Any savvy investor should have commodities as part of their investment portfolio. Gold is historically the top trading commodity. If you are planing for your retirement or simply want to generate some investment profits, this piece is for you.
You need to know what a karat is. Gold is a soft metal so it must be combined with other metals for durability. Each karat, which is 1/24 pure gold, tells you how much gold is in the alloy compared to other metals. A piece that has less than 10 karats cannot legally be called gold.
If you think your gold has high value, have it appraised before going to make a sale. An appraiser is more likely to give you an accurate value for your pieces, while a seller might low ball you to get a better price. Bring your appraisal certificate with you when selling to ensure you’re making a fair deal.
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.
If you are headed to a gold party, keep your expectations low. While you may walk out with a few hundred dollars, you are not going to get rich. You also won’t get the full value of your jewelry. Go and have fun, but do not sell anything you don’t want to sell.
Make sure that you get your gold valued by a selection of different precious metal dealers before you agree to trade in your gold for cash. The price per gram of gold offered by different precious metal dealers can vary greatly, so it pays to get prices from many different dealers before agreeing on a deal.
When selling gold, research the market price. You should also look around to see what other people are asking for similar pieces. This lets you determine a fair market value starting price point. Ask a bit above it to give room for negotiation.
You may be able to find antique jewelry at resale shops or antique stores that can be sold for more than you paid for it. Make sure to check the gold stamp to determine if it is 24K. This means the gold content is relatively high and you will be able to sell it at a higher price.
Mail-in options exist for those wanting to sell gold. A lot of sellers prefer this process due to the simplicity. They send you an envelope, and you ship the gold to them, then they pay you by check. Places that use this option usually pay a lesser amount. Sometimes, you get paid 30 percent less, so you should be aware of that.
Check online reviews before you head to the store and spend any of your hard earned money on gold. Make sure that there are not a ton of complaints since this increases the likelihood you will have a bad experience. You should also check with the BBB to be even more sure.
Always deal with a reputable dealer. There are many unscrupulous people out there who are in business one day and then gone the next. Ask your friends and family who they deal with and also do an online search to find out about a dealer’s reputation. This can help you avoid making a costly mistake.
You can find good deals from public sellers. Be sure you have a clear understanding of the risks involved in this sort of purchase. Because of this, requesting an appraisal for the coin in question is key. If you come across someone who is interested in selling a gold coin at a low price and you are fairly certain of the coin’s authenticity, you can buy it and hope that did not make a mistake.
If you are selling gold, bring your I.D. with you. This is a requirement via Federal law. If your gold buyer doesn’t ask for I.D., this is a major red flag that something may not be right. If this happens, stop the deal if at all possible. It’s in your best interest.
If your gold piece has precious stones attached, consider getting them removed by a professional prior to selling the gold. Those gems may have a lot of value on their own, so you’ll want to take great care of them. And before you do any of this, get the jewelry appraised. It may be worth more just as it is.
Hopefully, you have learned a lot more about gold. Put these tips to use for your own portfolio, or to gain extra money. Remember what you have learned here if you want to have success while dealing with gold.
