Any serious investor needs to have a portion of their total investment portfolio in commodities. Gold is also the best commodity you can get. Whatever your reason for wanting to look into trading gold, this article has pointers to get you started.
Stick with a reputable buyer when selling your gold. Use both Internet reviews and BBB complaints and information to discern someone’s reputation. A buyer with a good reputation is going to give you a better deal for the gold you have, and they probably will have great customer service too. Protect your gold investment and yourself.
If you think your gold has high value, have it appraised before going to make a sale. An appraiser is more likely to give you an accurate value for your pieces, while a seller might low ball you to get a better price. Bring your appraisal certificate with you when selling to ensure you’re making a fair deal.
When searching for jewelry, you will probably want to know how many karats a particular piece has. The hallmark on a piece of jewelry will provide you with this information. For instance, say you purchase a ring that is 14 karat gold, the hallmark will say “14k”. The hallmark can be found on the inside of each piece.
Gold is high in price, and this deters some. You might choose gold-plated or gold-filled pieces instead of ones that are full gold. You do not have to spend lots of money at a jewelry store to buy nice gold jewelry. You can buy gold jewelry more cheaply in pawn shops or online.
Get an appraisal to find out the exact value of your jewelry. The up front cost is significant, but it can give you a better estimate of value. In order to have it valued most accurately, go with an appraiser who is accredited and independent. Even if you still choose to sell, do know that you aren’t going to get the appraised value.
Before taking your gold to sell, research the buyer. Most reputable dealers will be members of the American Numismatic Association. These dealers are held to a higher standard of ethics and must follow certain criteria when purchasing gold from individuals. To ensure you get the most money for your gold, make sure to use a dealer who is part of this association.
Consider futures trading if you have an interest in gold investing, but not a lot of cash. You can visit a local commodity trading firm and open a new account. The best thing about futures is that you can control amounts that far exceed what you actually have on hand in terms of cash.
Once you decide to sell your gold, start your search with local dealers. Go into a store and get a ballpark figure for your pieces. From there, you can begin checking online and in other shops to see where you can get the most bang for your buck. Get at least four to five quotes before you go forward with a sale.
Never sell to an unlicensed gold dealer. Although anyone could rip you off, the chances are slim when working with someone who is licensed. There are various people and stores that can buy gold, so do not think that you must go with the first one you encounter.
When dealing with gold commodities, proceed with caution. There are many unscrupulous companies out there who deal with gold. There are lots of people that want to rip you off by not giving you what you’re owed. Doing a good amount of research will ensure that you are getting the very best deal.
Get a good grasp on what you own. Pieces that appear to be gold may not be worth gold’s weight. In many cases, additional metals have been mixed with the gold to strengthen it. That can make it less valuable. Gold plate is also not very valuable. If you’re not sure about the value of your items, you should have them appraised before you try to sell.
Try to avoid buying gold coins from small shops that claim to be reputable dealers. You want to make sure that the people you deal with are really knowledgeable about the business, so it would be in your best interest to look for a gold dealer that has a much larger inventory.
Read the terms and conditions of any gold mail-in service. These operations tend to have a lot of fine print, some of which can really work against you if there are any issues down the line. Before choosing this route, read everything you can so that you avoid as many potential pitfalls as possible.
When purchasing gold coins, it is important to buy from a reputable dealer. Whether you purchase from a seller specializing in gold coins or from a government mint, you want someone who is honest. To help you get the best deal on a coin, always comparison shop before buying a gold coin.
Just like in other markets, both technical and fundamental market analyses are key. You have to consider news events regarding gold mining, how the market has performed up until now and how it may react to future events. The more that you know about the market, the better your strategy will be.
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.
When purchasing gold coins, expect to pay with a cashier’s check or through a bank wire. Dealers do not take credit cards for payment and will want to see their money up front before finalizing the purchase. If the coins are being shipped to you then have them sent through registered mail or use a packaging service like Federal Express. Insist that they are insured for their entire value.
Since looking at the piece above, you know more about the gold market. Take the tips you’ve learned here to help better your financial portfolio, or maybe even make yourself a little extra money. Apply these guidelines along the way to get the most from your gold.