In the investment world gold is top priority. Wouldn’t you like to know more about investing in gold so that you can make sure you have a strong hold on your investments? No matter what you want to do with gold, you should know as much as you can. Read on to find out about the many facets of gold investing.q
When buying gold through a private sale, always test to make sure that the gold is real. There are many pieces of jewelry that are gold plated. In order to make sure you are buying the real deal, invest in a gold testing kit. They are not expensive and can save you from buying fools gold.
Separate jewelry by their karat values before getting an offer. A lot of times, gold buyers will try to give you a price for the lowest karat and lump everything together. Think of that and make a point of separating your pieces according to karat, so you’ll get a better price.
While doing your research about the seller of gold, be wary of reviews on social media sites. Gold sellers have been known to pay people to produce false reviews about their services. Do not count solely on the reviews that you read on those sites and continue your research through other sites.
If you’re interested in buying gold from a dealer, make sure he is reputable. Avoid doing business with anyone who doesn’t have at least 10 years of experience in the business, because that’s one of the most important prerequisites to have. Someone who has been around for a decade is likely to be trustworthy and knowledgeable enough to make you money.
When deciphering the actual sales price of gold, you should understand the fees associated with selling gold. Dealers generally charge a commission of five to six percent for each ounce of gold sold. For example, if you are selling 0.00 worth of gold, the dealer will take .00 out of the proceeds for commission fees.
All investments come with a certain amount of risk, and gold is no different. To help limit your risk when selling gold, ask for referrals from friends or family members who have sold gold in the past. They may be able to steer you toward a reputable gold buyer.
Whenever you begin the gold selling process, you need to be educated on the market price. You should shop around to get an idea of what others are offering for similar gold pieces. This will provide you with a good starting point on pricing. Always ask a little above what you want so there is room for negotiation.
Watch out for the gold buying bait and switch. There are buyers out there that promote the price they’ll pay for bulk gold, but don’t tell you that the price is much more for smaller quantities. This can leave you making a very bad deal. Ask before you make any sort of commitment.
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.
Prior to going to a gold party, take your jewelry to a store and get an estimate as to how much the gold is worth. If the gold party representative quotes you a lower amount, see if they are willing to negotiate. If not, determine whether you truly want to sell at the party or would just prefer to hang on to the items.
There is much more to buying gold than you knew before you read this article. You are able to make a better decision that can help your portfolio. Use the tips from this article and start planning for your financial future.