Anyone following the gold market is aware of the new interest stemming from investors from all walks of life. If you wish to trade in gold, you have to really get the knowledge to do so from people that know what they’re talking about. Read on to get started with gold trading.
Only sell to reputable buyers. Get with the Better Business Bureau or check out reviews online if you’d like to learn about someone’s business. A good buyer is going to give you a good price, and will provide you with superior customer service too. You should do this to better protect your gold investment and yourself.
If you don’t have much money to invest in gold, you could start by purchasing scrap jewelry pieces. This can be done in tiny increments which allow you to build wealth slowly. Keep your collection safe until you have an sufficient amount to cash in.
If you’re not sure about the value of your jewelry, you can have an appraisal done. It costs a bit of money, but you’ll have a good idea of what your gold is worth. And make sure you only hire an independent and accredited appraiser to be sure you get an honest appraisal. Also keep in mind you usually won’t get the full value if you do decide to sell the gold.
Anything with gold can be sold to a good dealer. It may consist of decorative items, gold table ware, old items of jewelry and so on. Note that these items need not be pure gold. It could just have a tiny amount of gold or be gold plated. You will still get a favorable return.
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 which are not centrally located may be able to give you a better price.
Spot Price
Make sure you know the spot price of gold the day you plan to buy or sell. A number of websites feature this information, and it changes daily. When going to buy the jewelry, you should not have to pay higher than 8% markup over the spot price. Some dealers charge more than that, but it is a rip-off.
If you don’t want to worry about storing, shipping and insuring your gold, consider buying GoldMoney instead. This service is similar to a bank account that holds deposits in bullion rather than currency. You put money into it like any other account, (e.g. a savings account) but it’s converted into gold bullion. The gold remains in the bank until you sell it.
Comparison Shop
Before selling your gold, comparison shop. You might be amazed by the variety of offers received. If you choose to sell to the first buyer, you might get a bad deal. Spend the required time to comparison shop before making any decisions.
Talk to a rep at a gold party to see how they figure out the number of karats in a jewelry piece. Items are usually stamped. If there is no stamp, there are different ways to test the gold to ensure it is solid. Acid tests are an easy way to determine value.
Never sign a contract without thoroughly reading it first. Read any fine print before you decide to offer your gold to a mail-in buyer. That way, you will be aware of the cut of your proceeds that will go to fees and commissions.
Before you sell gold jewelry for its scrap value, have it professionally appraised. This rings true especially concerning pieces that are one-of-a-kind. You may have to pay to have a piece appraised, but it’s worth it. In addition, appraisers may know people who may be interested in your jewelery.
It should come as no surprise that enthusiasm over gold’s potential as a means of safeguarding and consolidating personal financial resources is at an all-time high. Maybe you’re someone who needs to learn more about gold. You can make a successful investment by following the tips you just read and doing more research on gold investments.
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