. Gold may be pink in color, more rose-like, or even green. It’ll still have value, so don’t overlook it.
Know your gold’s value before you sell it. It will be more difficult for unscrupulous dealers to scam you if you have some basic knowledge about the value of gold. Knowing that helps them to think they are able to give you less than you deserve. Goldprice.org is an excellent resource for locating current pricing information for the gold market.
If you know what you are doing, an investment in gold can be a sensible part of your portfolio. However, too many people let themselves become seduced by the thought of owning gold, and do not make wise investments. Use the advice from this article to make wise investments in gold.