If you have been wanting to begin investing in gold, now is the time. If you have the right knowledge, you can be confident in your decision. There are many good things about investing in gold of which you should be aware.
Gold is something that changes in price all the time. This is why you should know what it’s worth prior to selling. If you have made the call to sell any gold you have, group your pieces by karat value. Try not to sell jewelry items that are valuable due to their maker.
Stay with reputable buyers when you sell your gold. Check with the BBB and look at reviews online before you sell your gold to a buyer. A legit buyer will offer a fair amount for the gold you have. Research helps protect you and your investment.
Have an understanding of gold prices. Metal prices fluctuate constantly, so you need to know the price on any given day for a transaction. Gold pieces with fractions of an ounce will command higher prices than pieces weighing one ounce.
If you’re thinking of getting gold to help you retire, you need to get the right variety. Gold needs to be IRS-approved. That means only 24 karat and only coins or bullion. Buy bars instead of coins to increase your profits.
If you are buying gold jewelry as a gift, make sure you have a money back guarantee. You do not know if the gift receiver will like it or if the piece fits. It’s always a good idea to be able to get your money back on a jewelry purchase if it doesn’t work out for you.
Take a look at the spot price prior to going out to purchase gold. This price can be found on a number of websites. Never pay in excess of 8% markup above the spot price. Some sellers try charging more, but that’s overcharging, which is generally unethical.
If you think you’re going to mail off your jewelry, you should see what it’s going to cost to have things mailed back if you don’t like their offer. Even if you do not pay for shipping the gold initially, return shipping is an entirely different matter. Know what you’re up against before you mail anything away.
You now know how to proceed. Apply what you have learned here and start investing in gold. With time, you’ll find that gold investing can be very advantageous.
David InghamFollow Dgingham