What You Must Know About Buying, Selling And Trading Gold

October 22, 2013 by ·

Many people these days see gold as a more stable form of currency. But not everyone is privy to the special knowledge it takes to successfully invest in gold. Read on and get educated on everything important about the gold market to help you buy and sell.

When you sell gold, get multiple estimates of its value. There are many places to get this done, and some will pay you more than others. Getting multiple offers allows you to understand what you can get for your gold.

Have an understanding of gold prices. The values of precious metals fluctuate daily, so be certain you know the spot price before any transaction. You must be prepared to pay higher percentages over the melt values for fractional gold pieces like 1/10, 1/4th, and 1/2 ounces versus one-ounce pieces.

Check spot prices before you buy. This price changes every day. You can locate it on several different websites. When you do buy, avoid more than an 8% markup. Knowing the value of your gold will keep you from getting ripped off.

Never sell to an unlicensed gold dealer. A buyer who is licensed is likelier to be legitimate. There is a lot of competition out there, so you can sell to someone else if you’re not happy with the first offer.

If you’re not looking to own gold, you’ll still be able to invest in it. You can put your money in a gold exchange traded fund. You also buy stock in a gold mining company. There are also mutual funds that focus on gold. Before you buy bars and coins, you must also consider how much it will cost to store your gold.

Before selling gold, separate everything by karat. If you keep them together, an unscrupulous dealer may try to weigh all the pieces in one batch, then pay you the lowest karat price for all of them. You will lose money that way. Separating the gold before you go prevents this from happening.

You can actually sell your gold through the mail! Lots of sellers prefer this process, as it is easy. Simply receive your prepaid envelope, place the gold inside of it, ship it and wait for your check. However, you have to remember that you’re not going to get the most from your gold this way. You might receive up to 30 percent less concerning an item you sell, so be aware of this.

Gold is a very volatile investment. If you can’t handle the fluctuations, avoid this market. Even if you are willing to take on some degree of risk, you must take steps to minimize that risk. Only invest a small amount into gold. Start with investing 5% of your portfolio in gold so you can get a better idea of how this precious metal fluctuates.

Before you buy gold, find out something about the dealer. To ensure you’re dealing with someone legitimate, do some research with the BBB. You can check out complaints and see if they were resolved. If there have been complaints filed, consider using a different dealer.

You can invest in gold by purchasing beautiful gold jewelry. You can wear it, too! High-end jewelry is typically made with a great deal of craftsmanship, which adds value in addition to the gold itself.

If you have gems in your gold, tell the dealer you would like to keep the gems once the gold has been melted. Some may be more difficult to remove than others. Small gemstones usually have no value for dealers’s who melt down jewelry to reclaim the gold.

Gold Coins

A good way to start collecting gold is buying United States gold coins minted prior to 1933. Gold coins were used every day until that year when President Roosevelt recalled them. Not everyone just returned their gold, however. Gold coins from that era are still for sale now.

Understand that you’re more than likely not going to receive true value for the gold. A gold dealer must make a profit just as any other business must. They need to make money, and they can’t pay you full price and do that too. Depending on the buyer’s particular needs and situation, he or she may only be able to offer you half to three-quarters of your gold’s current market value.

Investing in gold has a rich tapestry of history attached to it with many fortunes being enhanced because of this valuable metal. To truly be a wise participant in gold markets, though, a good amount of education is vital. Hopefully, the information listed above was a good starting place for you.

Filed Under: Investing In Gold · Tagged: ,

The Golden Dream: Making Money With Gold

October 18, 2013 by ·

Investing in gold can be a great way to become financially secure. Once you have the correct knowledge, you can begin investing in this market. The information below is an introduction that offers expert advice about gold.

When you sell gold, you should obtain a type of estimated value from multiple sources. A lot of services and jewelry stores are out there, and they will usually vary in how much they profit. By getting multiple estimates, you can be assured that you will get a fair price when you sell.

Reputable Buyer

Stick with a reputable buyer when selling your gold. Check the reputation using the BBB and online reviews. If you are being offered good customer service and an honest price for the gold, then you are dealing with a reputable buyer. This extra step makes sure that you are covered and paid appropriately.

Be well informed about the value of precious metals before buying or selling gold. Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business. Also, understand that some types of gold will be more expensive than others.

Have your jewelry appraised before selling it if you are unsure what it is worth. While you may have to pay a fee, the knowledge you gain will help you in the long run. Make sure you go to an accredited and reliable appraiser to get valid appraisal papers. Also keep in mind you usually won’t get the full value if you do decide to sell the gold.

As exciting as buying gold can be, avoid telling people about it. Anyone could be listening at any time, and you cannot trust everyone. You want to keep these investments safe, mainly stored at the bank or at home if you’ve got a good safe. That will help protect your gold and you at all times.

Know what you are working with. Not all pieces that appear to be gold are worth their weight in gold. In many cases, additional metals have been mixed with the gold to strengthen it. The less gold, the less value. This is also true of items that are just plated. If you don’t know how much your gold is worth, then it would be wise for someone to appraise its worth if you intend on selling it.

Talk to someone at any gold party to determine how they decide a piece’s karats. Many items are stamped. Sometimes, though, an eye test is insufficient and buyers have other ways of making that determination. 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.

Read each form thoroughly when meeting a gold dealer. Gold is a huge business that makes a lot of money. Know what you’re agreeing to when signing anything. If any of the conditions are not to your liking, try another dealer. It can be worth it to make sure you have that extra protection.

Inquire if your relatives would be interested in selling any gold they no longer want. Get a decent jewelry scale to weigh your gold. Your relatives can earn more than a pawn shop and you still make some money.

Make long-term gold investments. This means you shouldn’t only buy gold if the price is higher than usual. In truth, that’s not the best time to buy any investment. Buying gold steadily over time as the value rises and falls actually give you a better return over time.

Gold Coins

A good way to start collecting gold is buying United States gold coins minted prior to 1933. Gold coins were regularly minted and circulated by the US treasury before that date, when FDR recalled the coins. However, many people held onto their gold coins, and they are available from coin dealers today.

Sell your gold coins when the price of gold is high. The market is changing daily. When you understand that, you can try to get the highest profit you can. Keep an eye on the stock market when it climbs, sell your gold.

Are you interested in a gold investment but you don’t have the upfront cash required? Beginning the process with small amounts of money is fine. Simply buy gold when you have the money to do so. You will build a collection of gold by doing this.

Always separate your jewelry by karats before you sell it. The higher the karat of gold, the more it’s worth. You won’t get its total worth when you sell it. Keep all of your items separate depending on the karats.

Before selling your gold, find out the value of gold on the market. Normally, dealers are aware that you are interested in earning some quick money when you are attempting to get them to purchase your gold pieces. This is what gives them the idea that they can offer you very little money and get away with it. You can use spot-pricing websites (for instance, www.goldprice.org) to get a good idea of the current value of gold on the open market.

Follow the tips presented here to earn a steady profit buying and selling gold. A series of modest goals, combined with dedication, will lead to success. As long as you do not panic when the market fluctuates, you should see a great return over time.

Filed Under: Precious Metal Trading · Tagged: , , , ,

Let Your Portfolio Shine With These Gold Tips

October 13, 2013 by ·

Many people are scared about hyperinflation, and buy lots of gold as a hedge against this event. Unfortunately, dealing in the gold market is not foolproof, making it possible to confuse even experienced gold investors. Read on to learn all the details of the gold trade.

When selling gold, it is a good idea to get an estimated value from more than one source. Dealer prices vary by store. You’ll get a fairer price if you’ve gotten a few estimates.

Precious Metals

Be well informed about the value of precious metals before buying or selling gold. The values of precious metals fluctuate daily, so be certain you know the spot price before any transaction. You need to get ready to pay higher prices than mere melt value on fractional pieces as opposed to one-ounce pieces.

Always check out the up to date market value for gold before you seek your gold jewelry. Gold dealers cannot scam you out of money when you are informed about the value of your items. Though many deals will provide you with its true value, others will try to deceive you so they can get a better deal for themselves.

If you’re not sure about the value of your jewelry, you can have an appraisal done. Paying a professional to appraise your item is a good investment. In order to maximize reliability, make sure the appraiser is independent and accredited. Do not expect to get the full value of the appraisal, but you should try finding a buyer who will give you an amount as close to the appraisal as possible.

If you will be selling your gold, shop around for best prices. Prices paid will vary from shop to shop. Stores which are not centrally located may be able to give you a better price.

Before you ship gold jewelry to a buying service, find out whether you will be charged for return shipping. If you are not satisfied with the offer, you will have to pay this amount. Most companies will give you free shipping to them but charge you an arm and a leg for return postage. Be sure that you find out ahead of time how much it will cost to get back your jewelry.

When you try to sell gold, you must research the market to find the right price. Also, ask around to find out how much similar pieces are going for. This allows you to get an idea of what you should be asking for. Begin the negotiations by asking for more than you expect to receive.

Don’t sell your items to the first buyer you come across; always get a few quotes. You might just be shocked at the spread of offers you wind up getting! By picking the first dealer, you could get a horrible deal. Taking your time can really end up getting you the best deal out there.

A choice many people use when selling gold is to ship it through the mail. Although this process may be easier, you may not earn as much money. You obtain a prepaid envelope, put the jewelry in it, ship it, and get a check for it. Keep in mind that most of these companies do not pay as much money as other places. You might even take a thirty percent loss. Understand that going in.

Get to know any dealer you’re going to buy gold from. To ensure you are dealing with a trustworthy dealer, inquire with the area BBB. Get in touch with the BBB to find information about which complaints, if any, have been filed. If there have been complaints filed, consider using a different dealer.

Over the past decade, gold prices has quadrupled, which is great news for gold investors. The exact best time to really buy gold is not fully known, but it largely depends on how the dollar does. Usually, the price of gold goes up when the dollar’s value goes down.

To be a smart investor in gold pieces, learn how to test for the grade. Purity of cold is measured by karats. The higher the karats, the more pure and the more expensive it is per ounce. Never go by the stamp stating karat weight. If you can test the gold for purity, you aren’t going to pay too much for pieces of low quality.

Make sure you look into the buyback policy of a seller. Gold buyers sometimes charge premium rates in order to resell gold. Think of the logistics involved in mailing heavy packages of gold coins or bars to a dealer in another part of the country. It is best to take the gold as soon as you purchase it from your local dealer.

Gold Coins

Gold coins minted before 1933 are a good way to get some exposure in the gold market. President Roosevelt recalled all gold coinage in 1933. Until that time, they were used in daily commerce. However, a lot of people kept their gold coins which you can still buy from dealers today.

Know you aren’t going to get the full price for any gold you sell. Gold dealers work like most other businesses. Try to get the best deal you can while still making the price attractive to the buyer. Expect to receive offers that are 30 to 50 percent below the total value.

It is impossible to deny the critical role gold has long played as a means of securing and solidifying personal fortunes and even more modest levels of reserves. In order to successfully trade gold, however, one must know a great deal about the process. Hopefully, you now know what you need to do to get started.

Filed Under: Gold · Tagged: , , , ,
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