How You Can Make Money By Selling Gold

November 17, 2013 by ·

There are quite a few people who believe that gold investments are a safe place to put money. Perhaps you are interested in the gold market, but don’t know where to begin. If you do not have a good working knowledge of gold, continue reading. This article will give you tips on investing in gold.

Do not sell your gold without first knowing what it is currently worth. If you have made the call to sell any gold you have, group your pieces by karat value. You should not sell jewelry as gold scraps if its worth is higher because of the brand or design.

Only deal with reputable buyers. Check BBB.org to find out more about the firm. When you choose the right buyer, you will have a great transaction. Make sure that you protect both your investment and yourself.

Before you buy or sell your gold, make sure you understand how the prices of precious metals work. Metal prices fluctuate constantly, so you need to know the price on any given day for a transaction. You need to get ready to pay higher prices than mere melt value on fractional pieces as opposed to one-ounce pieces.

All gold buyers are different, so it is important to look around and find someone that you feel comfortable doing business with. BBB and consumer reviews are two sources of information that can give you an indication of a dealer’s reputation. Check for offers through different buyers to make sure you get the best price for your gold.

Delivery Date

Before you buy gold from gold sellers, ensure you have scheduled a quick delivery. If your seller can’t commit to immediate delivery, get the delivery date in writing. The date of arrival should be something you can see listed. Don’t go through with the order if they can’t provide you with the delivery date in writing.

Check the current price in the gold market before you sell your jewelry. That will help you determine whether or not a dealer is actually offering you a good price for your pieces. Many gold dealers will pay market value; however, some dealers try to get your gold cheap.

Look into buying scrap gold if you can’t afford to get into the bigger market. This can be done over time, maybe some each day so that you can get some valuable gold in about a year. Store your gold in a secure location until enough to cash in has been amassed.

Do a little comparison shopping before you sell jewelry or other gold items, even if you’re looking for a quick cash-for-gold deal. The “spot” price for gold is determined by a constantly fluctuating market, so not every store is going to 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.

If you’re using a mail-order gold buying service, make sure you understand any return postage fees you’ll need to pay if you decline their offer. While most firms will pay to have you send them your items, they will charge you a considerable amount if you want them back. It’s best to be prepared so you are not surprised by return shipping charges.

Fine Print

Read the fine print of your sales contract. If you are going to sell gold pieces to a mail-in buyer, look at the fine print prior to selling to them. This helps you understand what you will have to pay in fees and commissions.

If you’re thinking of selling your old gold jewelry and scraps to a gold-buying business, it’s crucial that you check their reputation on the Better Business Bureau’s website first. They will have basic information about the business listed, along with any reviews or complaints from others that have done business with them. Take a close look at complaints, and look to see if resolution was achieved. Too many complaints are a warning sign and it’s a business you should definitely avoid.

Gold investing is a good idea for anyone with some extra money. After reading the tips in this article, you can rest assured that you will make wise decisions. Keep all these tips handy for the future.

Filed Under: Investing In Gold · Tagged: , , ,

Tips To Help You Make Money With Gold

November 14, 2013 by ·

What would you say if I told you an investment in gold could provide you with the answer to all of your prayers? Only if you have the right knowledge can you turn a profit large enough to retire on. The information below is an introduction that offers expert advice about gold.

Before buying or selling gold, know how all the prices work. Precious metal prices vary from day to day and it’s best to check the price before selling or buying gold. Also, understand that some types of gold will be more expensive than others.

Sometimes the cost of gold causes buyers to go for cheaper imitation jewelry instead. You can still buy gold jewelry without spending too much at the jewelry store. Online auctions, estate sales and pawn shops are only some of your options.

Be sure to select carefully when considering taking your gold to a pawn shop or jeweler for sale. Many stores do not pay the going rate for gold. Stores located apart from larger shopping centers may have fewer fixed costs and are thus, able to pay higher prices.

It’s always a good idea to verify the spot price before making a purchase the same day. This price can be found on a number of websites. Never pay any more than an 8 percent markup on the gold prices. Occasionally an unethical dealer may try to overcharge their customers.

If you decide to mail your gold to a buyer, find out how much mailing and insuring these items will cost you and how much you will have to pay to have the items mailed back to you in case you do not accept the buyer’s offer. They may not charge you to send it to them, but they could gouge you to send it back. By knowing this information ahead of time, you can prevent unnecessary charges.

You can use a magnet to test precious metal inexpensively. Gold and other precious metals are non-ferrous, so they won’t be attracted to a magnet. Sometimes only the clasp is solid but the rest is plated. You can test your jewelry this way.

Ask the gold party representative about how the gold’s purity in karats is determined. Many times the item will have a stamp. However, if there are no visual indications, there are other ways to determine purity. The most simple test involves the use of acid. If the company claims to use that type of test, it may be an indication that they are not as experienced with accurate testing methods.

Solid Gold

Sometimes an item will have solid gold backing; although, the jewelry is not solid gold. Ring bands, clasps on necklaces, and other easy-to-overlook bits of jewelry also often have significant gold content. These pieces don’t weigh much, so try selling them all as a “lot.” A lot is a collection of separate pieces weighed and sold together; selling off jewelry in lots is often the best way to get maximum value.

When you go to sell your gold have it separated into how much each karat weight. When you try to sell your gold as one large group, the seller might attempt to weigh everything at the karat weight that is lowest. You will lose money that way. Before making your trip, have your pieces separated before you walk in.

One option when selling your gold is to send it away in the mail. Many sellers enjoy this method due to how simple it is. You ship your jewelry in a prepaid envelope, and then you receive a check. One thing to consider, though, is that the majority of these places won’t pay nearly the same amount as a local place in your area. You might even take a thirty percent loss. Understand that going in.

Although you will not find fortune overnight, it is possible to attain impressive profits over time. A series of modest goals, combined with dedication, will lead to success. The race is won by those slow yet steady. You can enjoy the full process when you don’t force it.

Filed Under: Investing In Gold · Tagged: , ,

What You Must Know About Buying, Selling And Trading Gold

November 11, 2013 by ·

The market value of gold just seems to skyrocket each day. If you want to know how you are able to get involved, know you can sell and buy gold like a pro investor. Keep reading to learn how to profitably invest in gold.

Gold fluctuates a lot, so be aware of the purchase price before selling your gold. Don’t forget to take into account the different karat values of your gold pieces. Don’t sell jewelry with a designer name that has a higher worth than straight melt value.

Before you put down your money for gold, make sure you have a firm delivery commitment from the seller. It you don’t have it delivered immediately, find out when you will receive your gold. The date of arrival should be something you can see listed. Do not finalize your order until you receive written confirmation.

Gold Jewelry

You may think that solid gold jewelry is too expensive and choose to purchase gold plated or filled jewelry. You can acquire gold jewelry from a number of sources at a reasonable price. You can usually find more affordable gold jewelry online, or if you visit pawnshops.

Research the market price before selling any of your gold jewelry. That is going to help you figure out whether you are being offered a good deal. There are some unscrupulous dealers that will try to pull one over on you.

Always research a company you want to send gold jewelry to. Be certain you have a clear understanding of the timeline involved, and make certain your jewelry is insured. Lastly, take pictures of all items you’re sending so you have proof in the event of a dispute.

Only buy gold jewelry if you can return it. You can’t be sure of another person’s preferences; they may not care for it. It’s always a good idea to be able to get your money back on a jewelry purchase if it doesn’t work out for you.

Spot Price

The day that you plan on buying gold, check its spot price. This price changes every day. You can locate it on several different websites. Never pay in excess of 8% markup above the spot price. While many companies attempt to charge more, this is simply not ethical and should be viewed with caution.

Approach the market with caution. There are many scammers in the gold market. There are plenty of honest dealers; however, there are also people who are only out to steal your personal information. The benefits of caution and careful research simply cannot be overstated.

Be knowledgeable about market prices before you accept someone’s offer to buy your gold. Compare prices with other gold dealers. In this way, you will have a good idea of how to price your gold. Ask a bit above it to give room for negotiation.

Shop around before making any decisions about a gold buyer. You may be surprised at the differences in the offers that you’ll get! If you go with the first buyer that you meet, you may end up with the worst deal possible. Take your time so you can make the greatest return on your gold.

You should rely primarily on independent, personal research to learn about the market for gold before investing in it. There may be individuals that claim to be professional market gurus, but they’re just scam artist that want your investment. However, you have to be aware of unfounded promises regarding quick riches. Don’t think of buying gold as a means to overnight riches, and you will never end up being disappointed.

You can sell gold by mailing it to a buyer. This is an easy way to get the job done. They send you a prepaid envelope, which you then turnaround and send your jewelry to them to get your check back later. Just keep in mind that such firms usually don’t pay that much for your jewelry, as compared to other options. You can lose as much as a third of the value.

A smart gold investor understands how to perform a test to know what the grade of gold is. Gold purity is measured in karats. The higher the karats, the more pure and the more expensive it is per ounce. It is unwise to rely on a karat stamp alone. Understanding how you can test gold’s purity will help ensure you never overpay.

Now that you have read this piece, you ought to have lots of ideas about getting started with gold investing. Remember that you must be willing to commit to some hard work to trade gold successfully. Use these tips to prepare yourself.

Filed Under: Investing In Gold · Tagged: , , ,
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