Hone Your Gold Knowledge By Using This Expert Advice

Gold prices seem to never go down. Anybody can make money buying and selling gold. You do not have to be a major investor. These tips will assist you with the gold buying process so that you can turn profits.

TIP! When selling gold, sell to reputable buyers. 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 places to get this done, and some will pay you more than others. Therefore, it is wise to get several offers to ensure the best price.

Do you know how pricing on precious metals works? With silver, platinum and gold the prices vary wildly throughout the day, and in order to get the correct price you must spot check it on the day before making a purchase. Watching the market can help you to buy or sell your gold at a great price.

TIP! Schedule for a proper delivery before buying gold from any seller. If your seller doesn’t offer delivery immediately, you need written confirmation of when to expect your items.

Read reviews and do your research before choosing a dealer to buy your gold. Check for online reviews and reports from the BBB and see how these dealers resolve complaints from their customers. Also get more than one offer for your gold. This will ensure you get the best possible price.

If you plan to mail your gold jewelry to a firm, do some research on them and their policies before you do so. Find out when you will receive your money, and never send your package without insuring it first. Take a photo of all the items you are sending so there will be no questions later.

TIP! 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. Know when they will send your payment out and get your package insured.

Be sure to consult the spot price on the day when you plan to purchase gold. Many websites update this information daily. When you do buy, avoid more than an 8% markup. Some dealers are going to try and charge you more, but don’t pay it.

You must know what investments to make before you actually start investing in gold. There are predators out there in the gold market that claim to be big shots but just want you investing with them. Be careful of promises claiming you’ll become rich. Avoid get-rich-quick schemes, and avoid being scammed.

TIP! You can get into the gold market with just a small investment in scrap gold. Just keep buying a little every time you get paid, over a year or two you will accumulate quite a little pile.

Be sure to check the credentials of all gold buyers, jewelry stores and dealers with the Better Business Bureau. They will have basic information about the business listed, along with any reviews or complaints from others that have done business with them. Look closely at complaints to find out whether or not they were satisfactorily resolved. If the number of complaints is high, it would be a wise decision to do business with a different company instead.

You can make money on gold; however, it is a volatile commodity. If you cannot tolerate ups and downs, look elsewhere. Even if you’re ready to get into these choppy seas, take steps to limit your risk. Only invest a small amount into gold. Generally, about five percent is an ideal limit.

TIP! If you’re clueless about the value of your gold jewelry, have it appraised. This requires a bit of an investment, but it is worthwhile.

Gold jewelry should be separated into different groups based on its karat value before you sell it. If you don’t do this, the buyer is likely to give you the price for the lowest karat. Gold with higher karat values is more valuable.

To invest wisely in gold, know how to test the grade of the pieces. The term, karat, is used to refer to the purity of gold. The higher the karat, the purer and more expensive it costs per ounce. It is unwise to rely on a karat stamp alone. Figuring out how gold’s purity can be tested is going to allow you to pay only for good quality gold.

TIP! You might sell gold melted down or as a jewelry item. You may get more if you can wait to sell it to a buyer who values it as a beautiful piece of jewelry.

A good way to get a good price on gold is to ask your relatives for their broken jewelry. Simply purchase a quality jewelry scale to find the exact weight of the gold. This allows you to make a fair offer on the value of your friends’ and family members’ gold pieces.

Figure out what the buyback policy of the seller is. Reselling gold is often done at a premium. Think about the extra charges concerning sending gold of all kinds to different geographical locations. For safety’s sake, never allow your dealer to retain physical custody of gold that you have purchased.

Gold Coins

Pre-1933 gold coins are a great investment. In 1933 President Roosevelt recalled the gold coins that were circulating around the United States. Not everyone just returned their gold, however. Gold coins from that era are still for sale now.

TIP! Never sell your gold to someone who does not have the appropriate state licensure. While you could still get ripped off, a licensed buyer is more likely to be reputable.

You always want to consider the prices collectors are paying as opposed to melt value when dealing with gold coins. If you are selling them for the melting down process, you’re going to lose some money. That’s why you need to research what you have before you try and sell it.

Now that you’ve read this, you should know how to get into the gold market. Hard work, good research and smart investments help you make profitable decisions. Just make sure you remember what you learned here so that you are always ready to profit, but also protect yourself.