There are things every investor needs to know before investing in gold. It’s a great way to diversify your portfolio. Do you much about gold investing? There are various options, so it may appear overwhelming. Read on to learn more about the basics of investing in 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.
When looking for a gold coin dealer to buy from, make sure you do your research. Carefully look at their five key traits: reputation, experience, guarantee, ethics, and size. You also need to find out about any minimal restrictions like minimum amounts, whether they may only accept certain types of payments, and when you’ll get your coins.
Gold prices may be so high that you may feel that it is best to choose jewelry that is gold-filled or gold-plated instead. You do get to buy gold jewelry without spending a ton at an actual jewelry store. You can get gold jewelry cheaper online or in pawn shops.
Know that the price of gold fluctuates on a daily basis, just like any other precious metal. What you think you may be getting could be quite different than what you actually get if you waited an extended period between price look up and selling. When selling gold, watch the market for a few days to see how it’s performing. This will help you choose the best day to sell.
When you buy gold jewelry as a gift, be sure to understand the return policy and get a gift receipt. It is impossible to tell if a jewelry item will be well liked or suitable. This is a huge problem.
Though it is much more cheaper, try to avoid gold plated jewelry. When worn frequently, these pieces of jewelry tend to rub against the skin, causing it to wear down and turn colors. If you do insist on wearing this kind of jewelry, do not do so on an everyday basis.
Do not allow different carats of gold to be weighed together. This is because dealers will base the price on the lowest carat gold. Each carat of gold is mixed with 10 parts of other alloys; thus, a 10 carat weight gold ring will be worth much less than an 18 carat gold ring.
You should appraise your jewelry before selling it for scrap gold. This is an absolute must-do if you are selling unique, handcrafted pieces of jewelry. You may have to pay to have a piece appraised, but it’s worth it. Appraisers also may know of an interested party for your precious jewelry.
If you are looking to find a great deal on gold and other precious metals, try going to flea markets and estate sales. If you really take your time to look around thoroughly and do some hard core digging, you can end up finding pieces that others have overlooked.
While gold may be a great investment, it may also be volatile. If you’re not wanting to stomach the ups and downs, then you need to steer clear. Even if you’ve got the stomach for it, you still need to minimize your risks. Don’t invest any more than a small percentage of your overall portfolio in gold. Start with investing 5% of your portfolio in gold so you can get a better idea of how this precious metal fluctuates.
If you are selling gold of different karats, have them weighed separately. This is because 24 karat gold has a higher value than 18 or 14 karat gold. By having them all weighed separately you will get a fair price. If they are all weighed together, you will be given the total value of the lowest karat.
Get a certificate of authenticity when buying gold jewelry. This is your proof that the piece you have purchased is real, consists of a certain karat count and has a specific value. This certificate can be used to authenticate your piece for resale or insurance purposes, should you need it.
You may be able to keep small gems from your gold item once it has been melted down. Some may be more difficult to remove than others. Most gold dealers aren’t interested in the gemstones in your gold jewelry.
If you decide to invest with a gold broker, make sure you pick one who is reputable. There are a lot of gold brokers who work only for their own commissions rather than your interests. Check online to see what others have to say. Stay local so you can meet the broker face to face.
As you learn more about investment strategies, it becomes easier to make decisions with profitable outcomes. Now you have the knowledge necessary to make better decisions. Remember though, the information here is meant to help you along the way.