Many people love gold but aren’t truly familiar with it. Not knowing all there is to know about gold makes it difficult to benefit.
When you sell gold, you should obtain a type of estimated value from multiple sources. Gold buyers and jewelry stores are out to make a profit, so they’ll all pay less than the actual value of the gold you’re selling. You can be certain you’re getting the best deal by shopping around.
Do you know how pricing on precious metals. The value of gold tends to fluctuate, so it’s best to know the price of the day. You must to pay a higher percentage for fractional pieces like half ounces and quarter ounces over the melt values if you’re buying less than one ounce pieces.
The high price of gold may put you the idea that gold-filled or gold-plated jewelry is better. You can still buy gold jewelry from a number of sources at a reasonable price. Pawn shops and there are also many online buying options.
When it’s time to sell off gold, you should always deal with trustworthy buyers. There are several ways to find out about their reputation, such as online reviews or Better Business Bureau filings. A legitimate buyer will pay you fairly for your gold while giving you great customer service. This will protect you from rip off artists.
Check out current market before you ever sell any jewelry. This way you will know if a fair price or not.
The IRS has to approve the gold that you receive. Bars are often a better deal than coins are.
When you purchase gold, it’s important to set a fairly stringent schedule for delivery of your metal. Be sure you have your delivery date in writing. Immediate delivery is best. This should be spelled out in no uncertain terms. Don’t go through an order without this documentation.
Make sure you verify the spot price of gold the same day you plan to buy it. Many websites update this information and it varies every day. Never pay any more than 8 percent over the gold prices. Some dealers are going to try and charge you more, but that isn’t ethical.
Sell only to gold to buyers who are state licensed by the state. There are quite a few vendors that will purchase gold, so don’t feel like you have to sell to the first person you come across.
Find out the spot price for gold on the day that you’re planning to buy. This information is readily available online. Be aware that it is updated every day. Paying for gold that is any higher than an 8% markup is not a wise investment. Some will attempt to charge even more, but that isn’t ethical.
There are many unscrupulous companies in the gold market. You need to do your research to keep yourself safe.
Gold Market
As exhilarating as gold gets, don’t run your mouth about it. Anyone could be listening and you don’t know who can be trusted. Keep your investment to yourself and under lock and key, either with a bank or in a good home safe. This ensures that your gold is protected under all circumstances.
Research how the gold market ahead of investing. There are predators out there in the gold market gurus and want you to invest with them.
Many times the backs of earrings are solid gold, even when the actual earring is not solid. Necklace clasps and ring bands are usually real gold too. You can often sell these small pieces together. You may get more money if you put them all together.
Before selling jewelry as scrap, have an appraisal done. Jewelry that is hand crafted and unique may be worth more sold as jewelry than as scrap gold. Appraisals cost money, but often are a good investment. An appraiser may know someone that’s interested in your jewelry.
One thing you can do to sell gold is through the mail. Many people prefer this process because it is really easy.
Karat Value
Sending your gold away via postal mail is one option for selling it. A lot of sellers prefer this process due to the simplicity. The company will send a bag for your jewelry and once they receive it back in the mail, they will send you a check. Keep in mind that most of these companies do not pay as much money as other places. It’s possible that you might receive an offer that is up to 30 percent less than what you receive from another party.
When you are selling gold, separate your pieces based on their karat values. The value of the gold differs by the karat value of each and if all your gold is weighed together, so you are unlikely to receive the best price for your gold if it is all weighed together. Higher karat value translates to higher prices.
Gold purity is measured by karats. The more the karats, the costlier and more pure the gold will be per ounce. You should not just go by the karat stamp. You won’t pay too much for poor quality when you know how to do gold purity tests.
Make sure you understand the buyback policy of your seller. Gold buyers sometimes charge premium rates in order to resell gold. Think about how much it would cost to send things like gold bars that are bulky to dealers far from where you live. It is always best to hold on to the gold you purchase yourself to ensure its safety.
This is especially true when selling to a mail service gold purchase or sale.
As this article has shown, many people do not know all of the benefits that gold offers. Since you’ve read the article above, you should be better educated. Use this information and make sure you use it so you can make smart choices about gold.
Be aware that you will not be receiving exactly what the gold is worth if you sell it. Gold dealers work like most other businesses. Dealers must make a profit; therefore, they must calculate their profits in the purchase price. Expect offers in the 50% to 70% range of your total value.