One of the most exciting markets to get into when investing is gold. Gold is nearly always a good investment, and you know it is bound to pay off in the long run. The following article will offer you tips and tricks on getting into gold and how to make the best choices.
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.
Only jewelry that is at least 10 karats can be sold to gold dealers. The more karats your piece is, the higher amount it will command on the market. Therefore, a necklace that is 14 karats should get you a better price than something that is only 10 karats. Prior to taking in your jewelry, look at each piece to determine how many karats it is. This may help you decide whether you want to sell it or not.
Avoid selling pieces whose worth is more than just the weight of the gold. The value of antique jewelry and rare coins can far outweigh the value of the gold. Also avoid selling pieces that are artistically crafted, jewelry that has gems and anything with sentimental value. The gold will be melted down before it is sold.
Do not go to a pawn shop if you have gold to sell. You will not get as much for your gold as you would if you went to a gold dealer. A pawn shop will try to give you the minimum amount so they can make the maximum profit.
If you want to purchase a piece of gold jewelry that will last a long time, it’s crucial to purchase heavier jewelry. Though they may be more expensive, heavier pieces are able to withstand pretty much anything. On the other hand, thinner more fragile pieces are more likely to break.
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.
Watch out for “pop-up” buyers. These individuals travel from place to place, putting out advertisements that lure in sellers with the promise of a big payout. In many cases, these buyers then leave town without paying the sellers what they are owed. Always do your research on anyone you are planning to sell to.
Remember that you can lose money when you buy gold. Buying gold is an investment and like all investments, its value can actually decrease as well as increase. Therefore, it is important to make sure that you do not invest more than you can comfortably afford to lose in the precious metal.
Check your local Better Business Bureau before purchasing or selling gold to a dealer. Your local Better Business Bureau will have a record of any complaints lodged about a company. By checking with your Better Business Bureau, you can ensure that you are selling or buying from a reputable dealer.
Hopefully this article has given you enough information that you can now enter the gold market with confidence. Use the tips you have read here and other reliable sources of information to make highly educated decisions with your investments. Gold is very exciting and will nearly always make you money!