Gold is one of the most treasured materials in the universe. It is also one of the safest investments. You may be hearing a lot about gold on television and in the news, but wouldn’t you like to know how you can make money with it? Here are some tips that will help you buy, sell and trade gold like the pros.
When you decide to sell gold, you should get a few sources to give you an estimated value. Dealer prices vary by store. When you have several estimates, you’ll have a better idea of what fair market value is.
Never feel too rushed when dealing with gold. These are highly involved purchases and sales. There’s lots of money on the table, so it’s important to be confident about your choices. If that means taking a few extra days to look into other options or to wait out a price fluctuation, then so be it.
Do not hesitate to sell any gold jewelry that you no longer have use for. There are many people that hold on to these pieces for no logical reason when they can be sold for a tidy profit. The money you make from the sale would do more good than unused jewelry sitting in a box.
If you feel that gold is too expensive, you may be tempted to purchase gold-plated as an alternative. However, you can still find a deal now and then, which you can turn around and sell for a profit. Buy cheaper gold jewelry online or at a local pawn shop.
If you’re thinking of mailing off some jewelry to someone, you need to be sure you do your research first. You should find out how long the process takes, and get package tracking and insurance on your package, too. Lastly, take a photo of all that you placed in the package in case there’s an issue later.
Understand that any item containing gold carries value with gold dealers. There may be broken home decor, tableware, jewelry, or other things that are around you. Having 100% gold isn’t required, either. It may simply be gold plated or part of the item has gold within it. You are sure to turn a decent profit.
When you try to sell gold, you must research the market to find the right price. Try to compare what similar sized pieces are selling for. This will help you figure out a good price point. Always see if you can get a little more than they’re asking if they allow you to negotiate.
When trying to determine if something is real gold or not, try holding it up to a magnet. Since true gold does not have any magnetic properties, it shouldn’t respond at all. If you observe any attraction between your “gold” and the magnet, you’ve probably been fooled or simply found a good imitation.
One valuable piece of information about gold is that while its dollar value may fluctuate, its purchasing power does not. In other words, if 10 ounces of gold could purchase a car 50 years ago, 10 ounces of gold can still purchase a car today. This is because although the dollar value of the car has increased, so did the dollar value of an ounce of gold.
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.
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.
Prior to buying gold, be sure you know the dealer. The Better Business Bureau can help you determine whether you are dealing with a credible, honest company. This will help you find any complaints registered against any gold dealers. If you find complaints, think about going elsewhere for your transaction.
Always deal with a reputable dealer. There are many unscrupulous people out there who are in business one day and then gone the next. Ask your friends and family who they deal with and also do an online search to find out about a dealer’s reputation. This can help you avoid making a costly mistake.
If you are trying to sell your gold and hit a store that offers you a record high price, it’s often a good idea to sell immediately. Most prices are only good for twenty four hours because the markets change so frequently. If you try to go back the next day, the store usually will not honor the original price they gave you.
When you invest in gold pieces or bullion, beware of the tax implications. The Internal Revenue Service considers investment in precious metals similar to investing in collectibles. That carries a high tax liability than investing in equities. You have to factor that in when you calculate the potential returns of your gold investment.
Now that you’ve had the chance to read through all the tips in this article, you know more about how you can make money with gold. Gold is a precious metal, and it’s an even more precious investment. Use the information here to help you to make sure you use gold to your best benefit.
