Unless you are familiar with the workings of the gold market, it’s almost impossible to make it an important part of your wealth portfolio. Make sure that you do not get into the market without a good understanding of gold. It contains everything you need to know about selling and buying gold.
When selling gold, sell to reputable buyers. Use resources like the Better Business Bureau and customer reviews. Reputable buyers usually pay fairly for gold, and they often have much better customer service versus the less reputable ones. This will protect you from rip off artists.
The day that you plan on buying gold, check its spot price. A number of websites feature this information, and it changes daily. When you actually make your purchase, refuse to pay more than 8 percent more than this price. Some dealers are going to try and charge you more, but don’t pay it.
You can easily test whether a gold piece of jewelry is real by using a simple magnet. Real precious metals do not stick to magnets. Sometimes you’ll find a clasp to be something solid, but everything else is plated. A magnet is an easy way to test.
Talk to a the gold party representative to learn how they make karat determinations. In most cases, gold will be stamped with the karat it is made with. In other cases, there’s no visual evidence and the rep must make the determination by an alternate method. Acid testing is a very simple way to asses karat quality. If you see this method being employed, it’s possible that the tester is a relative newcomer.
Always understand what you are signing. Read any fine print before you decide to offer your gold to a mail-in buyer. This way, it will be clear how much you are paying in fees.
Before you sell your gold as scrap, it is wise to have it appraised first. This is a good idea if the piece is antique or has an elaborate design. Appraisals cost money, but often are a good investment. An appraiser might even be able to help you sell your special item.
Now that you’ve gone over what goes into investing in gold, you can use the knowledge to your advantage. Ponder what you have learned and start applying the information to investment decisions. Gold is a great way to fill out your portfolio to secure your future.
David InghamFollow Dgingham