The wealth protection and growth potential of gold buying and selling can be truly impressive for those in the know. But, not all would-be investors understand how best to navigate gold markets on their own. Continue perusing the tips and advice that follow, and you will be thoroughly prepared to enter the world of gold transactions.
Avoid buying gold coins for their historical value, unless the investment can stand on its own without the gold factoring in. Although coins with historical value can be very profitable investments, most often it is that alone and not the composite material that makes you money. Don’t confuse the two markets.
Do not hesitate to sell any gold jewelry that you no longer have use for. There are many people that hold on to these pieces for no logical reason when they can be sold for a tidy profit. The money you make from the sale would do more good than unused jewelry sitting in a box.
Understanding how gold is weighed can ensure that you don’t get ripped off when selling your gold to a dealer. Gold can be weighed in Troy ounces, pennyweight, or grams. The most important thing is to make sure that whatever system the buyer is using to weigh your gold is the same one they’re calculating the payment with.
When buying gold, beware of scam artists. Always buy from a reputable dealer, and beware of any offers such as free storage or delays in delivery time. Sometimes these dealers will take your money and never provide you with the gold you were promised. Check out your dealer at the BBB before buying to make sure you are working with someone ethical.
Always purchase gold jewelry from a jeweler you can trust. You would be surprised at how many jewelers try to sell fake gold or lower-karats at a high-karat price. Ask friends or family members if they know of a good jeweler. Or, you can go online and look at reviews for jewelers.
If you’re buying gold pieces for investment reasons, stay away from proof coins. These coins are polished and mounted, and they can sometimes be worth more than regular coins. The problem is, proof coin value only matters to collectors, and it can vary on a daily basis. For investment only purposes, stick with regular coins.
Whenever you make an investment in gold in the form of jewelry, always ensure that you have sufficient documentation and can return it if required. You need a guarantee on any gold you buy. This is a huge problem.
Buying gold can exciting, but keep that to yourself. Anyone could be listening at any time, and you cannot trust everyone. Protect your investment in a secure home safe or in a safe deposit box. Doing so means you are protecting your gold.
Be sure you know about the gold in your possession. There are many things that look like gold, but are completely worthless. Some jewelry is a composite of a number of different metals. Items that are not pure gold have a lower value. So, too, can items that are simply gold plated. If you don’t know exactly what you have, consider an appraisal.
Remember, a gold dealer only buys gold, not the alloys it’s mixed with. Many gold pieces are made with gold that’s less than pure (based off the karats). Your dealer will take that into consideration when offering you a price, so the weight of your piece may not reflect what you’re offered exactly.
Don’t ignore what you think are just scraps of gold. Even little pieces of gold wire add up. The price of gold is so high that these minor pieces can still net you a nice little sum of cash. And if you start digging around, you may have more than you realize.
Understand that selling your gold jewelry will not make you wealthy. There are TV ads that say you can get lots of money for all the excess gold you have lying around; however, this doesn’t apply to everyone. Some people just get a couple of hundred dollar bills for the gold they have.
Before purchasing items made of gold, you need to have a good working understanding of how the karat system works. In essence, karat weight measures the level of alloys found in the gold. The higher the karat level, the higher the gold purity, and of course the price follows suit.
Gold offers incredible capacity for building and safeguarding the wealth of savvy investors. The key is to research gold trading and internalize advice gleaned from expert sources. It has been the goal of this article to provide you with the sort of tips and guidance necessary to make gold one of the building blocks of your own personal plan for financial security.