Investors should put some of their investments in commodities. Gold is the best commodity that is out there. This article will help if you are interested in having extra money for retirement from gold or any other reason.
Gold’s price is always changing, which makes it important to know your piece’s value before selling it. When selling gold, be sure that items of differing karat values are weighed separately. Stay away from selling high-end jewelry pieces because they have more value.
Get an appraisal if you have no idea what value your gold holds. This may cost a small fee, however it is crucial if you want to know the true value of your item. Make sure to choose an accredited appraiser from an independent shop to receive the most accurate appraisal. If you decide to sell, be aware that it’s not likely for you to get full retail value of your item.
If you’d like to sell scrap gold or jewels, look around for the best price. While spot pricing is the national standard, most stores don’t honor it. Stores not inside major shopping malls might have lower rent and overhead, and so can pay you more.
If you are sending your jewelry off in the mail, make sure you investigate how much it will cost you to have the pieces sent back to you if you don’t like the offer. While most firms will pay to have you send them your items, they will charge you a considerable amount if you want them back. Know ahead of time if you must pay to get jewelry back.
Know what you have when it comes to gold. Pieces that appear to be gold may not be worth gold’s weight. Usually, there are other metals mixed with gold for stability. This makes the value lower. This applies to gold plated items as well. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.
A magnet can help you determine if a gold piece is solid. Precious metals, gold included, are not magnetic. Sometimes the clasp of a piece is solid, however the rest will be plated. The magnet test is simple and effective for this purpose.
Be certain to review the sales contract carefully. If you want to sell gold to mail-in gold buyers, read the small print carefully before you sell. Doing so makes it easier to keep track of what portion of your earnings go toward fees and commissions.
Have your pieces appraised before you sell them as scrap gold. This is a good idea if the piece is antique or has an elaborate design. While the appraisal costs money, you might end up with more later on. Appraisers can also tip you off about interested parties concerning your jewelry.
Frequently, earring backs are made of solid gold. This is the case even when the earring is not made of pure gold. Many rings and clasps for bracelets and necklaces are gold too. Because these pieces do not weigh a lot, try selling them as a “lot.” You may get more money this way.
You can sell gold by mailing it to a buyer. Many sellers like this process because it is simple. You obtain a prepaid envelope, put the jewelry in it, ship it, and get a check for it. Places that use this option usually pay a lesser amount. You can lose as much as a third of the value.
When you are negotiating with someone dealing in gold, read all the forms that are given to you. There is a lot of money in gold and some unscrupulous brokers out there. You need to completely understand the contract you are signing. If you don’t agree with their terms, find another dealer. At the end of the day you are the one who stands to lose financially.
Get to know any dealer you’re going to buy gold from. Call the Better Business Bureau to make sure dealers are reputable. When you contact the BBB, you will learn whether there are complaints. If you find filed complaints, you may want to think about going with a different dealer altogether.
When you sell gold, separate your gold into groups of different karat values. Depending on the gold piece, it can be worth substantially more than a different item, and you will want each one to be weighed individually to get the maximum value. Higher karat value translates to higher value overall.
If you want to be an intelligent gold investor, learn to test gold for its grade. You measure the purity of gold in karats. The higher the karat, the purer and more expensive it costs per ounce. It is unwise to rely on a karat stamp alone. Knowing how to verify the karat of gold will help you keep from overpaying for bad quality gold.
With the knowledge gained from this piece you should have a new perspective on gold investments. Put these tips to use for your own portfolio, or to gain extra money. Keep all of this in mind to succeed with gold.