The wealth protection and growth potential of gold buying and selling can be truly impressive for those in the know. But, not all would-be investors understand how best to navigate gold markets on their own. Continue perusing the tips and advice that follow, and you will be thoroughly prepared to enter the world of gold transactions.
Get multiple estimates for your gold pieces if you are looking to sell them. Dealer prices vary by store. When you seek more than one estimate, a fair price is going to be more attainable.
Beware of buying or selling gold from any mobile offices or cold-call solicitations. These “businesses” are set up in temporary locations that include inns and motels. They claim to offer instant cash for silver and gold pieces, especially coins. They enjoy taking pieces to make a profit for unfair or no compensation.
If you think your gold has high value, have it appraised before going to make a sale. An appraiser is more likely to give you an accurate value for your pieces, while a seller might low ball you to get a better price. Bring your appraisal certificate with you when selling to ensure you’re making a fair deal.
If you are headed to a gold party, keep your expectations low. While you may walk out with a few hundred dollars, you are not going to get rich. You also won’t get the full value of your jewelry. Go and have fun, but do not sell anything you don’t want to sell.
Take your old gold that you want to sell to a number of different gold-buying companies before settling on one. The “spot” price for gold is determined by a constantly fluctuating market, so not every store is going to pay it. The overhead of the store involved may determine how much or little they are able to offer.
Always purchase gold jewelry from a jeweler you can trust. You would be surprised at how many jewelers try to sell fake gold or lower-karats at a high-karat price. Ask friends or family members if they know of a good jeweler. Or, you can go online and look at reviews for jewelers.
Only sell to buyers that have a state license to buy gold. Though you still may be taken, licensed buyers tend to be more trustworthy. There is a lot of competition out there, so you can sell to someone else if you’re not happy with the first offer.
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.
If you are thinking about becoming a buyer or seller of gold, make sure you are legal! In the United States, you must have a license to purchase, sell or trade gold in any quantities on a regular basis. Check with your city or town about how to become licensed, and then enjoy your new entitlement to dealing in gold.
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.
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.
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.
Don’t just bring your gold to a buyer without knowing its true value, no matter how badly you are in need of cash. Calculate the value of your items based on purity and weight so that you have a good idea what the fair market value is. Only then should you bring your gold to a dealer.
Many jewelry shops will buy gold, and they are often the best places to go, as they generally pay a fair price. However, as gold parties and mail-in operations become more popular, these stores are starting to realize that they don’t have to pay as much money as they used to for the items. Get several quotes before making any decisions.
Know your goals before investing in gold. Gold is a great hedge against economic instability and inflation, but it can be a volatile investment. Decide ahead of time how much you will invest and what goals you have, and you are more likely to make a profit.
When buying gold coins, always purchase the largest denomination available. Gold firms typically charge a premium on each coin to cover their advertising costs and provide a profit. By purchasing large denominations, and therefore fewer actual coins, you save yourself money by reducing the premium you pay to the dealer.
Be wary of pawn shops. Only use them if time is of the essence because you are certainly not going to get a good deal on your gold. You’ll be offered rock bottom prices. And chances are, all the pawn shop is doing is turning around and selling your gold to a licensed dealer. If you’ve got the time, skip the middle man and go to the dealer yourself.
Gold offers incredible capacity for building and safeguarding the wealth of savvy investors. The key is to research gold trading and internalize advice gleaned from expert sources. It has been the goal of this article to provide you with the sort of tips and guidance necessary to make gold one of the building blocks of your own personal plan for financial security.