Serious investors should consider that commodities should make up a certain portion of their portfolio. With that in mind, nothing beats gold. Read this article to find out how to invest in gold for retirement or for short-term profits.
Bullion bars might be the best gold investment you can make. Bullion bars come in a variety of weights. You can purchase a large, four hundred ounce bar down to a tiny half ounce one. A heavier bar may be more difficult to find, however.
Learn how precious metals are priced before you trade in gold. Daily fluctuations are the norm, so you must be current on the spot price. 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.
Try a site like GoldMoney to purchase gold. It is very much like opening a “gold banking account.” You set up an account, deposit your funds, and you’re assigned some gold at a price that prevails to your account. Your gold is physically kept in a vault where it can be cashed in, segmented or redeemed for bullion bars.
Know what you’ve really got. Not all pieces that appear to be gold are worth their weight in gold. Some jewelry is a composite of a number of different metals. The less gold, the less value. Gold plate is also not very valuable. If you aren’t sure what you’ve got, you should get it appraised before you sell it.
Research the daily spot price before you sell your gold. It’s also a good idea to research what similar pieces have for asking prices. This lets you determine a fair market value starting price point. In order to be able to negotiate, you ought to give a price above the amount you really want.
Speak with the representative at the gold party to find out how they determine how many karats a piece of jewelry is. Many times you will see the item have a stamp on it. Sometimes, though, an eye test is insufficient and buyers have other ways of making that determination. The most simple test involves the use of acid. If the company claims to use that type of test, it may be an indication that they are not as experienced with accurate testing methods.
Separate your gold by karat weight. This makes selling it much easier and prevents the vendor from trying to scam you. They will rip you off. Instead you should go in with pre-separated piles to make the biggest return.
Look at every form you need to sign when working with gold dealers. Gold buying and selling is serious business, not a game. Know what you’re agreeing to when signing anything. If you do not agree with the term, go to another dealer. At the end of the day you are the one who stands to lose financially.
Hopefully, you have learned a lot more about gold. Apply the tips you’ve just been given. Keep these tips in mind to be a successful gold investor.