The buying and selling of gold is the market that a lot of people turn to in times when the economy is uncertain. Since gold prices tend to be a bit more stable it is usually considered a safe place to invest your money. If you would like more information about investing in the gold market then continue on for some excellent tips.
If you’ve been thinking about selling your gold to a mail-in company, take the time to read over their fine print before getting involved with them. You should find out how long the process takes, and get package tracking and insurance on your package, too. Take pictures of anything you send so that you can settle any disputes that may occur later.
Regardless of where you are selling your gold, you will be asked for your driver’s license or some other form of identification. Make sure you have it on you when you go to make the transaction. If you are preparing to sell and you don’t get asked for your ID, that should raise a big red flag.
Make sure that you get your gold valued by a selection of different precious metal dealers before you agree to trade in your gold for cash. The price per gram of gold offered by different precious metal dealers can vary greatly, so it pays to get prices from many different dealers before agreeing on a deal.
Know what you have. Some items are worth way more than the actual price of the gold they are made from. This is especially true for antique coins or jewelry. Oftentimes gold jewelry features highly sought after gems in the setting too. That could make the item a lot more valuable.
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.
Have your gold weighed out in the open, in front of you. If a dealer wants to take your piece to the back of the store, beware. Some less than ethical dealers will use a bait and switch, or they will tell you the pieces weigh less than they actually do. This means less money in your pocket, and it amounts to an unfair deal.
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.
One option when selling your gold is to send it away in the mail. Many sellers enjoy this method due to how simple it is. The company will send a bag for your jewelry and once they receive it back in the mail, they will send you a check. These companies won’t pay the same amount for gold as others though. Keep in mind that the convenience of mailing your gold is going to take a substantial chunk out of the money you end up receiving.
It is necessary to find a reputable dealer you can trust if you wish to purchase gold coins or bullion. Caution is required to avoid purchasing low quality gold from a scam artist. It can be extremely difficult to sell this gold at a later date and you will probably lose money.
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.
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.
Gold with a higher karat weight should be weighed separately from gold with a low karat weight. The jewelry with the higher karats tend to be worth more. When selling a few different pieces, buyers will often weigh it altogether and give you the value of the lowest karat. Separating your gold ahead of time will ensure that you get the highest price possible.
There is very little state regulation and no federal regulation to help gold buyers find a reputable dealer. You can always check with the Better Business Bureau and check online reviews for information about specific gold dealers. The US Mint has a list of authorized purchasers and another listing of gold dealers by state.
If you use one of the many online dealers that give you cash for your gold, make sure that the dealer provides for insuring your gold when you send it. They should also offer an opportunity for you to refuse their offer and return the gold in an insured package.
There is no regulation on the sale price of gold, so be ready to do a little negotiating. There is typically room in the initial offer for a bit of negotiation, so go for it. If you don’t, you’ll definitely be coming out on the losing side of the sale or purchase.
Now that you read a very good article on why investing money in gold is a safe bet you have all the tools necessary to explore this market. Being educated on gold really helps you in this market, it is best that you study the tips that were presented to you here. Invest wisely and be safe in the gold market!
