While a lot of people love gold, they are not necessarily well educated about it. Not being knowledgeable about it makes it difficult to get all of its advantages. If you’re not very savvy with gold, keep reading the following tips.
Attain more than one estimate of the value of your gold. From pawn shops to jewelry stores, each location will charge a different premium on gold. When you have several estimates, you’ll have a better idea of what fair market value is.
When you first check out gold jewelry, you may be in for a bit of sticker shock and decide to buy gold-plated jewelry, instead. However, you can still find a deal now and then, which you can turn around and sell for a profit. Check pawn shops and online websites for cheaper gold prices.
If you don’t know what your gold jewelry is worth, consider having an appraisal done. Although you’re spending some money up front, at least you’re getting fair market value for your items. Find a reputable appraiser, however, to visit. If you choose to sell your piece, know that you probably are not going to get the full appraisal amount.
If you want to sell gold, make sure the buyer has a state license allowing them to do so. Licensed buyers are much more reputable, and then you can stop worrying. There are various people and stores that can buy gold, so do not think that you must go with the first one you encounter.
Consider giving GoldMoney a try for gold purchases. This service is similar to a bank account that holds deposits in bullion rather than currency. You create an account and fund it; then your account is given some gold at the market price. Instead of having to keep this valuable commodity at home, it sits safely in the vault at the bank. You are free to withdraw any time you chose.
Figure out what you’re really in possession of. Not all that looks as if it’s real gold is as valuable as the real thing. Other metals are often mixed with gold in order to provide strength. This will reduce the value. This is the case with gold plated items. Getting gold jewelry appraised is always a good idea if you want to be clear about the potential sale value it represents.
As noted above, as much as people might love the idea of gold, investment know-how is pretty scanty. Now that you’ve read this, you should know much more about it. Use what you’ve just learned to make smart decisions about gold.
David InghamFollow Dgingham