If you have long harbored an interest in gold investing but have yet to take the leap, you have come to the right place. If you have the right knowledge, you can be confident in your decision. Gold investing has many advantages, and you need to know what they are.
Gold is high in price, and this deters some. You might choose gold-plated or gold-filled pieces instead of ones that are full gold. You can still buy gold jewelry without spending too much at the jewelry store. You can get gold jewelry cheaper online or in pawn shops.
When buying gold jewelry as a gift, make sure that the return policy is sound. What if it doesn't fit? In those cases, you should return the jewelry for a refund.
When selling jewelry, it is important to decide whether it will be sold as jewelry or as gold. Many buyers only want to pay for the melt value of the jewelry. If you're prepared to put more effort into locating a buyer, though, you may make more by selling your pieces as jewelry.
Find out the spot price for gold on the day that you're planning to buy. The spot price is readily found on the Internet. As you prepare to make a purchase, it is best to avoid any price with a markup of greater than 8 percent. Knowing the value of your gold will keep you from getting ripped off.
Be cautious with the gold market. Of course, all markets have their bad apples. However, the gold one has lots of them. Lots of people claiming to be honest gold buyers really just want to trick you. That's why you must do your research and be careful.
Take your time when you are considering dealing with a gold buyer. The different prices you receive might shcok you. Going with the very first buyer might not be a good idea. Think about this ahead of time so that you can put the most money inside your pocket.
Use a magnet to determine if an item is made of gold. Precious metals that are true like gold aren't going to be magnetized. Sometimes you'll find a clasp to be something solid, but everything else is plated. This is a good way to test that.
Figure out what all of the fine print means when you're working with a sales contract. If you're looking at selling gold through a mail-in dealer, you will want to know all the finer details that entails the process. This helps you understand what you will have to pay in fees and commissions.
Be sure to have your jewelry appraised before you decide to sell it. This is true for pieces made with fine craftsmanship. Even though there is an appraisal fee, you could see a lot of extra money in your pocket. An appraiser may know someone who will give you a good price for your jewelry