Trading gold is not intended for the faint of heart. Anyone who balks at adversity should turn away right now. If you are strong willed, determined, driven and ready to make some real money, this article will teach you how to turn the gold market into a profitable investment avenue today.
Bullion bars are an excellent investment. They are available in various weights. From .5 ounces to 400 ounces, the choice is yours. It will be harder to find the bigger bars.
Stay with reputable firms when selling gold. Look them up using the Internet and the Better Business Bureau to find reviews. Good customer service and fair market prices are good indicators of reputable buyers. This extra step makes sure that you are covered and paid appropriately.
Take precautions if you mail your items. There are a lot of mail-in services these days, and while they can be convenient, you need to protect yourself. Send the pieces through insured mail, take photographs and know the company’s policies in case they lose your gold pieces and you want a settlement.
Avoid gold coins that are being sold at flea markets and local pawn shops. They may seem like a great deal, but all that glitters is not gold. The coins may be counterfeit and/or they may have been cleaned to make them appear far more valuable than they actually are.
Regardless of where you are selling your gold, you will be asked for your driver’s license or some other form of identification. Make sure you have it on you when you go to make the transaction. If you are preparing to sell and you don’t get asked for your ID, that should raise a big red flag.
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.
When selling your gold, make sure that you separate each piece by its karat value. Some dealers will attempt to weigh all your gold at once then use the lowest karat value to calculate the payment. Keeping your jewelry separated out by karat values ensures that you are paid fairly for each piece.
Only make a sale to buyers who hold a state license in buying gold. A buyer who is licensed is likelier to be legitimate. There are a lot of stores and individuals that will buy gold, so don’t feel like you have to sell to the first person you come across.
It is crucial that you understand the gold market before you try to sell any. Research the selling price of pieces similar to yours. That way, you will have a good starting point. People will haggle, so ask for more than you will actually settle on.
Research gold before investing in it. There are predators out there in the gold market that claim to be big shots but just want you investing with them. When they make huge promises, they can’t keep them. As long as you are reasonable and rational about these claims, you will find it easier to focus on the goal and the best way to achieve it.
If you’re selling gold jewelry, make sure you know about karats. Pure gold is very soft, so it’s mixed with other metals for color and durability. The FTC or Federal Trade Commission requires that all sold U.S. gold jewelry must describe the alloy’s karat fineness. A single karat equals 1/24 of pure gold via weight. For instance, 14 karats jewelry is 14 parts gold and 10 parts different metals. Jewelry can’t be sold as “gold jewelry” if it’s less than 10 karats.
Always identify the karat value of your jewelry when you walk into the store to sell it. Some dealers will try to convince their customers that the karat value of a piece is lower than it actually is, and this results in less money in the consumer’s pocket. Have a clear understanding of your piece’s actual weight so this doesn’t happen to you.
Look at the BBB before selling gold to jewelers, dealers, gold buyers, and the like. You can usually find out about complaints and customer reviews. Pay attention to complaints and see if they’ve been resolved. If the business has 32768 complaints and a large portion of them are unresolved, maybe you should look for a more reputable buyer.
Today is truly the best day for you to take advantage of this knowledge. It is fresh in your mind, so you can capitalize on it and turn it into gold market success. Set a goal, endeavor to reach it and build upon what you have learned here by continuing to learn all you can.