Have you ever considered an investment in gold? Does the lure of this fabled metal call your name? If so, you may want to learn as much as you can about the market for gold before investing your hard-earned money. The following article will teach you some of the basics.
Before you get into investing or selling gold, it’s best to understand how it 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. You may be required to spend more on melt values if you are working with fractional pieces. You might pay more for something that is 0.25 ounces versus something that is 1 ounce.
Be aware of any fees that are attached to the transaction of buying gold. Online purchases come with several types of fees. You may suffer from a markup of as much as ten percent from the dealer. Read all of the fine print to learn about any and all fees that are related to the purchase
While doing your research about the seller of gold, be wary of reviews on social media sites. Gold sellers have been known to pay people to produce false reviews about their services. Do not count solely on the reviews that you read on those sites and continue your research through other sites.
Regardless of where you are selling your gold, you will be asked for your driver’s license or some other form of identification. Make sure you have it on you when you go to make the transaction. If you are preparing to sell and you don’t get asked for your ID, that should raise a big red flag.
If you are interested in investing in the gold market, but do not have lare amounts of capital, consider purchasing scrap gold. After a year of buying a little gold each payday, you could end up with a valuable collection of scrap gold. Just make sure you have a safe place to store your little stockpile until it is time to upgrade.
If you are buying or selling gold, a good place to advertise is online. Websites such as Craigslist and Ebay allow you to buy and sell gold at your own pace. These sites are usually free and very user friendly. Many people use these sites to find great deals and sell pieces at the price they want.
Check out a number of gold buyers before making a deal. You will get many different amounts. If you go with the first buyer that you meet, you may end up with the worst deal possible. Be sure to take time to choose your buyer wisely for the best profit.
If you are purchasing gold jewelry and have allergies to nickel or other metals, only purchase 18 or 22 karat gold. Almost all gold jewelry has some other metals in it because pure gold is very soft and not easy to wear on a day to day basis. By buying 18 or 22 karat, you are ensuring you’re getting the most gold, meaning less change for an allergic reaction.
Do NOT sell your scrap gold or gold jewelery to a company wanting to do so through the mail. These types of operations pay less than pennies on the dollar and you will have no recourse once you receive your measly check from them. Visit a dealer in person, get a real evaluation and try to sell it to them.
Know what you are selling. For example, a 14 karat gold necklace may be worth by selling it as a necklace rather than selling it based on the selling price of gold. If you have a lot of broken jewelry, you may make more money selling it for the price of gold than selling it as jewelry.
Gold can be a very good investment, but you have to know what you are doing. Otherwise, you can end up losing all of your money. Be cautious and make good use of the tips you have read in this article. This way, you can enjoy a solid return on your investment.