For centuries upon centuries, the allure of gold has attracted people. Even today, many people find gold to be one of the most attractive investments around. If you are thinking about putting your money into gold, you need to make sure that you understand the risks involved. Keep reading to learn more.
Now is the best time to sell because gold prices have been at near record highs. You can sell your broken or unwanted gold jewelry, gold-plated dinner wear, gold coins and even dental gold. Gold buyers are anxious to buy anything that contains gold. Get several bids to ensure that you are getting the best price.
Avoid gold coins that are being sold at flea markets and local pawn shops. They may seem like a great deal, but all that glitters is not gold. The coins may be counterfeit and/or they may have been cleaned to make them appear far more valuable than they actually are.
Do not fall for the pressure that sellers may put on you. Sales pressure is commonly used when the seller is trying to pull a fast one on you. Always take some time to consider all of your options before investing in gold. This is especially true when buying over the Internet.
If you have a particularly nice piece of jewelry, you may be able to get more money for it as is rather than selling it to someone to melt down. This is particularly true if the item was made by a popular designer. Investigate your options before you just go forward with a sale.
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.
If you have an interest in gold and also want to start your own business on the side, combine the two passions. Collect scrap gold from various sources, like friends and classified ads, and learn how to treat and melt the pieces into pure or near-pure gold. You can easily find a buyer for your end-product and repeat the process!
You don’t have to physically own gold to invest in gold. Check out mutual funds that invest specifically in gold. Also look at mutual funds that invest heavily in commodities in general with a concentration in gold. This makes investing in this sector a lot easier to handle for many.
If you are thinking about becoming a buyer or seller of gold, make sure you are legal! In the United States, you must have a license to purchase, sell or trade gold in any quantities on a regular basis. Check with your city or town about how to become licensed, and then enjoy your new entitlement to dealing in gold.
If you’re selling gold jewelry, make sure you know about karats. Pure gold is very soft, so it’s mixed with other metals for color and durability. The FTC or Federal Trade Commission requires that all sold U.S. gold jewelry must describe the alloy’s karat fineness. A single karat equals 1/24 of pure gold via weight. For instance, 14 karats jewelry is 14 parts gold and 10 parts different metals. Jewelry can’t be sold as “gold jewelry” if it’s less than 10 karats.
Be sure to have your jewelry appraised before you decide to sell it. The more intricate the jewelry, the more it will be worth. You may have to pay to have a piece appraised, but it’s worth it. Appraisers can also tip you off about interested parties concerning your jewelry.
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.
Do not sell your gold at a gold party. Although these parties are fun, sellers usually net less than 80 percent of the value of their gold at these parties. To get the most bang for your buck, find a reputable dealer that specializes in buying and selling gold.
When it comes to selling gold jewelry, you should know exactly what it is that you are selling. Many pieces are worth more when they’re left as is rather than melted down. If your pieces come from famous makers or designer lines, they may carry more value for the buyer over what kind of gold they’re made of.
If you are looking to find a great deal on gold and other precious metals, try going to flea markets and estate sales. If you really take your time to look around thoroughly and do some hard core digging, you can end up finding pieces that others have overlooked.
There are many different companies that you can mail your gold into. Many sellers like this process because it is simple. They send you an envelope, and you ship the gold to them, then they pay you by check. The price they pay will be very low, though. It’s possible that you might receive an offer that is up to 30 percent less than what you receive from another party.
If you know what you are doing, an investment in gold can be a sensible part of your portfolio. However, too many people let themselves become seduced by the thought of owning gold, and do not make wise investments. Use the advice from this article to make wise investments in gold.
