If you’re looking to invest in gold, then you are here to find out some information to help get you going. There are certain things that are going to be discussed within this article that can help you get the basics down. Then, as you continue planning your investments, you can sneak a little gold in there as well.
You need to know what a karat is. Gold is a soft metal so it must be combined with other metals for durability. Each karat, which is 1/24 pure gold, tells you how much gold is in the alloy compared to other metals. A piece that has less than 10 karats cannot legally be called gold.
Have an idea about what you are selling before you sell. Some jewelry is worth more as is than it is melted down. If a buyer tries to offer you the melted down weight value of the gold, they might not be making a fair offer. Know if you have a popular designer or valuable stones before making your sale.
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 actually purchasing a piece of gold jewelry, shop around. More expensive jewelry stores will charge you an arm and leg. However, the same piece of jewelry can sometimes be found elsewhere for a much lower price. You can even tell a jeweler that you saw the piece for cheaper and you may be able to negotiate with them.
Never buy your gold from a telemarketer. These individuals charge the highest commission rates, meaning you will pay more for your gold coins than you really have to. Instead, look for gold sellers on your own, and always buy from someone who is reputable. This will help you to get the greatest value in your gold investment.
Before selling any of your gold, check to see what the current sales price is. This will help ensure that you are getting the amount of money you deserve. There are many reputable sites available online that will help you on coming up with a fair price for your gold.
Some pieces of gold jewelry have values above and beyond their weight in gold. If you have antique or designer pieces of gold jewelry you’re considering selling, take them to an appraiser first before selling them for scrap value. There may be a buyer out there that wants your jewelry for its collectible value, rather than its gold value.
You can invest in gold without actually owning physical gold property. Mutual funds and ETF’s, as well as gold mining stocks, are avenues of gold investing. You should always consider the costs to store gold.
When planning to purchase American Eagle gold coins, do not settle on the first price or seller you find. Instead, take advantage of a dealer location finding tool available on the website of the U.S. Mint. By identifying a variety of dealers and then researching their current prices, you can rest assured that you have gotten the very best deal possible.
Keep in mind that most gold dealers are not interested in plated or gold filled pieces. They want the pieces to melt down, and they will only pay you based on the melt down value. Plated and gold filled pieces can’t really be melted down for any profit, so they will usually turn those pieces away.
Be wary of pawn shops. Only use them if time is of the essence because you are certainly not going to get a good deal on your gold. You’ll be offered rock bottom prices. And chances are, all the pawn shop is doing is turning around and selling your gold to a licensed dealer. If you’ve got the time, skip the middle man and go to the dealer yourself.
Just like in the foreign exchange market, you will find gold charts to help you with your technical analysis. You can begin your predictions by using the MCX gold charts. They allow you to determine resistance and support levels, trends and the peak and declining points of the gold rates.
Many gold dealers think that everyone who is selling their gold is strapped for cash. To ensure that you are getting the most for your gold, shop around. Get written offers from several different dealers and go with the highest sales price. Also, inform each dealer that you are shopping around for the best price.
Make sure you go to any gold dealer with your official I.D. in hand. This is a must as there are Federal regulations surrounding it. This is to protect the dealer in case there are issues later on stolen goods or other shady gold selling tactics. As well, if the dealer doesn’t ask for your I.D., you may want to look elsewhere to do business. It may be a sign that something isn’t right.
Trading gold can be an attractive way to make money and it is generally a more stable option than trading currency. It is best to do some research before you begin and start with a practice account that will not use your actual capital. Trading gold also allows you to diversify your investments.
Never buy from the heart, instead use your head. Everyone likes shiny things, and gold is one of the shiniest. You can get emotionally wowed by a piece, but don’t let it get the best of you. Take a step back and assess the deal before moving forward. It can save you money.
Are you ready to see gold show up in your investment portfolio? Surely after reading these tips, you see the different benefits available to you. Make sure you work towards applying what you have learned so that you can realize how gold can balance your portfolio and help you plan for retirement.
