Wondering How To Get Into The World Of Gold? Try These Tips!

People have always been attracted to gold and investing in it, and this could be no more true than during these tough economic times. It’s going to never go away it would seem. Learn more about making gold work for you by perusing these tips. Read on and learn valuable tips about the gold market.

TIP! Only buy gold jewelry if you can return it. It’s entirely possible that a particular piece ends up being improperly sized or simply unappreciated by its recipient.

Always do your homework to find an honest and reputable gold buyer. The BBB website and other online forums are excellent resources for information on customer satisfaction and a company’s standing. If you get bids from a few buyers, you can likely get a better price.

Look at the current gold market price prior to selling your pieces. This will assist you in determining if the offer you receive is fair. Most dealers will give you the market value, but some will rely on the fact that people just want cash to try and get the best deal possible for themselves.

TIP! Make sure you verify the price of gold the same day you plan to buy it. This information is available on a number of websites.

If you’re selling gold through a mail-in service, do your homework on the company and its policies before you make a commitment. Be sure you find out when you will receive payment, and buy insurance for your package, too. Make sure that you photograph each piece of gold you’re sending before you mail it off.

Melt Value

TIP! GoldMoney is a popular resource to use in gold buying efforts. It is almost like opening a bank account for gold.

When it comes time to sell your gold, figure out if you would like to sell it for its melt value or simply as a piece. You will see that pawn shops and private buyers only pay melt value. Selling your unique gold pieces to a collector can end up netting you more money.

When you plan to buy gold, make sure you look at the spot price. This information is readily available online. Be aware that it is updated every day. When purchasing, don’t pay greater than 8% markup above the spot price. Some sellers try charging more, but that’s overcharging, which is generally unethical.

TIP! Avoid letting people know that you are planning to sell your gold. You cannot put your trust too easily on people.

Antique stores may hold valuable gold. A smart and educated gold shopper can make some great finds. Often people do not realize the value of old jewelry and simply donate it or put it in a garage sale. A little bit of effort on your part to look around can yield big results.

Instead of immediately thinking you have scrap gold, take it to get appraised first. Fine details and other clear signs of craftsmanship may result in a piece’s value being worth more than just the value of the gold itself. You may have to pay for the appraisal, but it might help you get more money. In addition, appraisers may know people who may be interested in your jewelery.

TIP! Do not forget to search thrift shops and antique stores for hidden treasures. You can find great bargains if you understand what to look for.

Very often earring backs are made from gold even when the earring itself is not. Necklace clasps and ring bands are as well. Because each piece does not weigh much, consider selling these as a group. The more you have, the more they will weigh.

You don’t have to physically own gold to invest in it. One option is to buy shares for gold-based mutual funds. Another option is to stick with gold mining stocks. If you buy real gold bars or coins, consider safe storage of your pieces.

TIP! Know what you actually have in your possession. Even though the item looks like gold, it may not have much value.

There are many different companies that you can mail your gold into. A lot of sellers enjoy doing this because it’s not hard. They provide the envelope to send your jewelry ,but you should have your package certified and insured. Remember that these places usually do not pay as much as other places for gold. Sometimes, you can obtain 30% less for the item, so be careful.

When you are dealing with a particular gold dealer, be sure you pay attention to all forms. This is not a small-change type of business; there is big money involved. You need to know what you are signing. If you don’t care for the fine print, move on. It will pay off to know you have financial protection.

TIP! One quit and cheap method of finding out whether or not gold is real is to use a magnet on it. True precious metals such as gold will not stick to the magnet.

Gold is a very volatile investment. Steer clear of this investment if you are easily stressed. If you have the fortitude, still limit your downside risk. Only a very small overall percentage of your portfolio should be invested in gold. Start with investing 5% of your portfolio in gold so you can get a better idea of how this precious metal fluctuates.

Gold Prices

TIP! Go over the fine print of the contract offered by your buyer. If you are selling gold by mail, this is even more important.

Gold prices have skyrocketed 400% in the last decade. It may or may not be the best time to purchase gold depending on the worth of the dollar. The weaker the dollar is, the stronger gold prices are.

Most people realize how important gold is when it comes to warehousing and solidifying wealth. The recent economic challenges have made this even more true. Hopefully, you’ve found these tips useful and can now start delving into your own gold investing.