Nowadays it seems like more and more people are interested in buying and selling their gold. This could be because of the tough economic times that people are having to work with. However, few potential investors really understand how to make good investment decisions with gold. Keep reading if you’d like some information on how you can buy and sell in the gold market.
You might have avoided gold because of the price, and chose instead to buy gold-filled or gold-plated pieces instead. It is very possible to buy real gold without spending a lot of money at a jewelry store. You can usually find more affordable gold jewelry online, or if you visit pawnshops.
When you buy some gold jewelry for another person, make sure they have a refund policy. You need a guarantee on any gold you buy. Because this isn’t rare, it’s crucial that you have the ability to return the jewelry for a refund if it’s necessary.
When it comes to selling gold, you must decide if you are going to sell it just for its melt value or as a jewelry piece. Private sellers and pawn shops just want the melt value. Try not to be discouraged. Sooner or later you will discover the purchaser you are seeking.
Make sure you know the spot price of gold the day you plan to buy or sell. This can be seen at numerous websites, but keep in mind it can often change. As you prepare to make a purchase, it is best to avoid any price with a markup of greater than 8 percent. Some sellers try charging more, but that’s overcharging, which is generally unethical.
If you’re using a mail-order gold buying service, make sure you understand any return postage fees you’ll need to pay if you decline their offer. Shipping to them is free, but the cost to get your pieces back is often massive. Know beforehand how much you would have to send in order to get your pieces back.
Sell only to gold buyers who are licensed by the state. While you can still get taken for a ride, licensed buyers tend to be more reliable. Many entities buy gold, so you don’t necessarily have to sell when you get the first offer.
A lot of people are excited about making money in the gold market. Unfortunately, there are also a number of people who haven’t taken the time to learn all that they can about it, and as a result, they don’t always make the best decisions. With any luck, this piece has started demystifying the process for interested parties.
David InghamFollow Dgingham