Gold is something everyone’s curious about but not everyone is knowledgeable on. Not knowing a lot about gold can make it something that’s hard to judge when looking into it. If you aren’t that gold savvy, you can use the following tips.
Before you get into investing or selling gold, it’s best to understand how it works. Metal prices fluctuate constantly, so you need to know the price on any given day for a transaction. Also be ready to pay increasingly higher percentages above melt values for any gold pieces that are fractional. These include 1/10, 1/2 and 1/4 ounce pieces.
The high price of gold may give you the idea that gold-filled or gold-plated jewelry is better. Before settling for a gold plated piece, understand that there are great deals out there on solid gold jewelry. Buy cheaper gold jewelry online or at a local pawn shop.
Always check out the up to date market value for gold before you seek your gold jewelry. That way, you will know if you are being offered a fair price for the items you have. Most dealers are honest and stick close to market value, but a minority try to rip desperate people off by low-balling their offers.
If you are interested in investing in the gold market, but do not have lare amounts of capital, consider purchasing scrap gold. This can be done in tiny increments which allow you to build wealth slowly. Make sure you have a safe place to keep your gold (a safe deposit box is ideal) while you’re collecting it.
When looking to sell gold and you’re not sure of the value, look at getting it appraised. While you may have to pay a fee, the knowledge you gain will help you in the long run. Use an accredited appraiser for best results. If you decide to sell, be aware that it’s not likely for you to get full retail value of your item.
Anything that contains gold can be sold. Examples of saleable items include broken jewelry, spoons, forks, household goods, etc. It doesn’t have to be all gold either. Items with partial gold content, gold plating, or gold mixtures may still be valuable. You will still stand to make a bit of profit.
As noted above, as much as people might love the idea of gold, investment know-how is pretty scanty. Now that you’ve read all this, you should be comfortable with your gold knowledge. Use these tips to turn gold into a profitable hobby.
David InghamFollow Dgingham