Gold is definitely the king of the finance world. Do you wish to learn more about gold investing so that your investments have a stronger hold on them? No matter what you want to do with gold, you should know as much as you can. This article will teach you all there is to know.
When you sell gold, get multiple estimates of its value. There are quite a few stores selling jewelry or that buy it, and they sometimes make more money on the gold than you make on it. When you have several estimates, you’ll have a better idea of what fair market value is.
Do you know how pricing on precious metals works? Silver, gold and platinum prices vary from day to day, so spot check a price on the day you plan to do business. You must to pay a premium to the melt values if you’re buying less than one ounce pieces.
Research the market price before selling any of your gold jewelry. This way you will know if a dealer is offering you the proper amount for your items. Although there are many honest gold dealers out there, there are also those who will try to offer you much less than it is worth.
If you’re selling gold through a mail-in service, do your homework on the company and its policies before you make a commitment. Ensure you understand the reimbursement terms, and don’t neglect to purchase postal insurance for the package. Also, make a photographic inventory of every item you send.
If you’re unaware of your gold’s worth, have it appraised. It costs a little, but the knowledge gained is valuable. For the most accurate appraisal, use the services of an accredited and independent appraiser. Even if you still choose to sell, do know that you aren’t going to get the appraised value.
If you’d like to sell scrap gold or jewels, look around for the best price. Bear in mind that the market price for gold you can find online (the “spot”) is only an average; different dealers will offer you different prices under (or even over) the spot. Kiosks in malls and other high-traffic areas pay more in rent and operations, thus, reducing the amount of money they are able to offer for your gold.
Always check the daily spot price before you buy gold. You can find that on a lot of websites, and that can change every day. Only place your order if you can find a dealer willing to sell for an 8% markup or less over the spot price. Some dealers charge more than that, but it is a rip-off.
Be sure you know what everything in your sales contract says. Read any fine print before you decide to offer your gold to a mail-in buyer. That way, you will be aware of the cut of your proceeds that will go to fees and commissions.
You should know more about gold now that you’ve read this. Now you should be prepared to make a smart choice as to whether gold is for you. Use what you’ve just read to become the successful gold investor you’ve always wanted to be.