If you’ve thought about investing in gold in the past and have held up, then you need to read this article. Investing in gold isn’t complicated, and it is definitely a sound investment. All you need is the correct information to help get you started, and you can find it right here.
Know you’re going to have to show your ID when you sell gold. By law, people are required to present their identification when they sell gold. That is done in order to deter thieves and other criminals. Therefore, don’t be embarrassed if they ask for your ID, and even snap a photograph of you.
When it comes to selling gold, you must decide if you are going to sell it just for its melt value or as a jewelry piece. Pawn shops and many private sellers are only looking to pay the melt value. If you want to sell your gold as a jewelry item, you should keep looking for a good buyer.
Once you decide to sell your gold, start your search with local dealers. Go into a store and get a ballpark figure for your pieces. From there, you can begin checking online and in other shops to see where you can get the most bang for your buck. Get at least four to five quotes before you go forward with a sale.
Only make a sale to buyers who hold a state license in buying gold. You could still have a problem, but licensed buyers are more likely reputable. There are quite a few vendors that will purchase gold, so never go into it thinking you’ve got to sell your gold to the first seller you talk to.
No matter the excitement gold buying brings, do not spread the word. This is because you never truly know who may be listening. Keep your investments safe and secured in a bank or home safe. This ensures that you retain your gold and that it is safe regardless of the circumstances.
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.
You may be able to find antique jewelry at resale shops or antique stores that can be sold for more than you paid for it. Make sure to check the gold stamp to determine if it is 24K. This means the gold content is relatively high and you will be able to sell it at a higher price.
Many jewelry shops will buy gold, and they are often the best places to go, as they generally pay a fair price. However, as gold parties and mail-in operations become more popular, these stores are starting to realize that they don’t have to pay as much money as they used to for the items. Get several quotes before making any decisions.
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 is important that you read all of the fine print when buying or selling gold. There are buyers who charge high prices for reselling gold, but they are not all this way. Think about the logistical hassle of sending large gold bars or coin collections to far-flung dealers. For your own protection, do not buy gold and leave it in the physical custody of your 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.
Gold coins minted before 1933 are a good way to get some exposure in the gold market. Before 1933, gold coins were circulated throughout America. However, President Roosevelt recalled gold coins. However, a lot of people kept their gold coins which you can still buy from dealers today.
If you wish to get into gold without tons of capital to begin with, that’s fine. Beginning the process with small amounts of money is fine. Buying smaller gold pieces and coins is a cheaper alternative to larger gold investments. The collection will build, as will your profits.
Even when you plan to trade on the gold market, you need to start with a demo account. It is important that you test your theories before taking them live. If you end up losing all of your money because you made a mistake in a calculation, you will never forget it.
If your gold piece has precious stones attached, consider getting them removed by a professional prior to selling the gold. Those gems may have a lot of value on their own, so you’ll want to take great care of them. And before you do any of this, get the jewelry appraised. It may be worth more just as it is.
You have to consider at what percentage of your portfolio do you want gold as an investment. This means as you keep growing your investment, you are going to have to manage it accordingly. A good rule of thumb for gold investors is to tack gold at 10 percent of your overall portfolio. This is just a suggestion.
Some of the basics of gold investing have been described to you so that you can get started. Now all you have to do is make your choices and keep on researching the field to learn more. It’s time to get excited about gold investing so that it can give your portfolio the boost it needs!
