If you’re looking into gold as part of your investment portfolio, then you need to be educated concerning your options. This article is here to discuss some pointers for you as you dive into the world of gold investing. Keep in mind the tips that are about to be shared.
It is important to understand the type of scale your gold dealer uses. Some dealers use a Troy scale while others use a pennyweight. On a Troy scale, gold weighs 31.1 grams per ounce. A pennyweight equals 1.555 grams. In comparison, a US scale measures each ounce of gold at 28 grams.
While doing your research about the seller of gold, be wary of reviews on social media sites. Gold sellers have been known to pay people to produce false reviews about their services. Do not count solely on the reviews that you read on those sites and continue your research through other sites.
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.
Understanding how gold is weighed can ensure that you don’t get ripped off when selling your gold to a dealer. Gold can be weighed in Troy ounces, pennyweight, or grams. The most important thing is to make sure that whatever system the buyer is using to weigh your gold is the same one they’re calculating the payment with.
Avoid selling pieces whose worth is more than just the weight of the gold. The value of antique jewelry and rare coins can far outweigh the value of the gold. Also avoid selling pieces that are artistically crafted, jewelry that has gems and anything with sentimental value. The gold will be melted down before it is sold.
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.
When it comes to purchasing gold, GoldMoney is a site to consider using. It’s like opening a bank account which trades in gold. With GoldMoney, you pay for a certain amount of gold at market rates, taken from your account, and it is reserved for you. Instead of keeping up with the gold in your own home, it is stored in a secure bank vault. You can cash it out, divide it, or redeem it.
Look at the World Gold Counsel website before buying from an online dealer. This site lists reputable dealers who you can trust working with. Buying from someone else could result in you being scammed, because there are many dishonest gold dealers out there. Do your homework first to make sure you remain protected.
Go into your gold selling knowing the current price of gold. This is a commodity that has a fluctuating price. Every day it’s something new. If you aren’t in the know, you could be taken advantage of by a less than reputable gold buying company. Remember, knowledge is the real power here. Go into any negotiation ready with it.
Many people find purchasing gold stocks is a wise investment for their portfolio. When stock of companies lose value, the value of gold stocks rise so this provides some protection for their long term investments. Many investment counselors are now recommending inclusion of precious metal stocks in long term retirement accounts.
Don’t just bring your gold to a buyer without knowing its true value, no matter how badly you are in need of cash. Calculate the value of your items based on purity and weight so that you have a good idea what the fair market value is. Only then should you bring your gold to a dealer.
Try to look for coin dealers that offer a money back guarantee. This proves that the company is more worried about you being satisfied than they are about making a profit for themselves. It will not be easy to find a dealer that offers this, but it is definitely worth the time it takes to seek one out.
If you decide to purchase gold, make sure you go to a reputable dealer. Buying coins from a coin shop may be convenient, but you may not be getting the best deal. Gold prices can fluctuate from one day to the next, so make sure you know how much you should be paying on that particular day.
If you’re considering selling antique jewelry as gold, get it appraised before hand. It could be that the jewelry is actually worth more in its current form, especially if its by a high-end jewelry designer. If you don’t stop and assess this, you could lose out on thousands of dollars.
It can be tempting to take the first offer for your gold, but don’t always jump at it. What might be a piece of scrap gold to someone, might be an antique or catch the interest of a collector. Doing a little research before selling your gold can really end up paying off.
Now that you’ve read through this information, you are ready to take the dive. Gold in your portfolio brings a little peace and a safety net. Gold investing is a great financial strategy, and you should now understand more about why. Move forward with your plan, and invest in some gold today.
