The buying and selling of gold is something that many people have turned to since the economy has been in decline. Many people today are seeking answers that get them more informed about this industry. If you would like more information on how to buy and sell gold then continue on for solid tips.
When buying gold, it is best to buy in larger weights. The more the gold weighs, the less you will pay per ounce. Take your time when buying gold to be sure to shop around for the best price for the weight that you are intending to buy to be sure you are investing wisely.
Take precautions if you mail your items. There are a lot of mail-in services these days, and while they can be convenient, you need to protect yourself. Send the pieces through insured mail, take photographs and know the company's policies in case they lose your gold pieces and you want a settlement.
Before buying or selling gold, know how all the prices work. Silver, gold and platinum prices fluctuate often, and therefore you need to verify spot pricing the day prior to your intended deal. Understand that you will likely pay a higher price for fractional pieces. A half an ounce, for instance, will not exactly cost one half the price of an ounce, it will be slightly higher.
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.
The gold value of a piece of jewelry will never be equal to the amount you paid for it. That is because the gold is not pure and is diluted by alloys. The jewelry will need to be melted down to separate the gold from whatever other material it was mixed with.
If you're going to get into gold, plan ahead for it. As fun and rewarding as it may be, accumulating wealth is also a very stressful thing if you're not prepared properly. Consider things like storage and insurance long before you get your hands on any gold, and avoid unnecessary headaches and worry.
When you are strapped for cash, sell your gold. Anything containing gold can be sold. This includes bracelets, necklaces and other jewelry. Gold plated china, gold plated cups and even dental gold can be sold for extra cash. Additionally, broken jewelry, gold coins and gold bullions can also be sold to a gold dealer.
Try saving on gold by buying some at regular intervals. It doesn't even matter what the current gold price is. Every month or every regular period, try to buy some gold. Its price may be higher one month and lower the next, but that doesn't matter. The consistency is what matters since its value will eventually even out and rise later on due to gold's value going against the value of currency.
Go into your gold selling knowing the current price of gold. This is a commodity that has a fluctuating price. Every day it's something new. If you aren't in the know, you could be taken advantage of by a less than reputable gold buying company. Remember, knowledge is the real power here. Go into any negotiation ready with it.
Read the fine print of your sales contract. If you are selling your gold through the mail, read the information carefully. That way, you will be aware of the cut of your proceeds that will go to fees and commissions.
Comparison shop when selling old gold jewelry. The "spot" price for gold is determined by a constantly fluctuating market, so not every store is going to pay it. Stores that are not near shopping malls may have lower overhead and are able to pay more.
If you will be selling your gold, shop around for best prices. Even the market "spot" price of gold is a national standard at any given moment, not all stores pay it. The overhead of the store involved may determine how much or little they are able to offer.
If you want to unload scrap gold pieces or jewelry items for cash, do your homework first. While many stores state they pay the standard price for gold, there are a number of them that do not. Stores located apart from larger shopping centers may have fewer fixed costs and are thus, able to pay higher prices.
If you have a nice gold piece, consider selling it privately rather than through a gold purchasing agency or jewelry store. Many companies that are in business to buy gold will only buy it to melt and sell, meaning they will pay only for the weight of the gold. An individual who likes your piece might be willing to pay a higher price tag, because they are likely to keep and enjoy the piece.
When looking to buy gold as an investment, it is important that you invest in solid gold. There are many phrases you should look out for such as "gold clad," "gold enveloped" because these are just fancy words for gold plated. This means under the gold is a different metal, which drastically drives down the value.
Understand how weighing gold works prior to going into a shop to sell or buy gold. There are lots of unfamiliar terms like troy more info ounces and penny weights. This can often fool the inexperienced into thinking they are getting a better deal than they really are. Don't let that be you.
Entering the gold market can be tricky if you don't have a proven strategy that works. Reading tips is one thing, but getting tips from people who have done well in this market is how you succeed. Keep all the ideas learned from this article close by as you start out in your gold buying adventure.
AU Precious Metal Solutions
142 South St, Rochester, MI 48307
(248) 833-6133