Most expert investors choose to include a percentage of commodities in their portfolios. Gold is the best commodity that is out there. From building a retirement nest egg to making beer money, gold can do it all for you when you use the tips below.
Take precautions if you mail your items. There are a lot of mail-in services these days, and while they can be convenient, you need to protect yourself. Send the pieces through insured mail, take photographs and know the company's policies in case they lose your gold pieces and you want a settlement.
Know you're going to have to show your ID when you sell gold. By law, people are required to present their identification when they sell gold. That is done in order to deter thieves and other criminals. Therefore, don't be embarrassed if they ask for your ID, and even snap a photograph of you.
Before buying or selling gold, know how all the prices work. Silver, gold and platinum prices fluctuate often, and therefore you need to verify spot pricing the day prior to your intended deal. Understand that you will likely pay a higher price for fractional pieces. A half an ounce, for instance, will not exactly cost one half the price of an ounce, it will be slightly higher.
Is it better to sell your gold jewelry for melt value or as jewelry? You will see that pawn shops and private buyers only pay melt value. However, if you are patient, you will find a buyer who is willing to pay top dollar for your jewelry.
Be very careful when buying gold off of the Internet, you never know who it is you are actually dealing with. You may be thinking you are getting gold from a reputable dealer, and the person you are dealing with is a scam artist that is only after your financial information.
Understanding how gold is weighed can ensure that you don't get ripped off when selling your gold to a dealer. Gold can be weighed in Troy ounces, pennyweight, or grams. The most important thing is to make sure that whatever system the buyer is using to weigh your gold is the same one they're calculating the payment with.
You never know where you will find valuable gold; places like thrift stores are often great places to discover good deals. When you know what to search for, you can find great items in these places. A lot of people don't know the value of what they have, and just give or sell cheaply to those places. You can gain from their loss!
When selling gold, it pays to shop around. This includes checking with several dealers both locally and nationally. To get the most bang for your buck, ask what fees will be assessed during the sale. Just because a dealer is offering to pay more per ounce, does not always equate to more money in your pocket. This extra money can be ate up by fees and commissions.
If you are purchasing gold for investment purposes, understand that there is no guarantee. Gold prices fluctuate often, meaning some investors win big and others lose big. Always make sure you are not investing more than you can afford to, and have a clear understanding of the risks before you invest at all.
Cash For Gold
Comparison shop when selling old gold jewelry. The "spot" price for gold is determined by a constantly fluctuating market, so not every store is going to pay it. Stores that are not near shopping malls may have lower overhead and are able to pay more.
Shop around town if you are taking scrap jewelry or gold pieces to sell to a store or pawn shop. Though there may be a standard market price for gold at a particular moment in time, not every store will pay it. Stores that are not near shopping malls may have lower overhead and are able to pay more.
Buy Gold
When looking to buy gold as an investment, it is important that you invest in solid gold. There are many more info phrases you should look out for such as "gold clad," "gold enveloped" because these are just fancy words for gold plated. This means under the gold is a different metal, which drastically drives down the value.
When you buy gold as an investment, you should consider how easy it will be to sell when you are ready. Common gold coins are relatively simple to sell. Rare gold coins and coins mostly traded outside the US can be more difficult to sell. Gold bars can be expensive and difficult to resell if you need to send them to a dealer.
Do not buy gold from strangers who approach you in the streets and offer to sell it to you at an unreasonably cheap price. It might sound silly but people fall for it all the time. These pieces are brass or gold plated and the seller will do anything to get you to buy it. Ask to go to the pawn shop and if they refuse, walk away.
Gold can be a very good investment, but you have to know what you are doing. Otherwise, you can end up losing all of your money. Be cautious and make good use of the tips you have read in this article. This way, you can enjoy a solid return on your investment.
AU Precious Metal Solutions
142 South St, Rochester, MI 48307
(248) 833-6133