Gold is very important in the economy. Are you looking to learn more on gold investments as a way to ensure a good portfolio? No matter what you want to do with gold, you should know as much as you can. Keep reading to understand gold investing a bit better.
Stick with a reputable buyer when selling your gold. You can check out their reputation by contacting the BBB and checking online reviews. Do not do business with a buyer who does not treat you as a valued customer or does not offer a fair price. This will protect you from rip off artists.
You may shy away due to gold’s price, which may make you go for gold-filled or gold-plated jewelry instead. You don’t have to spend a fortune buying jewelry at a specialized shop. Pawn shops can offer many good deals and there are also many online buying options.
Fully research any buyer that you’re considering sending jewelry to through the mail. Ensure you understand the reimbursement terms, and don’t neglect to purchase postal insurance for the package. Also, make a photographic inventory of every item you send.
Arrange for delivery of your gold at the time of purchase. If the seller does not provide immediate delivery, you must get some kind of writing from them confirming when you can expect to get your pieces. The expected delivery date should be noted somewhere. Only go through with your order if you obtain this document.
When it comes to purchasing gold, GoldMoney is a site to consider using. You will own some actual gold, but it won’t be in your possession. You put money into it like any other account, (e.g. a savings account) but it’s converted into gold bullion. Your gold is physically kept in a vault where it can be cashed in, segmented or redeemed for bullion bars.
Check spot prices before you buy. The spot price can be found in many places, and it tends to fluctuate often. Only place your order if you can find a dealer willing to sell for an 8% markup or less over the spot price. Some dealers will try to charge more, but they are overcharging and oftentimes, not ethical.
Over the past decade, gold prices has quadrupled, which is great news for gold investors. Whether this is a good time to buy gold or not is an unknown, but depends mostly on whether the dollar rises or falls. Basically, when the dollar is weak, gold is strong.
Know what you have when it comes to gold. Not all that looks as if it’s real gold is as valuable as the real thing. Usually other metals are combined with gold to provide more strength. This has a detrimental effect on value. Also, some items may only be gold plated. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.
When at a gold party, talk with the rep about how they make the determination on the karats of the jewelry being sold. The item is stamped, a lot of times. Sometimes, though, an eye test is insufficient and buyers have other ways of making that determination. A representative using acid tests is a sign of a less-experienced gold agent, as this kind of test is not one of the more surefire methods for karat determination.
Check with the BBB before you sell gold to a dealer, jewelry store, gold buyer, etc. They are sure to have information about each business, as well as data on any complaints filed. Look closely at complaints to find out whether or not they were satisfactorily resolved. If they have a ton of complaints or many that are unresolved, you should consider a different business.
Prior to selling gold, make sure you separate it by karat weight. If the vendor weighs all of your items together, you will not get a fair price for your higher karat items. This is a scam that will cost you money. Before making your trip, have your pieces separated before you walk in.
Many people get excited when thinking about making money through the gold market. However, many do not have the necessary knowledge to successfully invest in this volatile market. We hope that this article has given you plenty of information for successful gold trading.