Gold is always valuable and the fluctuations of this precious metal are easy to predict. If you are interested in getting involved with this market, know that you can deal with gold like a seasoned pro. The following tips will help you understand more about gold.
Have an understanding of the current market value of gold before you sell it. You can call a jewelry store for this information. Gold value changes often, sometimes from day to day, and you want to make sure your buyer is offering you a fair price for your pieces, based on current market value.
Have an idea about what you are selling before you sell. Some jewelry is worth more as is than it is melted down. If a buyer tries to offer you the melted down weight value of the gold, they might not be making a fair offer. Know if you have a popular designer or valuable stones before making your sale.
Before you put down your money for gold, make sure you have a firm delivery commitment from the seller. Be sure you have your delivery date in writing. Immediate delivery is best. This should include the date the gold will arrive to you buy. Proceed with the order only if you get this confirmation.
Make sure the dealer you are considering is licensed. Make sure, too, that the dealer is active in reputable organizations within the industry. This is a business with a lot of sharks in it, so the more things that prove the legitimacy of the operation, the better it is for you.
When you are buying or selling gold to another person, make sure you are keeping yourself protected agaisnt identity theft. Avoid giving out your personal financial information. This includes bank account numbers, credit card numbers and Social Security numbers. Take special care to not give out this type of information, especially over the phone to people that you don’t know.
Now is the best time to sell because gold prices have been at near record highs. You can sell your broken or unwanted gold jewelry, gold-plated dinner wear, gold coins and even dental gold. Gold buyers are anxious to buy anything that contains gold. Get several bids to ensure that you are getting the best price.
Gold
When buying gold, it is best to buy in larger weights. The more the gold weighs, the less you will pay per ounce. Take your time when buying gold to be sure to shop around for the best price for the weight that you are intending to buy to be sure you are investing wisely.
The price of gold changes often, so you need to know the value of your gold before attempting to sell it. If you have made the call to sell any gold you have, group your pieces by karat value. Don’t sell gold jewelry that may be worth more when sold as a designer piece.
Have an idea about what you are selling before you sell. Some jewelry is worth more as is than it is melted down. If a buyer tries to offer you the melted down weight value of the gold, they might not be making a fair offer. Know if you have a popular designer or valuable stones before making your sale.
Know that the price of gold fluctuates on a daily basis, just like any other precious metal. What you think you may be getting could be quite different than what you actually get if you waited an extended period between price look up and selling. When selling gold, watch the market for a few days to see how it’s performing. This will help you choose the best day to sell.
If a gold item also includes gemstones, they can be retained once the piece goes through the melting process. Some may be more difficult to remove than others. Small gems are not worth anything when an item of jewelry is melted, so most dealers don’t care about them.
Be wary of any dealer who requests you to step into a back room to complete a gold sale. All gold sales should be done in a public setting. Many dishonest dealers want to do business behind closed doors to help keep other sellers from overhearing the conversation. By insisting that you deal in a public setting, you can help ensure you get the maximum value for your gold.
Go over your old coin collection. You might have some valuable gold coins. The value of a gold coin depends on how heavy it is and how pure the gold is. Some coins are more valuable for numismatic reasons, for instance because they are extremely old or hard to find.
Now that you’ve read this, you should know how to get into the gold market. However you decide to get involved, if you work hard you can do a great job. Use these tips to prepare yourself.
