If you’ve thought about investing in gold in the past and have held up, then you need to read this article. Investing in gold isn’t complicated, and it is definitely a sound investment. All you need is the correct information to help get you started, and you can find it right here.
Look into companies like GoldMoney. This program allows you to purchase gold without taking physical possession of it. You deposit money into an account and they assign you gold that remains in vaults. Do not worry about theft of your gold as it is insured while it is kept in the safe.
Before attending a gold party, separate your jewelry by karat weight. Some buyers will try to weigh all of your pieces together, and then pay you based on the lowest karat weight among them. This amounts to less money in your pocket, meaning you have made an unfair sale.
When mailing your gold away for sale, make sure to read all the fine print before sending it in. Some buyers have less than stellar reputations, and you will not see this until you read the fine print. Make sure you are comfortable with all the terms you are agreeing to, or look to another location to sell your gold.
Before finalizing your gold sale, get the entire thing down in writing. Later on, if there’s any sort of problems related to the sale, you’ll need this signed written document at the ready to prove your case. If you don’t have it, you may find that proving any sort of fraud will be nearly impossible.
Do not assume that gold that is old, ugly, broken and unwearable is not eligible to be sold for a profit. The value of gold is not based on the attractiveness of the piece. It all depends on the weight of the gold, so feel free to bring in gold that is in any condition.
Be a student of the gold market. This market is very tricky, as the price of gold is something that changes on a daily basis. What’s a great deal one day could be less than stellar the next. It’s up to you to know what you are getting into so that you can get the most for your buying or selling.
Do not expect too much from a gold party. While you will make some money by attending, they are more about having fun with friends or family. Expect to reap about 80 percent of the actual value of your gold. If you are looking to get more than that, consider dealing with a jeweler or other gold dealer.
If you are planning on buying gold for historic value, make sure you understand the true value of the piece. Some are worth no more than their melt price. If you are buying for your own collection, that might be okay. If you are buying as an investment, you should look for pieces that are worth more, meaning it’s often advisable to stay away from any mention of historic value.
One valuable piece of information about gold is that while its dollar value may fluctuate, its purchasing power does not. In other words, if 10 ounces of gold could purchase a car 50 years ago, 10 ounces of gold can still purchase a car today. This is because although the dollar value of the car has increased, so did the dollar value of an ounce of gold.
Get multiple bids before deciding on the final offer that you’ll take. The logic is simple: every dealer will offer something different. You want the best possible price for your gold, so you owe it to yourself to get at the minimum three bids prior to a final decision. It can turn a good deal into a great one.
Know you aren’t going to get the full price for any gold you sell. Gold dealers work like most other businesses. They want to generate profits and need a margin to do that. Depending on the buyer’s particular needs and situation, he or she may only be able to offer you half to three-quarters of your gold’s current market value.
When buying and selling gold coins and bullions, realize that you will be responsible for capital gains and losses. The US government treats all gold sales as long term capital gains. The tax rate on such sales is 28 percent. Ensure that you keep good financial records to help prepare you tax return.
Some of the basics of gold investing have been described to you so that you can get started. Now all you have to do is make your choices and keep on researching the field to learn more. It’s time to get excited about gold investing so that it can give your portfolio the boost it needs!