Anyone is able to profit from gold, if they know a few things about getting off on the right foot. Gold investment is an increasingly attractive opportunity for many investors, and you just might be one of them. If this is the case, keep reading to get useful tips on starting your gold investing experience.
Look into companies like GoldMoney. This program allows you to purchase gold without taking physical possession of it. You deposit money into an account and they assign you gold that remains in vaults. Do not worry about theft of your gold as it is insured while it is kept in the safe.
When you go to sell your gold, make sure your expectations are not too high and bring your government-issued identification. On average, gold dealers pay between 70 and 80 percent of the actual value. The law requires that dealers ask sellers for identification when buying gold to aid police in their investigations about stolen property.
If you plan to invest in gold for retirement, be sure you purchase the right kind. The IRS must have approved the gold that you receive. That means only 24 karat and only coins or bullion. Consider buying bars instead of coins, since they tend to be more valuable.
Consider giving GoldMoney a try for gold purchases. It is akin to establishing a bank account in which you deposit gold. You simply establish your account, deposit funds and receive an assignment of gold that fits the value of your account. Your gold is physically kept in a vault where it can be cashed in, segmented or redeemed for bullion bars.
If you decide to invest in gold, find out which type of gold is the best investment for you. Most investors buy gold bullion bars or gold coins. This type of gold requires a sizable investment. Gold bars are available in a wide variety of sizes from half an ounce to 400 ounces.
Protect yourself from dishonest people who are trying to steal your identity. One way to ensure that you are protected is to purchase gold locally from a reputable dealer. Never give your personal information out over the phone, including your Social Security number and credit card information, unless you are certain that it is a reputable company.
When selling your gold, realize that jewelers use a different scale system than others. For example, one ounce of gold will weigh 31.1 grams. Some businesses weigh by the pennyweight, which is 1.555 grams. Then, they purchase by the gram instead of the pennyweight, which can result in them underpaying you.
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.
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.
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.
You should always contact the BBB prior to selling your gold. You can find out about certain businesses and experiences so that you can move forward from there. Keep a close eye out for any complaints not fully resolved. If they have a ton of complaints or many that are unresolved, you should consider a different business.
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 interested in selling your gold, you may come across an advertisement stating that a buyer will be at a local hotel near you. In many cases, these people are interested in more than just gold, so if you have other items of value, you should be able to unload them as well. However, you won’t command a very high price for your gold from these individuals, and they will often try to pressure you into the sale.
Research a dealer before doing business with them. To help guarantee that you are selling to a reputable dealer, make a call to your local Better Business Bureau. By contacting the BBB, you can see if they have any complaints against them. If a dealer has complaints files against him, go with another one.
Don’t be afraid to negotiate a little bit with your gold dealer before selling or buying. There’s typically a little wiggle room in the prices that are offered to you, so take advantage of it. This is a major advantage of a face-to-face sale over one that’s done over the Internet.
Buying gold from individuals is a nice way to get a good deal. However, you must be aware of the risks involved in this purchasing method. This means that the first thing you should do with any potential gold purchase is have it appraised. If a person wants to sell a cheap coin and you are confident it’s genuine, take your chances and go for it.
There is not limit to who joins in on gold trading. While you may have been hesitant before, now you have the confidence you need to invest. Invest confidently in gold using these tips. Best of luck in making your investments!
