What You Must Know About Buying, Selling And Trading Gold

Gold has traditionally been a very highly-valued metal. Man has treasured gold since it was first discovered thousands of years ago. If you’re trying to figure out how to get into buying gold, or you just want some jewelry, then you’ll find the following tips to be useful.

TIP! Before going to sell your jewelry, investigate what the current market price of gold is. This will assist you in determining if the offer you receive is fair.

Understand the spot price of gold before selling any. When selling gold, be sure that items of differing karat values are weighed separately. Don’t sell gold jewelry that may be worth more when sold as a designer piece.

Before you get into investing or selling gold, it’s best to understand how it works. Silver, gold and platinum prices fluctuate often, and therefore you need to verify spot pricing the day prior to your intended deal. A higher percentage over the melt should be expected when purchasing fractional gold pieces such as 1/2 or a 1/4th ounce against a one ounce piece.

TIP! When selling gold, research the market price. You also ought to do some comparison shopping when it comes to assessing price on similar items.

Research gold buyers before going to them and try shopping around for buyers that are reputable. Check online reviews, BBB.org and their websites. A variety of bids will ensure that you receive the best price.

Sell Gold

TIP! A magnet can help you determine if a gold piece is solid. Precious metals do not respond to magnets.

Look into selling gold on the Internet. You no longer need to buy and sell gold at a physical location. There are many places to sell gold online. You can get a kit to send your gold to these websites for money. If when they receive it, all is as they expected, you’ll get their current rate.

If you send off gold by mail, see how much it is to have it returned to you if the offer isn’t that great. Most companies will give you free shipping to them but charge you an arm and a leg for return postage. Be sure that you find out ahead of time how much it will cost to get back your jewelry.

TIP! Talk to someone at any gold party to determine how they decide a piece’s karats. Is it based on the stamp? If there is no stamp, there are different ways to test the gold to ensure it is solid.

Never neglect the idea of hunting in antique shops or flea markets to find gold. You can find gold in unexpected places, but you have to know what to look for. The prices are low here as the items are often donated. Reap the benefits from that loss, but only after researching first.

Start your investing journey carefully. As with any market, there is unsavory, dishonest people. This is especially true when it comes to precious metals. Lots of people claiming to be honest gold buyers really just want to trick you. You have to do your research to keep yourself safe.

TIP! Have all jewelry appraised before selling it as scrap gold. This is particularly true with pieces that have intricate details with considerable workmanship.

You can easily test whether a gold piece of jewelry is real by using a simple magnet. Precious metals do not respond to magnets. The clasp may be solid gold, but it’s possible that the piece is almost entirely gold-plated. A magnet is a good tool for discovering fake gold.

Go over the fine print that’s in any sales contract. This is especially important if you decide to sell some of your gold items through a mail-in program. In this way you can determine what percentage of your profits will go toward fees and commissions.

Karat Weight

Be sure to separate all your gold items by karat weight before sale. Once you get to the gold buying shop, the merchant may attempt to dupe you by grouping everything together and treating it as though it had the minimum karat weight of the bunch. This will result in less money in your pocket. Instead, separate each karat weight before going to the dealer.

TIP! When you are negotiating with someone dealing in gold, read all the forms that are given to you. Gold buying and selling is serious business, not a game.

Now you know a lot more about gold. Gold is a smart investment and is also wonderful to wear. Take the things you’ve learned from the above article and use them to your advantage when dealing with gold.