Getting Your Gold To Work For You

Should you be a serious investor, it is important to include commodities within your portfolio. Gold is historically the top trading commodity. From building a retirement nest egg to making beer money, gold can do it all for you when you use the tips below.

TIP! Be sure to find a reputable gold buyer to do business with. Use resources like the Better Business Bureau and customer reviews.

Get several opinions about the value of your gold piece before you put it up for sale. There are many buyers who purchase gold, but prices vary from one professional to the next. By getting multiple estimates, you can be assured that you will get a fair price when you sell.

Gold’s price is always changing, which makes it important to know your piece’s value before selling it. Different karat values will be valued and weighed separately when selling your gold. Don’t sell gold jewelry that may be worth more when sold as a designer piece.

Melt Value

Before buying or selling gold, be sure you are aware of how metals are priced. Prices of precious metals fluctuate everyday, so pick a day to check on the spot price before you buy or sell. You also will have to pay more than melt value, but you will sell below melt value.

TIP! Do not be overly aggressive when dealing in the gold market. The gold market can have many bad companies out there.

Sometimes the cost of gold causes buyers to go for cheaper imitation jewelry instead. You do get to buy gold jewelry without spending a ton at an actual jewelry store. Find cheap gold in pawn shops or online.

If you’re thinking of getting gold to help you retire, you need to get the right variety. This needs to be gold investments that have IRS approval. Examples of approved gold is bullion bars or gold coins. Lean towards buying the bars over the coins as they hold more value than coins.

Melt Value

If you are looking to sell gold, the first thing you need to figure out is if you’re going to offer it up as an entire jewelry piece, or seek the melt value. Private sellers and pawn shops tend to only pay for melt value. It may take longer to find the right buyer, but you will get more money this way.

TIP! Shop around before you decide which gold buyer you will use. The chances are good that you will get completely different offers for your gold.

Check the prices of golds the day you plan to buy. Many sites offer this information, plus it changes every day. When going to buy the jewelry, you should not have to pay higher than 8% markup over the spot price. Knowing the value of your gold will keep you from getting ripped off.

Only sell to buyers that have a state license to buy gold. Licensure is not a guarantee of credibility, but it is certainly a good indicator. There are plenty of buyers for gold, so do not think that you must make a sale to the first buyer that you meet.

TIP! To verify that a particular piece of jewelry isn’t simply plated, you can try testing it yourself with a magnet. Precious metals like gold are not going to be attracted to a magnet.

Talk to someone at a gold party to learn how they figure out the number of karats in a jewelry piece. Many times, the items are stamped. If there is no stamp, there are different ways to test the gold to ensure it is solid. Acid testing is a very simple way to asses karat quality. If you see this method being employed, it’s possible that the tester is a relative newcomer.

Before you sell your jewelry for scrap gold, have them appraised. You should do this for special pieces. Unique pieces may be worth more intact than they would if eventually melted down. Appraisals cost money, but often are a good investment. Appraisers also may know of an interested party for your precious jewelry.

TIP! Talk to a the gold party representative to learn how they make karat determinations. The item is stamped, a lot of times.

Investigate with the Better Business Bureau before selling your gold to any purchaser. The BBB’s website will share any negative reports made against a company through the BBB’s service. Keep a close eye out for any complaints not fully resolved. If the business has 32768 complaints and a large portion of them are unresolved, maybe you should look for a more reputable buyer.

You can sell your gold through the mail. Lots of sellers prefer this process, as it is easy. They send you a prepaid envelope, which you then turnaround and send your jewelry to them to get your check back later. However, remember that these companies often don’t pay as much for your gold as other places. You might even take a thirty percent loss. Understand that going in.

TIP! If you just want to off-load your gold, you should pause. You want to get the best price you can.

Have some idea of who you are selling to. In order to ensure you’re dealing with a legitimate dealer, check the BBB. By contacting your Better Business Bureau, you can find out if there are any complaints filed against your dealer. If you notice there are registered complaints, then you need to choose another gold dealer.

Gold has gone up in value over the years and that’s great news for those that have invested in gold. Gold is a market that varies daily and it’s unpredictable when the price will go down. Usually, the price of gold goes up when the dollar’s value goes down.

TIP! Gold has gone up by four hundred percent in the last 10 years, which is great news for gold owners. The value of the dollar directly correlates the value of gold.

Knowing how to test the grade of the gold will make you a smart investor. Karats are used to measure gold purity. As the number increases, the purity does as well. You cannot just rely on the carat stamp. Knowing how to test the purity of gold will ensure that you will not overpay for poor quality.

With the knowledge gained from this piece you should have a new perspective on gold investments. Apply the tips you’ve just been given. You can trade gold more confidently after learning this information.