Many people today are looking to place their money in the gold market because it is considered a less risky investment. Even though all investments carry risk, chances are you won’t lose everything when you buy gold. Read on and get valuable advice in the world of the gold market.
Before attending a gold party, separate your jewelry by karat weight. Some buyers will try to weigh all of your pieces together, and then pay you based on the lowest karat weight among them. This amounts to less money in your pocket, meaning you have made an unfair sale.
Get a good education in precious metal pricing before you try to buy or sell gold. The prices for precious metals go up and down from one day to the next. Therefore you must find the price on the exact day before you agree to do business with someone. You must be prepared to pay higher percentages over the melt values for fractional gold pieces like 1/10, 1/4th, and 1/2 ounces versus one-ounce pieces.
Separate jewelry by their karat values before getting an offer. A lot of times, gold buyers will try to give you a price for the lowest karat and lump everything together. Think of that and make a point of separating your pieces according to karat, so you’ll get a better price.
When you go to sell your gold, make sure your expectations are not too high and bring your government-issued identification. On average, gold dealers pay between 70 and 80 percent of the actual value. The law requires that dealers ask sellers for identification when buying gold to aid police in their investigations about stolen property.
When you are thinking about buying gold, consider the person you are buying it from since there is a big difference. Making a purchase from a telemarketer is something that should be avoided at all costs. This is because the high commission they charge makes the transaction not worth it.
Check the return policy before you buy anyone a gift of gold. It’s entirely possible that a particular piece ends up being improperly sized or simply unappreciated by its recipient. It is always best to have the value appraised before you accept an offer.
Talk with a gold expert on how they go about attaching a price to a piece of gold, so you know how much a karat is worth. The item is stamped, a lot of times. But other times, there isn’t any mark of visual cue, so the reps have other alternatives for determining it. Using an acid test can be a great way to determine the karat of the gold.
Have your gold weighed out in the open, in front of you. If a dealer wants to take your piece to the back of the store, beware. Some less than ethical dealers will use a bait and switch, or they will tell you the pieces weigh less than they actually do. This means less money in your pocket, and it amounts to an unfair deal.
Know going into any gold buyer that you won’t get the current daily rate for the price of your gold. There are all sorts of fees that come into play that will affect your final return. The goal is to find a company that gives you the best deal out there. Do a little shopping before settling.
Be cautious about buying gold from a mobile office. Anyone who sets up in a hotel or other temporary location should be considered with a great level of caution, even if they promise great deals. Remember that these dealers might not be there if you ever have to go back, meaning they can easily sell you something that isn’t worth as much as they say it is.
When you are strapped for cash, sell your gold. Anything containing gold can be sold. This includes bracelets, necklaces and other jewelry. Gold plated china, gold plated cups and even dental gold can be sold for extra cash. Additionally, broken jewelry, gold coins and gold bullions can also be sold to a gold dealer.
Don’t be afraid to travel a little bit to get an appraisal. Sometimes suburban gold dealers offer better rates than dealers in the middle of the city. It can be worth the extra gallon or two of gas to potentially get a hundred or more dollars more in the sale.
One way to buy small amounts of gold is to purchase coins that are made of solid gold. These coins are not legal tender but are often minted as collectible coins to commemorate people or events. Be sure that you know the true value of the gold in the coin and be wary of coins that cost a lot more than they are worth.
Reading this article about investing in the gold market was the first step towards understanding how to make a safe investment. Now that you have these tips you should possess enough confidence to go out and invest on your own. Take what you learned here as great advice on how to approach the market of gold.