Gold has a long history of being a prized metal. Gold has been around for thousands of years and man has always held it in high regard. If you want to make an investment in gold, these tips will be of help.
Do not sell your gold without first knowing what it is currently worth. Don’t forget to take into account the different karat values of your gold pieces. Try not to sell jewelry items that are valuable due to their maker.
Save your money to buy higher quality gold and avoid gold-filled and gold-plated pieces. However, it’s still possible to buy gold jewelry and not need to spend a fortune at the jewelry store. Pawn shops can offer many good deals and there are also many online buying options.
Investigate the reputation of any firm you are considering doing business with. Check with the BBB and look at reviews online before you sell your gold to a buyer. A buyer with a good reputation will give you good service and an equitable price for the gold you are selling. Research helps protect you and your investment.
When you attempt to sell gold, make sure you know the current market prices. Check out the competition and what they are offering. This will help you establish a price level to utilize. Request a bit more than you will settle for to give yourself some room to bargain.
A magnet can help you determine if a gold piece is solid. Precious metals do not respond to magnets. Certain pieces have a clasp made of real gold while the remaining parts are plated. This method is good test for that.
Think about selling your gold on the Internet. You don’t have to go to a physical location to sell gold any longer. There are dozens of reputable websites where you can buy and sell gold. You can get a kit to send your gold to these websites for money. If they accept the pieces, you will receive their prevailing rate.
Make sure you read fine print in any sales contract to a full understanding. Read any fine print before you decide to offer your gold to a mail-in buyer. You can then ascertain the amount of fees and commissions you will be charged.
Earring backings are often solid gold, even when the earrings are not. Ring bands and the clasps of necklaces usually are, too. You can sell these small pieces together. This is when many pieces are sold together to net a larger profit.
Gold prices have increased by over 400 percent in the last decade which is good if you own gold. It’s unknown whether it’s a great time to purchase gold, but that depends on what the dollar does. As the value of the dollar drops, gold usually rises.
If you do not have a large amount of money to start off with, why not consider purchasing scrap gold. Scrap gold can be purchased in very small quantities (like a little bit every time you get a paycheck) and stored until you have a large enough collection to sell off. Make sure you have a safe place to keep your gold (a safe deposit box is ideal) while you’re collecting it.
To be a smart investor in gold pieces, learn how to test for the grade. The purity of golds is measured by karats. Higher karats include purer, more expensive gold. It is unwise to rely on a karat stamp alone. You won’t pay too much for poor quality when you know the methods to testing gold purity.
Know who is getting your gold. That is important, especially when you are mailing in your pieces to someone out of state. Reputable dealers will on file with the BBB and have few to no complaints.
Ask people you know for their broken jewelry. If you use an accurate scale that is designed for jewelry, you can offer friends and family a higher price than what they would receive at a pawnshop.
On the day you are planning to buy your gold, check the spot price. This price can be found on a number of websites. When you actually make your purchase, refuse to pay more than 8 percent more than this price. If you find a dealer asking for more than 8%, they’re overcharging and may not be ethical.
If you wish to sell gold online, check the prices a couple times before you start. You are usually going to find a better deal in person. Sending your gold in by mail may be much more convenient, but you’re going to end up losing money!
Now you know about the absolute value of pure gold and why it’s treasured by many people. Gold is a smart investment and is also wonderful to wear. Use the information from this article to begin using gold to your advantage.