Anyone that has paid attention knows that the gold market has received a surge in new interest from all kinds of investors in recent years. Learning how to invest in gold is key to being successful. Read on to get started with gold trading.
Hundred Ounce Bars
Bullion bars are a great way to invest in gold. They come in varying weights. You can find them from a half ounce all the way up to four-hundred ounce bars. Four hundred ounce bars will be hard to locate.
Gold is something that changes in price all the time. This is why you should know what it’s worth prior to selling. If you are selling gold, sort it by karat so that it can be valued separately. Don’t sell jewelry that’s worth more due to maker or designer.
Before buying or selling gold, be sure you are aware of how metals are priced. Precious metal prices can fluctuate a lot, so check the markets daily, especially when making a transaction. Gold pieces with fractions of an ounce will command higher prices than pieces weighing one ounce.
Before you put down your money for gold, make sure you have a firm delivery commitment from the seller. To ensure timely delivery request a confirmation on the shipping date. The confirmation should include an estimate of the delivery date. Proceed with the order only if you get this confirmation.
Get your jewelry appraised. This adds an up-front cost, but it could save you a lot of money later. Find a reputable appraiser, however, to visit. If you’re going to sell the gold you have, you’re not going to get the appraisal value.
Spot Price
Take a look at the spot price prior to going out to purchase gold. You can find that on a lot of websites, and that can change every day. Never pay in excess of 8% markup above the spot price. Some dealers are going to try and charge you more, but don’t pay it.
Never sell to an unlicensed gold dealer. Although anyone could rip you off, the chances are slim when working with someone who is licensed. Never sell without doing research and verifying the dealer is licensed.
Use GoldMoney to buy gold. This service is similar to a bank account that holds deposits in bullion rather than currency. With this service the money in your account is converted into gold. While the gold itself physically remains within a bank vault, you can deal with it as you see fit.
Never pass up an opportunity to search for gold in a thrift shop or antique store. You can find gold in unexpected places, but you have to know what to look for. People frequently give these things away without understanding their value. You can take advantage of this if you just know what to look for.
Gold Piece
Know what it is you actually have. Not all gold piece are worth their weight in gold. Usually gold is mixed with other metals to give it strength. This has a detrimental effect on value. This also applies to pieces that are plated with gold. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.
It is crucial that you understand the gold market before you try to sell any. You should also look around to see what other people are asking for similar pieces. This will give you a price point to work with. Ask a bit more than you want so you can negotiate with the buyer or seller.
Read the fine print of your sales contract. You need to know what you’re getting into if you’re using a mail-in purchasing service to sell gold. This will show the commission and fees associated with your transaction.
Figure out who your dealer really is before you buy gold from them. In order to ensure you’re dealing with a legitimate dealer, check the BBB. Get in touch with the BBB to find information about which complaints, if any, have been filed. If so, think about using someone else.
Do not sell your gold for the sake of selling it. Gold is a commodity that goes up in price a lot more than it falls. Even though it scores all-time highs often, the odds are pretty good it’ll be even higher in the future. If holding onto the gold you own is an option, you may stand to benefit greatly down the road.
If you are looking to buy reasonably priced gold, ask your family if they have discarded jewelry they would consider selling. Get a quality jewelry scale, measure the weight of your gold and it will be possible for you to offer a better price than a pawn shop while still making a profit.
Sometimes the best way to purchase gold is through a sale from another private individual. But, you need to know why this can be risky. Have a professional appraise the gold coins, jewelry or bullion you want to buy. If you feel certain the coin being offered at a low price is legitimate, you may wish to take a chance.
When selling a piece of gold with embedded stones or non-gold pieces, ask the buyer to return them once the gold has been melted and extracted. Getting the smallest stones out of jewelry can be rather tricky, though. The majority of dealers won’t even bother with small gems because they are close to worthless in terms of melt value.
Whatever the market is like, people will always be drawn to gold. This means that you’re going to be able to make money no matter what the market is like. For this reason, gold is one of the most flexible traded commodities.
It shouldn’t be a shock that gold’s potential to safeguard personal resources is very high. Maybe you’ve always wanted to learn about this market. Use the tips you have learned in this article to buy and sell gold wisely.
Get Your Gold IRA Account