If you were to want to add gold to your investment portfolio today without lugging around gold bars, would you know how to do that? Do you know all of your options for investing in gold? To learn some basics so that you can get started with gold investing, keep reading.
Prior to buying a piece of gold from a seller, make sure you schedule for timely delivery. If your seller can’t commit to immediate delivery, get the delivery date in writing. The date they expect you to get them should be listed. Only make the order if you have such a document.
If a deal seems too good to be true, then it probably is. Be leery of people who are selling their gold for way below the going rate. Chances are probably good that it is gold plated or brass. Even if it is stamped, it is always best to have it tested before you buy it.
Go through thrift shops and antique stores looking for gold. If you understand what to look for, you really can find some great deals. People frequently give these things away without understanding their value. A little bit of effort on your part to look around can yield big results.
Know exactly what you have. Not everything that looks like gold is worth its weight in it. Often, you will find other metals mixed into the gold in order to strengthen the item. These metals can reduce the value of gold. Gold plate is also not very valuable. If you don’t know how much your gold is worth, then it would be wise for someone to appraise its worth if you intend on selling it.
Do not allow different carats of gold to be weighed together. This is because dealers will base the price on the lowest carat gold. Each carat of gold is mixed with 10 parts of other alloys; thus, a 10 carat weight gold ring will be worth much less than an 18 carat gold ring.
Go over the fine print of the contract offered by your buyer. You should carefully read the whole contract especially if selling through a mail service. Then you can determine how much you will lose to fees.
Before you sell your scrap gold to a dealer at rock-bottom prices, make sure that it isn’t worth more to you the way it is. Some things that lay people think aren’t good enough for anything other than scrap can turn out to be very valuable. See an appraiser to be sure.
When selling gold, it is important to realize that most states govern the buying and selling of precious stones and metals. For this reason, you should always bring a valid photo id with you when selling your gold. By only dealing with a reputable dealer who requires identification, you can ensure that there is no stolen items in the store.
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.
Check online reviews before you head to the store and spend any of your hard earned money on gold. Make sure that there are not a ton of complaints since this increases the likelihood you will have a bad experience. You should also check with the BBB to be even more sure.
See if friends or relatives have broken pieces of gold they want to sell. Get yourself an accurate scale that can weigh the jewelry so you know how much to offer your relatives and still make a profit from the deal.
Beware of gold selling expos. These expos create a sense of urgency and you may end up getting a lot less for your gold than you would receive by selling to a local dealer. Many people find out that they lose approximately one third of the value of their gold by selling at an expo.
If you are looking to purchase gold as an investment, you should aim to acquire gold of a higher karat. 24 karat gold is worth the most amount of money and it goes down from there. 10 karat gold holds the least value, which is why you want to invest in the higher karat gold.
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.
If you are mailing your gold to a buyer, purchase insurance from your local post office of delivery service. This will help protect you should the item get lost during transportation. Insurance is very inexpensive on items and will help protect you from loss or damage caused by the delivery service.
Price out your gold before walking into a dealer. The time to do this is before you arrive, not in front of the dealer. You’ve got to give the perception that you know what you’re doing. This way the dealer will be less likely to try and lowball you when offer time comes.
This article has described some great strategies you need to know for gold investing. Surely you now feel more comfortable about investing in gold to help diversify your financial portfolio. Use the information that has been given to you so that you can plan and strategize in the right direction.
