The state of the economy has caused people to both purchase and sell gold these days. You might be interested in learning more about gold as a protective investment, but you may not know what you need to know yet. Continue to read to learn about it.
Get multiple estimates for your gold pieces if you are looking to sell them. There are lots of services, jewelry stores and pawn shops that buy gold. Of course, they will want to make a profit when they sell it. When you seek more than one estimate, a fair price is going to be more attainable.
Be sure to find a reputable gold buyer to do business with. Check the reputation using the BBB and online reviews. Reputable buyers offer great customer service along with fair prices. Doing this protects your investment.
Before selling gold jewelry, see what the current prices are in the gold market. That way, you will know if you are being offered a fair price for the items you have. There are some unscrupulous dealers that will try to pull one over on you.
Before you mail any jewelry to a particular company which purchases such items, be sure to do your homework and check out the company thoroughly before you do so. Your package needs to be insured, and you need to be aware of when you are going to receive payment. To avoid problems later on, photograph each item you are sending.
When you buy gold jewelry as a gift, be sure to understand the return policy and get a gift receipt. It’s entirely possible that a particular piece ends up being improperly sized or simply unappreciated by its recipient. By ensuring that the dealer offers a return policy, you can help protect yourself.
Understand that gold dealers are interested in all gold items. It could be a broken jewelry item, table settings, home decor items or anything that is in the house. The purity doesn’t even have to be 100%. Even gold plated items will have some value. You can still find a nice return on the sale of it.
Shop around town if you are taking scrap jewelry or gold pieces to sell to a store or pawn shop. While the market quotes a price, not all companies actually pay close to that price. Some stores outside of busy urban areas do not have to pay as much on rents as stores located in a shopping mall and will offer a better price.
Don’t discount the value of looking for gold in vintage or antique stores. When you know what to search for, you can find great items in these places. Lots of folks are unaware of the value of the items they donate to these places. If you know what you’re doing, this can be your benefit.
Speak with the representative at the gold party to find out how they determine how many karats a piece of jewelry is. Many times you will see the item have a stamp on it. Some sellers are trained to calculate the value of a piece of gold that is not stamped. An acid test can be a very simple way of doing this, so be aware of that.
If you’re thinking of selling your old gold jewelry and scraps to a gold-buying business, it’s crucial that you check their reputation on the Better Business Bureau’s website first. It has basic company information on them, along with complaints and reviews from those that have dealt with them. Keep a close eye out for any complaints not fully resolved. If there are many unresolved complaints, or a huge number of overall complaints, think about giving your business to someone else.
You don’t have to physically own gold to invest in it. You have the ability to invest in mining stocks or exchange traded funds that have an emphasis on gold. If you choose to purchase actual coins or bars, take into account the cost of secure storage of your gold.
You can sell gold by mailing it to a buyer. Most sellers enjoy this process so much due to its simplicity. They send you an envelope, and you ship the gold to them, then they pay you by check. One thing to consider, though, is that the majority of these places won’t pay nearly the same amount as a local place in your area. Sometimes, you may get 30 percent under the value’s worth, so keep an eye out for this.
Even though gold is often profitable, it is also equally volatile. If you would be made anxious by unexpected peaks and valleys in the market, you should avoid it. If you can, try to reduce your downside risk. Because of the volatile market, only a small amount of your portfolio should be invested in the gold market. Five percent is often touted as an advised cap.
In these tough economic times, gold looks more and more like an investment you can’t live without. Gold thrives in tough economic climates, which looks to be the case today. If you know a little about buying and selling gold, you can personally profit. Use the above tips to become more knowledgeable about gold investing.