Expert Advice On How To Deal In Gold

Gold is a safe investment. You might have thought about the gold market, but perhaps you don’t know where to begin. If that is the case then you’ve come to the right place. This article is full of information to teach you the ins and outs of gold.

Gold prices change quickly and often, so know the current value before you attempt to sell any. You need to sort your gold according to its karat value before weighing and assessing the value of each item. Don’t sell jewelry with a designer name that has a higher worth than straight melt value.

Do not allow the high price of gold to deter you from buying quality products. You will not benefit from buying jewelry that is plated or filled with gold. It is very possible to buy real gold without spending a lot of money at a jewelry store. It is easy to get great deals on gold jewelry from online retailers or pawn shops.

Spot Price

When you decide on buying gold the first thing to do is look at the spot price. A number of websites feature this information, and it changes daily. Never pay in excess of 8% markup above the spot price. There are dealers who attempt to charge a higher amount, but they are unethical and simply overcharging.

Find out if the firm you are mailing your gold to will ship it back, and how much that will cost. Many companies offer free shipping; however, they may charge shipping for returns. Be sure that you find out ahead of time how much it will cost to get back your jewelry.

You need to only sell your gold to buyers that are licensed. While you could still get ripped off, a licensed buyer is more likely to be reputable. There are various people and stores that can buy gold, so do not think that you must go with the first one you encounter.

Don’t rule out getting gold items from thrift stores or antique shops. You can find gold in unexpected places, but you have to know what to look for. The prices are low here as the items are often donated. Reap the benefits from that loss, but only after researching first.

It is crucial that you understand the gold market before you try to sell any. You should see if you can figure out what people are selling pieces like yours for as well. Doing this will provide you with a helpful price to work around. Always see if you can get a little more than they’re asking if they allow you to negotiate.

Use a magnet to test inexpensive jewelry to determine if it consists of steel. Gold is not magnetic. Sometimes a jewelry piece is only plated in gold with a solid gold clasp. Using a magnet is an excellent way to find this out.

Sending your gold away via postal mail is one option for selling it. Most sellers enjoy this process so much due to its simplicity. You ship your jewelry in a prepaid envelope, and then you receive a check. Just keep in mind that such firms usually don’t pay that much for your jewelry, as compared to other options. Keep in mind that the convenience of mailing your gold is going to take a substantial chunk out of the money you end up receiving.

Gold investing is a good idea for anyone with some extra money. You can be confident in this market now that you’ve read over these excellent gold buying tips. Keep all these tips handy for the future.