The New Gold Rush: What You Should Know | prettifyup.com

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The New Gold Rush: What You Should Know

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Gold makes a great investment, but what do you know about buying and selling gold. While it may sound simple, there are actually many things you should know before you get started. Keep reading so that you can learn more about gold as an investment and how it can strengthen your portfolio.

Do you have an allergy to nickel? If so, you are better off getting jewelry that has a higher gold content, like 18 or 22 karat gold. Items that have a higher gold content are less likely to cause an allergic reaction. You should also stay away from gold plated jewelry.

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.

How heavy your gold is will determine how much money you get for each piece. However, some dealers are not very reputable and may try to pay you less than you are owed. Watch out for anyone who weighs your gold by the pennyweight but tries to pay you for grams instead.

The price of gold tends to fluctuate over time. It is smart to buy when gold prices are very low and then hold on to it. Don’t panic and sell if the price goes up and comes back down. Investing in gold over a long period of time can really end up paying off.

Understand what you really have. Not all that looks as if it’s real gold is as valuable as the real thing. Quite often, other metals are mixed with gold to give some strength to the metal. The price will be affected by this, often lowering it. So, too, can items that are simply gold plated. If you are unsure of what you have, you may want to get it appraised prior to going to sell it.

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.

Pawnshops are always an option when it comes to selling your gold. One nice thing about pawnshops is you can usually buy your items back if you have seller’s remorse in a few days or weeks. However, some pawnshops are more reputable than others, so look up customer reviews online before heading over.

When you are strapped for cash, sell your gold. Anything containing gold can be sold. This includes bracelets, necklaces and other jewelry. Gold plated china, gold plated cups and even dental gold can be sold for extra cash. Additionally, broken jewelry, gold coins and gold bullions can also be sold to a gold dealer.

Map out your goals prior to investing in gold. Though gold stands up well against a bad economy and inflation, it can be risky. If you educate yourself on the gold market and have a game plan going in, you have a good chance at being successful.

If you want a quick way to invest in gold, consider ETFs. You can buy them just like shares, and you are able to buy or sell them at any time you wish. They are backed by physical gold and the management fees are quite low. They are a great way to make a short-term profit on your investment.

Understand that when buying gold coins, dealers will charge a commission that will increase the amount you’re paying to above the gold spot amount. In this case, it pays to shop around to find a reputable dealer with the lowest commission. However, you can expect most retail commissions for one ounce American or Canadian coins to be around five or six percent.

A fun way to invest in the gold market is to invest in those who mine the gold. This market is very undervalued at the moment, so the time is now to buy stocks in gold prospecting firms. It is a far better investment value-wise than actually investing in gold.

Get a real idea of what you’ve got prior to a sale. Yes, reputable gold dealers will give you need to know information like the karat weights of what you have. But they aren’t in the business of giving you intel on whether they are offering a good deal. That’s up to you to figure out.

Gold should be considered as a long-term investment and not something to be traded actively. Daily prices can fluctuate a lot, and you should not play the market timing game. If you hold on to gold for at least three years, it will usually give you a good return for your investment.

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.

Now that you are more familiar with the different strategies for buying and selling gold, you can dive into the market. Gold is a wonderful recession-proof investment, and you want it to work for you. Remember all the tips you’ve read so that you can come out on top in the market.

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