- Posted February 2, 2014 by
The Golden Dream: Making Money With Gold
Many people these days see gold to protect their wealth. However, the necessary understanding of gold markets has sometimes been elusive, which many investors don’t. Read on to learn about the pros and possible risks of investing in gold.
Bullion is the best choice if you wish to put your money in gold. These come in varying weights. They can be as small as half an ounce to bars that weigh four-hundred ounces. The larger sizes are generally hard to find.
Get a good education in precious metal pricing before you try to buy or sell gold. The values of precious metals fluctuate daily, so be certain you know the spot price before any transaction. A higher percentage over the melt should be expected when purchasing fractional gold pieces such as 1/2 or a 1/4th ounce against a one ounce piece.
Research any gold buyer you are considering using and compare them to obtain the best price for your gold.
Before you buy gold, get a guaranteed delivery date. If your seller can’t commit to immediate delivery, you need to have some kind of written contract or guarantee when your pieces are arriving. The expected delivery date they expect you to get them should be provided. Don’t not follow through an order without this documentation.
Before you buy gold, be sure you know exactly when it will be delivered to you. When the seller doesn’t ship immediately, you must get their promise to ship in writing. The expected delivery date should not be a mystery; it should be clearly stated. Don’t proceed with the order until you have this information.
TIP! Verify the market price before selling your gold jewelry. This way you will know if a dealer is offering you the proper amount for your items.
The cost of gold may put you the idea that gold-filled or gold-plated jewelry is better. You do get to buy gold jewelry without spending too much at an actual jewelry store. It is cheaper online retailers or pawn shops.
This can be done over time, and you can see how this can make a valuable investment. Keep your stash in a safe place until you have enough to cash in.
Only buy gold jewelry if they have a return policy If you have the receipt, it is important you can return the piece for a full refund.
Be sure you research a company before sending them gold in the mail. The last thing that you want to do is lose money because of a flawed shipment. To avoid problems later on, photograph each item you are sending.
TIP! You can get into the gold market with just a small investment in scrap gold. After a year of buying a little gold each payday, you could end up with a valuable collection of scrap gold.
Get an appraisal to find out the exact value your jewelry. This will cost a little money up front, but you want to know right? If you do want to sell the gold, be aware that it’s not likely for you to get full retail value of your item.
Check the prices of golds the day you buy. This information is available on several different websites. Never pay any more than an 8 percent markup on the current sales price of gold. Some dealers will try to charge more, but that’s overcharging, which is generally unethical.
GoldMoney is a good resource when buying gold. It’s like opening up a bank account which trades in gold. You establish your account and deposit your money, deposit fund and receive the value of your account in gold. The gold will physically sit in the bank where you can cash it, portion it, or in some circumstances, redeem it for one kilo gold bullion bars.
Do a little comparison shopping before you sell jewelry or other gold items, even if you’re looking for a quick cash-for-gold deal. The current value of gold may be one price, but that certainly doesn’t mean every buyer is willing to offer it. You might get a better deal at a store not in a major shopping mall, since their overhead and rent is lower.
TIP! If you intend to convert your gold jewelry into cash, you’ll have to choose between selling it as jewelry or for the “melt” value of the gold it contains. You may get more if you can wait to sell it to a buyer who values it as a beautiful piece of jewelry.
You never know where you will find old gold at thrift stores are often great places to discover good deals. You can find great bargains in these places.You can reap the benefits of this if you just know what to look for.
Shop around before you decide which gold buyer. You might be surprised by the spread of offers you wind up getting! Going with the very first buyer might prove a good idea. Take time at first so you’ve got the most cash you can for your gold investment.
Use a magnet to determine whether an item is really made of gold. Precious metals like gold are not respond to magnets. Sometimes a jewelry piece is only the clasp is solid but the rest is plated. This is a good way to test for that.
Investigate several gold dealers before choosing one to do business with. The different prices you receive might shcok you. Going with the very first buyer might not be a good idea. Wait a bit of time so you have the greatest cash in your pocket.
TIP! Go over the fine print of the contract offered by your buyer. If you are selling your gold through the mail, read the information carefully.
Be aware that you will not get 100% of your gold’s value when you sell. Gold dealers are a business just like other business. Expect to receive offers from 50 percent below the gold’s total value.
Sell your gold primarily when the market price is high. The stock market goes up and gold prices change every day. Sell your gold when the market starts to creep back up.
When selling gold, separate your pieces based on their karat values. The value of each item is determined in part by karat value. Combining all types in a single package makes it less likely that you will be paid the optimal amount. The higher the gold content, the better the price.
TIP! In order to become a great trader, you need to learn how gold is tested. Purity of cold is measured by karats.
Keep an eye on gold prices before you sell your gold. You will have to determine when the perfect time to sell. This means feeling the fluctuation that occurs in gold prices. It is definitely worth the price for a while before moving gold.
A good website to find the most accurate gold is www.goldprice.org.
Take photos of your gold pieces before you let a buyer inspect them. Also make sure to ask about guarantees if the jewelry is lost or stolen while in the buyer’s possession. Get that in writing to protect you.
You can get the best gold deals by buying from people. However, you need to know that there is risk in buying that way. That’s why you must get the coin appraised. If you locate someone who wants to sell you a coin cheaply, and you know the coin is valuable, you can buy it and simply hope things work out.
Make a couple of copies of everything sent.
Purchasing large gold bars is a great way to invest in ounces is the cheapest method. While you may pay more at the outset, your premiums will be lower and you’ll get a bigger return. The reason why commemorative gold items can be attributed to their gold.
Gold coins make wonderful long term. You ought to keep coins for no less than three years before you try to sell them. The availability of coins is what determines its value. Look for those coins likely to gain value over the next couple of years.