Gold has universal value and has been a treasured commodity since it was first discovered thousands of years ago. Most people covet gold, but not all people know how to gain profit from it. You will find a wealth of knowledge in this article to help you get into the gold market.
When you decide on buying gold the first thing to do is look at the spot price. The spot price is readily found on the Internet. When you buy, don’t pay over 8% markup over the price. Occasionally an unethical dealer may try to overcharge their customers.
Watch out for “pop-up” buyers. These individuals travel from place to place, putting out advertisements that lure in sellers with the promise of a big payout. In many cases, these buyers then leave town without paying the sellers what they are owed. Always do your research on anyone you are planning to sell to.
You don’t have to physically own gold to invest in gold. Check out mutual funds that invest specifically in gold. Also look at mutual funds that invest heavily in commodities in general with a concentration in gold. This makes investing in this sector a lot easier to handle for many.
All investments come with a certain amount of risk, and gold is no different. To help limit your risk when selling gold, ask for referrals from friends or family members who have sold gold in the past. They may be able to steer you toward a reputable gold buyer.
GoldMoney can be a good resource when buying gold. This is like opening a bank account for gold. With this service the money in your account is converted into gold. While the gold itself physically remains within a bank vault, you can deal with it as you see fit.
If you are buying or selling gold, a good place to advertise is online. Websites such as Craigslist and Ebay allow you to buy and sell gold at your own pace. These sites are usually free and very user friendly. Many people use these sites to find great deals and sell pieces at the price they want.
When you’re selling your gold, you have to do the proper research. It’s also a good idea to research what similar pieces have for asking prices. This will provide you with a good starting point on pricing. Always start a little higher that what you are actually hoping to get, so you have room to negotiate.
Go into selling your gold with a realistic attitude. Some people think a few pieces are going to net them thousands of dollars, but realistically there are many factors in play. The items may not be pure gold, or they could even be plated. Consider an appraisal to understand what you really have.
Before you sell your scrap gold to a dealer at rock-bottom prices, make sure that it isn’t worth more to you the way it is. Some things that lay people think aren’t good enough for anything other than scrap can turn out to be very valuable. See an appraiser to be sure.
Pawnshops are always an option when it comes to selling your gold. One nice thing about pawnshops is you can usually buy your items back if you have seller’s remorse in a few days or weeks. However, some pawnshops are more reputable than others, so look up customer reviews online before heading over.
Never fall for any “best price” offers. Typically those claiming to offer the best prices for gold are the ones that’ll give you the worst deals going. To find the best deals, it’s going to take some time. Call around, talk to your friends, and comparison shop. There are better deals out there.
When you buy gold as an investment, you should consider how easy it will be to sell when you are ready. Common gold coins are relatively simple to sell. Rare gold coins and coins mostly traded outside the US can be more difficult to sell. Gold bars can be expensive and difficult to resell if you need to send them to a dealer.
Know how to test the grade of gold so that you will be sure to get what you are paying for. Gold purity is measured in karats. The higher the karats, the more pure and the more expensive it is per ounce. You should not just rely on the karat stamp. If you can test the gold for purity, you aren’t going to pay too much for pieces of low quality.
Clearly, gold is a treasured commodity that has extraordinary trading value. Gold holds its value, and over time it will increase in value. Now that you are more educated about acquiring and owning gold, begin creating your own gold collection today.