If you’re looking into gold as part of your investment portfolio, then you need to be educated concerning your options. This article is here to discuss some pointers for you as you dive into the world of gold investing. Keep in mind the tips that are about to be shared.
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.
Really look into the reputation of the dealer that you are considering using. Because gold is such a high value commodity, there are a few shady operations out there that are looking to get the best of you. It’s your job to make sure that doesn’t happen. Research the companies fully.
Some pieces of gold jewelry have values above and beyond their weight in gold. If you have antique or designer pieces of gold jewelry you’re considering selling, take them to an appraiser first before selling them for scrap value. There may be a buyer out there that wants your jewelry for its collectible value, rather than its gold value.
Remember that gold is not the only type of precious metal that you can invest your money in. Sometimes silver and palladium can actually be better investment that gold. In addition, you can also buy copper bullion bars and copper coins. Therefore, do not think that gold is your only option if you are looking to invest in metal.
When trying to determine if something is real gold or not, try holding it up to a magnet. Since true gold does not have any magnetic properties, it shouldn’t respond at all. If you observe any attraction between your “gold” and the magnet, you’ve probably been fooled or simply found a good imitation.
If you are purchasing gold jewelry and have allergies to nickel or other metals, only purchase 18 or 22 karat gold. Almost all gold jewelry has some other metals in it because pure gold is very soft and not easy to wear on a day to day basis. By buying 18 or 22 karat, you are ensuring you’re getting the most gold, meaning less change for an allergic reaction.
Only deal with gold buyers you have researched and approached on your own. This is especially important when using a mail-away service for a buyer that is out of state. Any company you want to do business with should be BBB listed so you can check into them.
Do your math before walking into a gold selling situation. You need to have an idea of what your gold is potentially worth. If you don’t and the dealer senses that, chances are you’ll receive a lowball offer. Do yourself a favor, and don’t put yourself in that situation. It only costs you money.
You can invest in gold for your retirement plan, like a 401K or an IRA, but it has to be a qualified investment. Exchange traded gold funds will usually qualify just like other stocks traded on the market. Gold coins may be a different story. A retirement account may only accept .999 pure gold for investing.
Gold is popular in any market condition. So, you have the potential to make some money from gold in both bear and bull markets. That flexibility is a key reason that gold is great to trade, yet you still have to know a strategy or two for all kinds of markets.
Everyone loves gold, and some cultures actually base a great deal of their culture around them. For example, gold is given as a dowry before many marriages around the world. Because of this, buying gold is a safe investment as you can always resell it, although not necessarily quickly.
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.
When you sell gold, don’t let various jewelry pieces with various karats get weighed together. Larger numbers, like 18, are more valuable than smaller numbers. You won’t get its total worth when you sell it. Separating each type of gold will ensure you get the most money for your gold.
Before selling gold, find out the value of it. Buyers understand that you want money, or else you wouldn’t be selling your gold. Knowing that helps them to think they are able to give you less than you deserve. Visit www.goldprice.org if you want to find out what the current gold prices are.
Anything that has gold in it can be sold for cash. Many people think the only kind of gold jewelry that can be sold is pieces in top shape. Most dealers will take broken gold, as long as it is real. You can also sell gold coins, cups and dinnerware.
When you are buying American Eagle gold coins, use the dealer search tool available on the website of the U.S. Mint. You cannot buy these gold coins directly from the mint, but you can find a reputable local dealer. You can compare the premiums charged by these dealers and make your best choice.
Now that you’ve read through this information, you are ready to take the dive. Gold in your portfolio brings a little peace and a safety net. Gold investing is a great financial strategy, and you should now understand more about why. Move forward with your plan, and invest in some gold today.
