The surge in popularity of gold buying and selling in recent years is likely the result of the perfect storms of financial insecurity and economic turbulence. If investing in gold is something you have intended to learn more about, you have come to the right place. Continue on for some terrific tips that you can put to use right away.
Try to only buy and sell your gold to certain dealers that are recognized through official gold and money associations. These dealers must follow strict guidelines under these organizations to ensure that you get fair compensation or quality pieces. One such well-known organization is the ANA or American Numismatic Association.
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.
When purchasing gold jewelry, ask the jeweler for a certificate of authenticity. This certificate is proof that you are purchasing a good piece of jewelry made of solid cold. Be sure the certificate indicates the price of the jewelry. Should you ever decide to sell your jewelry, this will be of help.
There are places you can send you jewelry to get paid. See how you can get your gold back if you don’t like the offer. Many companies advertise no shipping costs, but they often hide large handling fees in the fine print. You should be well aware of what this could cost in advance.
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.
Watch out for the gold buying bait and switch. There are buyers out there that promote the price they’ll pay for bulk gold, but don’t tell you that the price is much more for smaller quantities. This can leave you making a very bad deal. Ask before you make any sort of commitment.
Do NOT sell your scrap gold or gold jewelery to a company wanting to do so through the mail. These types of operations pay less than pennies on the dollar and you will have no recourse once you receive your measly check from them. Visit a dealer in person, get a real evaluation and try to sell it to them.
Have a basic understanding of grams and pennyweight measurements when selling your gold. Some jewelers will measure in pennyweight but pay in grams, and this results in a lower payment to the seller. Avoid this by asking what measurement your jeweler is using before your pieces are ever weighed, and make sure you are paid based on that same measurement.
If you are selling gold jewelry that is covered with other stones, never leave the gold dealer without those stones on you. Some shady dealers will try and pocket those gems so that they can sell them elsewhere. Even if you don’t hink they’re worth anything, it’s best to get them before leaving.
If you are trying to acquire some gold as an investment, check with friends and family to see if they have any broken jewelry pieces they want to sell. Purchase a quality jewelry scale on which to weigh the gold. This allows you to compensate your relatives better than a pawnshop while still earning money on the deal.
Keep in mind that most gold dealers are not interested in plated or gold filled pieces. They want the pieces to melt down, and they will only pay you based on the melt down value. Plated and gold filled pieces can’t really be melted down for any profit, so they will usually turn those pieces away.
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.
There are many places where you can sell your gold. This includes pawn shops specializing in the purchase of gold, coin collectors and gold dealers. When selling your gold or gold coins, visit several locations and ask for a written offer. Then, comparison shop to find the best deal.
Another choice you have for investing in gold are historic gold coins. This strategy merges the value of gold with the collector’s value of each coin as well. Some coins are more rare and are worth more. So, you can make things a little interesting by investing in this manner as well.
If you are looking to get the most money for your gold, avoid gold parties. These parties involve people coming together to sell their gold pieces to one another. The problem with these parties is that they are more for fun than business. You will not get as much for your gold at these parties.
Consider the gram weight value of your gold coins above the collectors value. If you’re selling them to be melted, you may lose some money. This is why you should always do the proper research and know exactly how much your items are worth before selling.
The concept of using gold as a way to consolidate and protect personal wealth is nothing new, but the immense interest in this investment vehicle in recent years has taken some by surprise. If gold investing appeals to you, it is important that you arm yourself with expert advice. Using this article as a foundation is a great way to have begun.
