With some helpful information, anyone can be successful with gold trading. Maybe you’ve thought about becoming one of the many people who start investing in gold every year. If you are, continue reading.
Beware of buying or selling gold from any mobile offices or cold-call solicitations. These “businesses” are set up in temporary locations that include inns and motels. They claim to offer instant cash for silver and gold pieces, especially coins. They enjoy taking pieces to make a profit for unfair or no compensation.
When buying gold through a private sale, always test to make sure that the gold is real. There are many pieces of jewelry that are gold plated. In order to make sure you are buying the real deal, invest in a gold testing kit. They are not expensive and can save you from buying fools gold.
Try selling gold online. It is now easy to sell gold without having a physical store location. There are quite a few websites out there that will buy it. They’ll mail you a kit which you use to send them the gold. If everything is together, you’ll get paid their going rate.
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.
Sort your jewelry before heading in to sell it, putting all the 10 karat pieces together, all the 14 karat pieces together and so on. This will help ensure that your jewelry is weighed separately. There are dealers that will simply throw everything in together and only pay you as if it is all 10 karats.
If you decide to send your jewelry to a company through the mail, research them and their terms before heading to the post office. Know when they will send your payment out and get your package insured. Take pictures of anything you send so that you can settle any disputes that may occur later.
Before taking your gold to sell, research the buyer. Most reputable dealers will be members of the American Numismatic Association. These dealers are held to a higher standard of ethics and must follow certain criteria when purchasing gold from individuals. To ensure you get the most money for your gold, make sure to use a dealer who is part of this association.
Gold
If you decide to go with a mail in service to sell your gold, make sure to have your items insured. If the items do not arrive at the buyer’s location, you could lose out on the entire value of your gold. By insuring the items, you are protecting yourself against loss or theft.
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.
Have all jewelry appraised before selling it as scrap gold. This rings true especially concerning pieces that are one-of-a-kind. Even though the appraisal will cost you money, you may get more for your jewelry in return. The appraiser may also know someone who maybe interested in your jewelry item.
When in doubt, get it checked out. There are some great knock-off gold pieces out there that really look like the real deal, but are infact fake. The best way to not get duped is by investing in a gold testing kit, or taking the gold piece in question to the pawn shop.
If you are purchasing gold for investment purposes, understand that there is no guarantee. Gold prices fluctuate often, meaning some investors win big and others lose big. Always make sure you are not investing more than you can afford to, and have a clear understanding of the risks before you invest at all.
Research a gold dealer before doing business. Check the Better Business Bureau to make sure a gold dealer can be trusted. Get in touch with the BBB to find information about which complaints, if any, have been filed. If the dealer does have complaints filed against them, look for another dealer.
Be aware that you will not be receiving exactly what the gold is worth if you sell it. A gold dealer is a businessperson just like all others. Try to get the best deal you can while still making the price attractive to the buyer. Expect offers to be in the range of 50-70% of the entire value.
There are many ways to invest in the gold market. The tips shared here with you have now made you much more knowledgeable. Invest with confidence using the tips from this article. Good luck in your investing!
