Lots of folks buy gold because they see it as a safe investment. Most people will tell you that in times of uncertainty it is best to place most of your money in the gold market. If you want to learn more about this particular investment sector, keep reading.
If you buy gold for your retirement fund, be sure it’s the proper kind. For this to be the case, you must ensure that the IRS approves of that type of gold. This means it needs to be in the form of coins or bullion that is marked 24 karats. Buy bars instead of coins to increase your profits.
Go with a legit buyer if you’re selling gold. Verify their good standing by checking with the BBB and reviews online. Reputable buyers will pay fair rates for gold and will provide solid customer service. Do your homework in order to safeguard both you and your financial investment.
You can sell gold online. Gold deals no longer have to take place at a “real” store. Take advantage of websites that allow you to sell gold. You can get a kit to send your gold to these websites for money. If you have everything together, then you will receive the going rate.
Use a magnet if you want a cost-effective way to determine whether or not the precious metal is real. Precious metals that are true like gold aren’t going to be magnetized. Sometimes, the only thing real about a piece of gold jewelry is the clasp. A magnet is a good tool for discovering fake gold.
Sell to licensed buyers only. They are likely to be honest. Many establishments purchase gold, so there is no need to sell yours to the first buyer you deal with.
Find out the spot price for gold on the day that you’re planning to buy. This price changes every day. You can locate it on several different websites. When purchasing, don’t pay greater than 8% markup above the spot price. Some sellers try charging more, but that’s overcharging, which is generally unethical.
Your buyers should always have gold-buying licenses from the state. While you could still get ripped off, a licensed buyer is more likely to be reputable. Many entities buy gold, so you don’t necessarily have to sell when you get the first offer.
Know what you have when it comes to gold. Not all that looks as if it’s real gold is as valuable as the real thing. Usually other metals are combined with gold to provide more strength. This has a detrimental effect on value. Also, some items may only be gold plated. If you do not know for sure the value of your gold piece, have it appraised before presenting it for sale.
Do not be overly aggressive when dealing in the gold market. There are bad companies in any market, but this market is known for having many. There are quite a few people out there that would just love to dupe you out of what you are really owed. Always exercise caution.
When attempting to sell your gold, you want to do your research into the market price. Check out the competition and what they are offering. In this way, you will have a good idea of how to price your gold. Start the bidding a bit above what you really want. That way, the buyer can negotiate a little.
Prior to selling gold, make sure you separate it by karat weight. If the vendor weighs all of your items together, you will not get a fair price for your higher karat items. This is a scam that will cost you money. Before making your trip, have your pieces separated before you walk in.
Hopefully, you’ve decided that gold trading is what you want to do. It’s something you can get into to have against your regular cash, stocks, and mutual funds. Educate yourself fully on the idiosyncrasies of the gold market so that you’ll be prepared to make smart trading decisions.