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: ,

Wondering What All The Fuss Over Gold Is All About? Check Out This Advice Today!

October 19, 2013 by ·

You can succeed with gold trading if you have the right information. If you are thinking of becoming a gold investor, continue reading. If this is the case, read on to learn about how to trade gold.

Get several opinions about the value of your gold piece before you put it up for sale. A lot of services and jewelry stores are out there, and they will usually vary in how much they profit. Getting multiple offers allows you to understand what you can get for your gold.

When you invest in gold, the best way to invest in is bullion bars. There are numerous sizes available. The weights range from 0.5 oz to 400 oz bars. You will have a hard time if you are seeking the largest size.

Melt Value

Learn how precious metals are priced before you trade in gold. The prices for precious metals go up and down from one day to the next. Therefore you must find the price on the exact day before you agree to do business with someone. You also will have to pay more than melt value, but you will sell below melt value.

Research several gold buyers and compare them to obtain the best price for your gold. The BBB can be a great research, as can online customer reviews. Ensure you receive the maximum amount for your gold by shopping around.

Before you purchase a gold piece, know when it is going to be delivered. When dealing with a vendor, it pays to seek written confirmation of the expected delivery date. This is crucial if they do not offer the option to deliver immediately. The date they expect you to get them should be listed. Don’t buy without such a contract.

Sometimes the cost of gold causes buyers to go for cheaper imitation jewelry instead. You still can get gold jewelry items without spending a lot at a local jewelry store. You can usually find more affordable gold jewelry online, or if you visit pawnshops.

Melt Value

If you are looking to sell gold, the first thing you need to figure out is if you’re going to offer it up as an entire jewelry piece, or seek the melt value. The quickest way to sell off gold (and the one many dealers and pawnbrokers prefer) is for the melt value. If you want to sell your gold as a jewelry item, you should keep looking for a good buyer.

Check the price when you are buying gold. This information is available on a number of websites. You shouldn’t pay more than 8 percent over the spot price. Be on the lookout for any unscrupulous dealers who try to get away with overcharging you.

When considering mailing your gold away for sale, be certain you know how much return mail will cost should you change your mind. While businesses may claim free shipping, they may also charge you to send the pieces back. Understand what you will have to pay if you don’t like their offer. Protect yourself.

Do not forget to search thrift shops and antique stores for hidden treasures. You can find great bargains if you understand what to look for. Usually, you will see donated items of great value because people are unsure of their cost. You can reap the benefits of their loss if you do your homework first.

Make sure to conduct independent research prior to investing any money. Some people swear they’re market experts and attempt to get you to invest with them. Be skeptical of “get rich” schemes. You will not get rich quick with gold. It is a long term investment.

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. You can find out about certain businesses and experiences so that you can move forward from there. Heed any complaints to see if the company resolved them or not. A multitude of unresolved complaints is a good indication you should do business elsewhere.

Gold Dealer

It’s best to acquaint yourself with any would-be dealer before you do business together. Check the Better Business Bureau to make sure a gold dealer can be trusted. By contacting the BBB, you can see if they have any complaints against them. If you find several complaints, look elsewhere for a gold dealer.

Check the seller’s buyback policy. Reselling gold is often done at a premium. Think about how much it would cost to send things like gold bars that are bulky to dealers far from where you live. Don’t ever buy gold and then leave it with the seller. Take it home with you at the time of purchase.

If you are selling gold that has gems connected to it, find out whether you can keep them. If the gems are really small, though, this might not work. In general, the buyer doesn’t want the stone.

Be aware that you will not get the full price for the gold you are selling. Gold buying companies need to make profits too, and you must realize this. As a result, they need to make a margin on your gold as well. Generally speaking, you should get between fifty and seventy percent of the true value of your gold.

Gold isn’t a short-term investment. Rather, this investment should be looked at as “wealth insurance”. If you want to attempt to time your investing, buy during quiet market conditions. There could be a gold shortage when the economy is bad.

As you can now see, anyone can get profit from savvy gold investing. While you may have been hesitant before, now you have the confidence you need to invest. You really can invest confidently by using these guidelines. Start with a small investment and stay up to date with the way the price of gold fluctuates.

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