The gold market isn’t the safest way to invest your money. At the same time, it can be one of the most profitable. If you are looking to put your extra income into a market that can truly allow you to maximize on the money you invest, read on to find out more.
If you feel that gold is too expensive, you may be tempted to purchase gold-plated as an alternative. You do not have to pay full price for gold jewelry if you find that the prices offered by jewelry stores are too expensive. Find cheap gold in pawn shops or online.
You should think about scrap metal if you want to invest in gold without hitting the markets. This is easy to do over time, and can lead to an accumulation of real value in the span of a year or two. Store your gold in a secure location until enough to cash in has been amassed.
Before going to a gold party, find out which company will be buying your jewelry. Research the company ahead of time by taking a look at their website and finding out how long they have been in business. You can also check the Better Business Bureau to see if they are on there or have any reviews.
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.
A lot of times the backs of the earrings are gold. Many rings and clasps for bracelets and necklaces are gold too. Since such items weigh relatively little, you might want to sell them as their own “lot.” Selling in quantity increases your profit.
Have a basic understanding of grams and pennyweight measurements when selling your gold. Some jewelers will measure in pennyweight but pay in grams, and this results in a lower payment to the seller. Avoid this by asking what measurement your jeweler is using before your pieces are ever weighed, and make sure you are paid based on that same measurement.
When you are buying or selling gold to another person, make sure you are keeping yourself protected agaisnt identity theft. Avoid giving out your personal financial information. This includes bank account numbers, credit card numbers and Social Security numbers. Take special care to not give out this type of information, especially over the phone to people that you don’t know.
Consider futures trading if you have an interest in gold investing, but not a lot of cash. You can visit a local commodity trading firm and open a new account. The best thing about futures is that you can control amounts that far exceed what you actually have on hand in terms of cash.
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.
When buying gold jewelry online, make sure to get written confirmation of your delivery date before finalizing the deal. Ideally, delivery should take place in a very short period of time. If it will be delayed, find out why and for how long. This protects you as the consumer, and it gives you information that would stand up in court if necessary.
Before you decide to sell your gold jewelry for cash, have the best pieces appraised. It may be much more profitable to sell valuable pieces to an antique dealer or jewelry resale agent that to sell it for cash based on the weight of the gold. Fine craftsmanship and precious stones can make your gold jewelry more valuable.
Look into the value of your gold pieces before selling them to anyone. There can be surprising value in gold pieces, especially jewelry, that’s more than the price of the refined gold. You may need to go to an appraiser to get the true value, but the small extra expense can save you from a serious mistake.
As you narrow down your decision on who to sell your gold to, be sure to look up reviews of the company before you finalize the transaction. If all the online reviews you see are negative, you may want to walk away. Do not let yourself get pressured into making a deal before you are comfortable with the business.
When it comes to volatility, the gold market is neither the riskiest or the safest bet for your investment. That said, it can be a fun way to turn your extra cash into a real profit. This article gave you some great tips, so make use of them today for bettering your investment strategy.