Buying and selling gold has interested many more in recent years, especially after the shaky global economy. But, most people are unaware of the gold market, preventing them from making good choices. Keep reading to discover what you need to know about gold.
Before going to sell your jewelry, investigate what the current market price of gold is. Gold dealers cannot scam you out of money when you are informed about the value of your items. Although there are many honest gold dealers out there, there are also those who will try to offer you much less than it is worth.
Check the prices of golds the day you plan to buy. The spot price is readily found on the Internet. Never pay more than 8% premiums on your gold. If you find a dealer asking for more than 8%, they’re overcharging and may not be ethical.
Know what it is you actually have. Not all that looks as if it’s real gold is as valuable as the real thing. Often, you will find other metals mixed into the gold in order to strengthen the item. This will lower it’s worth. Also, some items may only be gold plated. If you don’t know exactly what you have, consider an appraisal.
Confer with the gold party rep to determine the method used for judging karats. Many times the item will have a stamp. A visual cue may not be available so other methods are used to figure it out. 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.
Before you sell your jewelry for scrap gold, have them appraised. This is particularly important for unique pieces with detailed craftsmanship. While you may get charged a small fee, it can earn you more cash later on. An appraiser may know someone that’s interested in your jewelry.
You can sell gold by sending it in the mail. Lots of sellers prefer this process, as it is easy. You are given an envelope that is prepaid and you pack your jewelry into it. After a while, a check comes to you. Keep in mind that most of these companies do not pay as much money as other places. In some cases, you could get about 30 percent less for an item, so just be aware.
There are many people who are happy about their investments in the gold market. Unfortunately, too many people don’t know enough about the gold market to make it work to their advantage. We hope that this article has given you plenty of information for successful gold trading.
David InghamFollow Dgingham