Everyone knows that gold is something all kinds of investors have become interested in. As with so many forms of investment, the best way to prepare for trading gold is to educate yourself thoroughly and gain as much professional insight as possible. Get started on the pathway to gold investing by continuing to read below.
When you sell gold, get an idea of value from a number of sources. There are many places to get this done, and some will pay you more than others. By getting multiple estimates, you can be assured that you will get a fair price when you sell.
Investigate the proposed delivery schedule when you are considering make a gold purchase. If a seller gives you anything other than immediate delivery, you need to have some kind of written contract or guarantee when your pieces are arriving. The expected delivery date should be noted somewhere. Only complete the order if given this documentation.
Prior to selling old jewelry, research the going price for gold. This will assist you in determining if the offer you receive is fair. Most dealers will make you a fair offer, but some will try and rip you off.
If you want to invest in gold but do not have much money, think about purchasing scrap. This is easy to do over time, and can lead to an accumulation of real value in the span of a year or two. Make sure you have a safe place to keep your gold (a safe deposit box is ideal) while you’re collecting it.
If you’re clueless about the value of your gold jewelry, have it appraised. The up front cost is significant, but it can give you a better estimate of value. Only use an independent, accredited appraiser to get the most realistic value. When you sell, you won’t get the whole appraisal value, though.
Understand that gold dealers are interested in all gold items. There may be broken home decor, tableware, jewelry, or other things that are around you. Even things that are not pure gold can have value. It could just have a tiny amount of gold or be gold plated. You may still get a little of your initial outlay back.
Be sure to select carefully when considering taking your gold to a pawn shop or jeweler for sale. You cannot count on these stores to pay the national standard of the day. Independent gold dealers with low overhead, for instance, may be in a position to offer you better terms than upscale jewelry stores.
Always check the daily spot price before you buy gold. This information is available on a number of websites. Never buy something listed at more than ten percent of the spot price. Some dealers are going to try and charge you more, but don’t pay it.
Before you ship gold jewelry to a buying service, find out whether you will be charged for return shipping. If you are not satisfied with the offer, you will have to pay this amount. Many companies offer free shipping; however, they may charge shipping for returns. Make sure you know in advance what you might have to pay to get your jewelry back.
Don’t discount the value of looking for gold in vintage or antique stores. You can find bargains in these places. Many people do not realize what they have and sell it or donate it to these shops. Their lack of knowledge can be used to your benefit, if you know what to look for.
Know what you have when it comes to gold. Even if something looks similar to gold, it may not have the same value. Usually gold is mixed with other metals to give it strength. That can make it less valuable. Gold plated items are subject to this too. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.
If you want to sell your gold, you should divide it in different lots in function of the karat weight. Weighing the items separately ensures you get the true value its worth, but some sellers won’t do this. You’ll lose out on a lot of potential profit this way. Present the buyer with different piles of gold so you can get a good price for your gold.
Even though gold is often profitable, it is also equally volatile. You will probably observe some fluctuations on the short term but you should not let this stress you. However, if you have some ability to weather such swings, still be sure to safeguard your downside potential risks. You should invest only 10% of your portfolio in gold. Five percent is often touted as an advised cap.
If you want to be an intelligent gold investor, learn to test gold for its grade. Karats are the measurement of the purity of gold. The purer the gold, the higher the karats and the more valuable it is by the ounce. The stamp isn’t enough to go on. If you can test the gold for purity, you aren’t going to pay too much for pieces of low quality.
Learn more about a the seller’s buyback policy. Some buyers charge premiums for reselling gold while others don’t. Figure out if it is worth sending out big gold coins or bars to buyers not located in your area. To protect yourself, avoid buying gold and leaving it in the custody of a dealer.
Nobody should be surprised by the immense interest generated by the potential profits of smart gold investing. Maybe now this is something that interests you. Follow the concepts and ideas presented here to create a great gold investment strategy.