If you would like to make gold investments, you have made smart decisions that will balance your portfolio risk. On the other hand, you need to know exactly what to do and also consider all options. Keep reading to see why gold is a valuable and great investment strategy.
Always do your homework to find an honest and reputable gold buyer. Look at the BBB website online for ratings, reviews, complaints and more. By getting bids from several different gold buyers, you will be more likely to get top dollar for your gold.
Research any mail-in gold jewelry purchaser before sending your jewelry off to them. Find out when you will receive your money, and never send your package without insuring it first. Take a photo of all the items you are sending so there will be no questions later.
If you’re thinking of supplementing your retirement funds with the help of gold investing, it’s important to understand what type of gold to invest in. The IRS needs to approve the gold. It must be in the form of 24K coins or bullion bars. If you can, purchase bars rather than coins since they are more valuable.
Realize that all items containing gold have some sort of resale value to dealers. Valuable gold can be made into anything that is now broken such as jewelry and any home items that could be around. It is not really necessary for these items to be solid gold. It just needs to be plated or maybe only a part of it’s gold. You still stand to make a fair amount of money selling it.
Melt Value
When considering selling your gold jewelry, you need to figure out if you want to get melt value or sell it as jewelry. Many private buyers and pawn shops are only willing to give the melt value. Never let this dissuade you, however, as you are sure to locate an appropriate buyer eventually.
When you plan to buy gold, make sure you look at the spot price. This information is readily available online. Be aware that it is updated every day. Don’t buy anything marked up over 8% of this. Occasionally an unethical dealer may try to overcharge their customers.
Keep your gold investing to yourself. You don’t know who is listening, and you don’t know who you can trust. Keep it to yourself and protected, either with a decent home safe or in a bank. That way, your gold will always be secure.
Whenever you begin the gold selling process, you need to be educated on the market price. You should see if you can figure out what people are selling pieces like yours for as well. This will provide you with a good starting point on pricing. Ask a bit more than you want so you can negotiate with the buyer or seller.
Use a magnet to quickly determine whether an item is really made of gold or another precious metal. Gold and other real precious metals aren’t attracted to magnets. Sometimes you’ll find a clasp to be something solid, but everything else is plated. You will find this to be an effective way of testing this.
Get a jewelry appraisal before you consider selling it for scrap. Appraisal can be especially important with potentially-valuable pieces that may have more worth as jewelry than simply as bullion. An appraiser will charge you a nominal fee, but it is an expense worth paying if your piece is unique and valuable. An appraiser might even be able to help you sell your special item.
Those costume earrings you’re holding in your hand may have real gold backs or hoops. This is true of earring backings, necklace clasps and the bands of rings. These sorts of items are often lightweight and should be sold as a collected lot rather than individually. A large quantity can assist you in profiting better from them.
You can invest in gold without actually owning physical gold property. You might invest in an ETF or an individual gold mining stock when buying gold stocks. If you opt to buy gold coins or bars, you should consider how you will store your gold.
Business Bureau
Only buy from a dealer you know. To help guarantee that you are selling to a reputable dealer, make a call to your local Better Business Bureau. You can use the Better Business Bureau to see if complaints or adverse claims have been made about the dealer. If you find filed complaints, you may want to think about going with a different dealer altogether.
When selling gold, make sure your items are separated by karat weight. Don’t allow all of your gold items to be weighed together or you will not get the true karat value. The greater the karat ratings, the more the gold is worth.
To keep yourself safe and obtain the best deal, research your gold buyer. This is key if you are using mail-in services or buyers who are not local. Reputable dealers will on file with the BBB and have few to no complaints.
Gold Jewelry
If you want to make a gold investment for beauty and value reasons, think about pure gold. Gold jewelry is bought as both an investment and an accessory in fashion. Gold jewelry is worth more when its made of high-end gold, which makes it more desirable.
After reading the above article you can probably see how gold can be a great benefit to your financial portfolio. Gold makes an excellent entry in a diversified investment portfolio, striking a useful balance between the liquidity of cash reserves and the growth potential of stocks and bonds. Understanding the different options and how they will affect your investments will help you buy and sell gold confidently.