While a lot of people love gold, they are not necessarily well educated about it. Without the knowledge, it can be difficult to take full advantage of what gold can do for you. If you are one of those people who are not gold-savvy, you will find the following tips to be useful.
Before buying or selling gold, know how precious metal prices work. Metal prices fluctuate constantly, so you need to know the price on any given day for a transaction. There are different percentages owed based on the sizes of gold you own.
When buying gold through a private sale, always test to make sure that the gold is real. There are many pieces of jewelry that are gold plated. In order to make sure you are buying the real deal, invest in a gold testing kit. They are not expensive and can save you from buying fools gold.
When searching for jewelry, you will probably want to know how many karats a particular piece has. The hallmark on a piece of jewelry will provide you with this information. For instance, say you purchase a ring that is 14 karat gold, the hallmark will say “14k”. The hallmark can be found on the inside of each piece.
Gold prices may be so high that you may feel that it is best to choose jewelry that is gold-filled or gold-plated instead. Before settling for a gold plated piece, understand that there are great deals out there on solid gold jewelry. Visiting flea markets and pawn shops can help you to get the very best price.
If you’re interested in buying gold from a dealer, make sure he is reputable. Avoid doing business with anyone who doesn’t have at least 10 years of experience in the business, because that’s one of the most important prerequisites to have. Someone who has been around for a decade is likely to be trustworthy and knowledgeable enough to make you money.
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. Private sellers and pawn shops just want the melt value. Don’t give up; eventually, the right buyer will come your way.
Avoid gold parties, unless you just want to have fun. For the most part, you aren’t going to get the full value of your jewelry, although participants often enjoy going because the parties are convenient and offer social interaction. Remember, the host has to get paid, as does the company buying the jewelry. That means that you are going to get less for your pieces.
Buying gold can exciting, but keep that to yourself. You cannot put your trust too easily on people. Keep your investment private and secured, preferably in a safe. This protects you as well as your gold.
Be realistic about the price you want for your gold pieces. Remember that any buyer will want to earn a profit, so they will never pay you one hundred percent value for the gold you are selling. If they offer you seventy five or eighty percent of the value, they are usually giving you a fair deal.
When selling gold, it is important to realize that most states govern the buying and selling of precious stones and metals. For this reason, you should always bring a valid photo id with you when selling your gold. By only dealing with a reputable dealer who requires identification, you can ensure that there is no stolen items in the store.
Know going into any gold buyer that you won’t get the current daily rate for the price of your gold. There are all sorts of fees that come into play that will affect your final return. The goal is to find a company that gives you the best deal out there. Do a little shopping before settling.
If you decide to purchase gold, make sure you go to a reputable dealer. Buying coins from a coin shop may be convenient, but you may not be getting the best deal. Gold prices can fluctuate from one day to the next, so make sure you know how much you should be paying on that particular day.
Do not buy gold coins that are for sale at the pawn shops in your area. Chances are you will pay a lot more for them here than you would anywhere else. It is best to look for a reputable gold dealer to do business with, so you know you are getting the best deal.
Know how to test the grade of gold so that you will be sure to get what you are paying for. The purity of gold is measured by karat. The higher the karat, the purer and more expensive it costs per ounce. Don’t rely on the karat stamp. Testing for gold’s purity will prevent you from paying too much for a poor piece.
Don’t be afraid to travel a little bit to get an appraisal. Sometimes suburban gold dealers offer better rates than dealers in the middle of the city. It can be worth the extra gallon or two of gas to potentially get a hundred or more dollars more in the sale.
Buy gold coins made before 1933. Until that year, gold coins were used as regular currency, but President Roosevelt recalled them. A lot of people kept them anyway, and dealers have them today.
As the beginning of this article mentioned, most people don’t know a lot about gold. Hopefully you now have a better understanding about the benefits of investing in gold. Use this information to make the best choices.
