Learning how to invest in gold is a key strategy for any investor. Gold helps balance your portfolio and diversify your investments. But, where to start? It can be overwhelming in the beginning. Read on to simplify the entire process and get started with gold investment basics.
Bullion bars are a great way to invest in gold. Bullion bars come in a variety of weights. The weights range from 0.5 oz to 400 oz bars. The larger sizes are considerably more challenging to find.
Don’t have much money? Invest in scrap gold. This is easy to do over time, and can lead to an accumulation of real value in the span of a year or two. Just make sure you have a safe place to store your little stockpile until it is time to upgrade.
When buying gold jewelry for another, make sure you can return it. You can’t be sure when jewelry is liked by the other person or if it even fits them. Because of this, it is critical that you are able to bring the piece back to obtain a refund.
Understand that any item containing gold carries value with gold dealers. Old or broken jewelry, old coins and tableware are just some of the things that may contain gold, In fact, a gold piece doesn’t have to be 100-percent gold to be worth something. A gold plated item or an item that is not entirely made from gold is still valuable. You still stand to make a fair amount of money selling it.
Make sure you know the spot price of gold the day you plan to buy or sell. The spot price is readily found on the Internet. When you actually go to buy, do not pay more than an eight percent markup over this price. Be on the lookout for any unscrupulous dealers who try to get away with overcharging you.
Be cautious. There are many scammers in the gold market. Many people would like to take advantage of your lack of knowledge on gold. You need to do your research and be careful.
Talk to a gold representative to learn how they test gold for purity. In many cases, items are stamped. Other times, there is no way of knowing. The simplest test is the acid test, so if a rep is using this method, he may be a novice to the market.
It takes time to figure out which of the many option available is the right one for you. Now that you’ve read this article, you’re prepared to settle some choices. Keep in mind the advice that has been told to you, and get moving in the right direction.
David InghamFollow Dgingham