Investors should put some of their investments in commodities. Gold is truly the best commodity to invest in. From building a retirement nest egg to making beer money, gold can do it all for you when you use the tips below.
Before attending a gold party, separate your jewelry by karat weight. Some buyers will try to weigh all of your pieces together, and then pay you based on the lowest karat weight among them. This amounts to less money in your pocket, meaning you have made an unfair sale.
Make sure the dealer you are considering is licensed. Make sure, too, that the dealer is active in reputable organizations within the industry. This is a business with a lot of sharks in it, so the more things that prove the legitimacy of the operation, the better it is for you.
If a deal seems too good to be true, then it probably is. Be leery of people who are selling their gold for way below the going rate. Chances are probably good that it is gold plated or brass. Even if it is stamped, it is always best to have it tested before you buy it.
Do not assume that gold that is old, ugly, broken, and unwearable is not eligible to be sold for a profit. The value of gold is not based on the attractiveness of the piece. It all depends on the weight of the gold, so feel free to bring in gold that is in any condition.
When selling your gold, make sure that you separate each piece by its karat value. Some dealers will attempt to weigh all your gold at once then use the lowest karat value to calculate the payment. Keeping your jewelry separated out by karat values ensures that you are paid fairly for each piece.
Have your gold weighed out in the open, in front of you. If a dealer wants to take your piece to the back of the store, beware. Some less than ethical dealers will use a bait and switch, or they will tell you the pieces weigh less than they actually do. This means less money in your pocket, and it amounts to an unfair deal.
When buying gold jewelry online, make sure to get written confirmation of your delivery date before finalizing the deal. Ideally, delivery should take place in a very short period of time. If it will be delayed, find out why and for how long. This protects you as the consumer, and it gives you information that would stand up in court if necessary.
Be sure to find out about a buyer who may purchase your gold in order to be protected. If you plan to mail the gold out of state, this is even more important. Gold buying companies should be listed with the Better Business Bureau, where you can see if any complaints or issues have been filed against your buyer.
If you’re thinking about selling gold online, confirm the prices prior to proceeding. Local dealers often offer better pricing. Selling online and/or through the mail is awfully convenient, but that convenience could very well cost you a great deal of money in terms of lost profit potential.
Investing in gold in the long-term is a good strategy. You don’t just purchase gold when it’s the price is high. That is usually not the best time to buy for investing. If you buy gold in good times and bad and don’t try to time the market, you get a better overall price.
Selling your unwanted gold rings, bracelets, and chains is an easy way to put some extra money in your pocket. It is also a great way to be kind to our planet. Used gold can be melted down, refined, and then reused in beautiful new pieces without the need for mining new gold.
If you want a quick way to invest in gold, consider ETFs. You can buy them just like shares, and you are able to buy or sell them at any time you wish. They are backed by physical gold and the management fees are quite low. They are a great way to make a short-term profit on your investment.
It is important to understand that gold is a contrarian investment vehicle. Gold tends to perform better in rougher economic times than other investments. If you believe the economic conditions in the future will be poor, gold is something to consider. It is a hedge against high inflation and outperforms stocks during bouncy economic years.
Always try to buy gold from a dealer with whom you are familiar. Developing a business relationship with a specific dealer you trust will increase your confidence when buying or selling gold. Purchase gold coins and bullion bars that have a known value based on gold prices each day.
Be wary of any dealer who requests you to step into a back room to complete a gold sale. All gold sales should be done in a public setting. Many dishonest dealers want to do business behind closed doors to help keep other sellers from overhearing the conversation. By insisting that you deal in a public setting, you can help ensure you get the maximum value for your gold.
If you are selling gold jewelry, make sure that you get the stones back from each set. Many unsavory gold dealers will pay you only for the gold without giving you any money for the precious stones in your jewelry. Therefore, ask for your stones back when selling each piece of jewelry.
If you are looking to get the most money for your gold, avoid gold parties. These parties involve people coming together to sell their gold pieces to one another. The problem with these parties is that they are more for fun than business. You will not get as much for your gold at these parties.
You should apply the tips you just read to invest in gold. Take the tips you’ve learned here to help better your financial portfolio, or maybe even make yourself a little extra money. To be successful with gold, keep these tips in mind.