Gold markets are something that are doing very well these days because people wish to find a great place to store their money in case something were to happen to cash. Before engaging with buyers and sellers in the gold market, you must learn the ins and outs and know what you are doing. Continue reading for tips all gold investor needs to know.
Go with a legit buyer if you’re selling gold. You can check out their reputation by contacting the BBB and checking online reviews. A legitimate buyer will pay you fairly for your gold while giving you great customer service. You have to protect your investment as well as yourself.
Make sure you verify the spot price of gold the day you plan to buy or sell. This information is available on several different websites. Never pay more than 8 percent markup on the gold prices. Some dealers are going to try and charge you more, but it is a rip-off.
Try a site like GoldMoney to buy gold. It’s akin to opening up a bank account.” You will simply establish and account, fund it and then you will be assigned gold. The gold is in a vault being protected, and you can cash it or redeem it for gold bullions.
Knowing the current market value of gold is important prior to selling or buying it. You will then be prepared to negotiate. Most dealers will give you the market value, but some will rely on the fact that people just want cash to try and get the best deal possible for themselves.
Research the market price of gold before you sell your gold. You should see if you can figure out what other pieces like yours for as well. This will help you to get an idea of what you should be asking for.
Many times the backs of earrings are solid gold, even when the actual earring is not solid. Necklace clasps and ring bands often are usually real as well. You can often sell these small pieces together to get more money. Selling lightweight gold in quantity increases your profit.
Why not get your gold jewelry appraised if you are not too sure about its current value? This can cost you a little initially, but you want to know right? Look for an independent appraiser who is properly accredited if you want the most accurate value. If you decide to sell, be aware that it’s not likely for you to get full retail value of your item.
Gold is usually a very lucrative but this precious metal can also be volatile. If you do not have the stomach for quick jumps up and down, this investment is not for you. If your stomach can handle the rough ride, you should still limit your exposure. Never put more than a sliver of your total portfolio in gold. A prudent limit is five percent.
Never sell some gold simply for the sake of doing so. Gold is always increasing in value, so waiting may yield even greater profits. You may be able to sell your gold.
Find out the spot price for gold on the day that you’re planning to buy. This price changes every day. You can locate it on several different websites. When you buy, don’t pay over 8% markup over the price. There are dealers who attempt to charge a higher amount, but they are unethical and simply overcharging.
Karat Value
When you are in the market to sell your gold, sort your gold pieces by their value in karats. The karat value determines the gold’s value, it won’t be the best value you can get. Higher karat value translates to higher prices.
Thrift shops, antique stores and estate sales can be fantastic sources for finding gold jewelry at a good price. You can find great bargains if you understand what to look for. Many people don’t understand how valuable their items are, so they sell for cheaper than they could at these places. Their lack of knowledge can be used to your benefit, if you know what to look for.
The purity of gold is measured by karats. The higher they are, the more the gold is worth. You cannot just rely on the karat stamp. You won’t pay too much for poor quality when you know the methods to testing gold purity tests.
You can find good deals when buying gold from public sellers. You also need to know the risk associated with this method of purchasing. If you come across a motivated seller willing to sell the coin at a fairly low price, and you know the coin is valuable, you can buy it and simply hope things work out.
To verify that a particular piece of jewelry isn’t simply plated, you can try testing it yourself with a magnet. Gold, unlike other metals, will not be attracted to a magnet. Often the clasp of a piece is real gold, while the rest of the piece is just plated. Using this technique will help ensure your pieces are solid gold.
Recently, gold has become an extremely popular investment, and that seems to be a long term trend. Before venturing into the unknown, however, savvy investors take the time to research the market carefully. Apply the advice in this article and achieve the wealth you’ve always dreamed of.