Of all the things you could invest your money in, gold is one of the safest bets. Even with minor fluctuations, gold really tends to hold its value over the years. Learn more about gold and what your options are with it, with the tips and tricks in the following article.
Really look into the reputation of the dealer that you are considering using. Because gold is such a high value commodity, there are a few shady operations out there that are looking to get the best of you. It’s your job to make sure that doesn’t happen. Research the companies fully.
Now is the best time to sell because gold prices have been at near record highs. You can sell your broken or unwanted gold jewelry, gold-plated dinner wear, gold coins and even dental gold. Gold buyers are anxious to buy anything that contains gold. Get several bids to ensure that you are getting the best price.
Some pieces of gold jewelry have values above and beyond their weight in gold. If you have antique or designer pieces of gold jewelry you’re considering selling, take them to an appraiser first before selling them for scrap value. There may be a buyer out there that wants your jewelry for its collectible value, rather than its gold value.
When trying to determine if something is real gold or not, try holding it up to a magnet. Since true gold does not have any magnetic properties, it shouldn’t respond at all. If you observe any attraction between your “gold” and the magnet, you’ve probably been fooled or simply found a good imitation.
If you are interested in reaping the benefits of selling gold but do not have any gold to sell yourself, consider organizing a gold party. This is a party where you invite your friends and family to sell their gold pieces. You invite an appraiser to make the purchases, and you receive proceeds from the profits earned.
One valuable piece of information about gold is that while its dollar value may fluctuate, its purchasing power does not. In other words, if 10 ounces of gold could purchase a car 50 years ago, 10 ounces of gold can still purchase a car today. This is because although the dollar value of the car has increased, so did the dollar value of an ounce of gold.
Be realistic about the price you want for your gold pieces. Remember that any buyer will want to earn a profit, so they will never pay you one hundred percent value for the gold you are selling. If they offer you seventy five or eighty percent of the value, they are usually giving you a fair deal.
If you are considering selling your gold to a pawn shop or second hand store, go with the pawn shop. Pawn shops have certain regulations they must abide by, and this protects you, the consumer. Second hand stores have no such regulations, which opens up the possibility of unethical practices.
While some people like the idea of purchasing gold in coins or bars, the cost is very high. It is also not advisable to keep valuable coins or bullion in your possession unless you have a very secure safe. Having personal possession of a few gold coins is only a good idea if you know you can keep them secure.
When selling your gold pieces, always ask the dealer if they can better their dealer. Experts state this works in many cases, as it will often reap the seller greater profits. Simply making the effort to bargain a bit can help to put more money in your pocket, making the deal easier for you to accept.
Don’t be afraid to negotiate a little bit with your gold dealer before selling or buying. There’s typically a little wiggle room in the prices that are offered to you, so take advantage of it. This is a major advantage of a face-to-face sale over one that’s done over the Internet.
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.
Remember, a gold dealer only buys gold, not the alloys it’s mixed with. Many gold pieces are made with gold that’s less than pure (based off the karats). Your dealer will take that into consideration when offering you a price, so the weight of your piece may not reflect what you’re offered exactly.
Make sure you go to any gold dealer with your official I.D. in hand. This is a must as there are Federal regulations surrounding it. This is to protect the dealer in case there are issues later on stolen goods or other shady gold selling tactics. As well, if the dealer doesn’t ask for your I.D., you may want to look elsewhere to do business. It may be a sign that something isn’t right.
When you invest in gold coins or gold bullion, plan on it being a long-term investment. The premiums and fees associated with buying gold are much higher than those paid for the purchase of stocks and bonds. With the shipping charges for heavy gold bars, you may actually be down a bit on your investment initially.
When you are buying American Eagle gold coins, use the dealer search tool available on the website of the U.S. Mint. You cannot buy these gold coins directly from the mint, but you can find a reputable local dealer. You can compare the premiums charged by these dealers and make your best choice.
Educating yourself about gold is the first and most important step to entering into this lucrative market. Make sure you have a good understanding of what is involved with your purchase, sale or collectibles before spending any money. Once you really know what you’re doing, it should be a lot of fun and very worth your while.
