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Learn The Ins And Outs Of Gold With These Tips.

TIP! Sometimes the cost of gold causes buyers to go for cheaper imitation jewelry instead. You can still buy gold jewelry without spending too much at the jewelry store.

Many invest in gold to keep money inside a “safe market.” A lot of investors will say that gold is a great place to park your money during times of economic uncertainty. If you want to learn more about the market, read on.

TIP! If you do not have a large amount of money to start off with, why not consider purchasing scrap gold. It is possible to accomplish this over the long haul, by purchasing some gold every pay day, and build up a valuable reserve within a year.

If you’re buying gold to save for your retirement, buy the right type. You want to ensure that it is IRS approved. You need to buy only 24-karat bullion coins or bars. Buy bars instead of coins to increase your profits.

TIP! If you’re unaware of your gold’s worth, have it appraised. While you may have to pay a fee, the knowledge you gain will help you in the long run.

If you wish to enter the gold market but don’t have tons of capital, try buying scrap. Do this regularly over a certain length of time, and in 12 months or so, you would have accumulated a good amount. Protect your gold until you can sell it.

TIP! If you’re going to ship your jewelry to a mail-order buyer, know how much return shipping is going to cost you in the event you don’t accept their offer. Many companies will pay for your postage when you send but charge a high price when they return the piece to you.

The day that you plan on buying gold, check its spot price. You can find that on a lot of websites, and that can change every day. When you actually make your purchase, refuse to pay more than 8 percent more than this price. Occasionally an unethical dealer may try to overcharge their customers.

TIP! Don’t let others know you invest in physical gold. You never know who else could be listening or who you can really trust.

If you send off gold by mail, see how much it is to have it returned to you if the offer isn’t that great. Many companies offer free shipping; however, they may charge shipping for returns. Be certain you know exactly what those fees will be.

TIP! A quick and inexpensive way to test a piece of gold or precious metal to see if it is real, is by using a magnet. Real gold won’t stick to a magnet.

Use GoldMoney if you are interested in buying gold. It is almost like opening a bank account for gold. With this service the money in your account is converted into gold. While the gold itself physically remains within a bank vault, you can deal with it as you see fit.

TIP! Have your pieces appraised before you sell them as scrap gold. Jewelry that is hand crafted and unique may be worth more sold as jewelry than as scrap gold.

When selling gold, research the market price. See what others are bidding for gold items similar to yours. This way you have an idea of what you can ask for yours. Always see if you can get a little more than they’re asking if they allow you to negotiate.

TIP! Prior to selling gold, make sure you separate it by karat weight. Don’t allow the dealer to rip you off by pricing all the gold at the least pure karat weight.

Use a magnet to test inexpensive jewelry to determine if it consists of steel. Gold is not magnetic. Sometimes, the only thing real about a piece of gold jewelry is the clasp. This method is good test for that.

TIP! One choice for selling gold is sending it through the mail. Most sellers enjoy this process so much due to its simplicity.

Getting going in the gold markets isn’t hard once you know a few things. Since you’ve just read excellent tips on buying gold, nothing’s stopping you from entering the gold market. Use the tips to help you invest more wisely.

Thank you,

David Ingham

Click Here to get your free Gold savings plan

About David Ingham (1297 Articles)
I am an online enthusiast, Project Manager and family man helping people create Financial Freedom and earn a Full Time Internet Income. Hence my Blog Work From Home Career, I live in the UK and I love life, rugby, running, snowboarding and Triathlon’s. Are you fed up been broke and looking to learn new skills to become financially free? I have teamed up with Successful Mentors that are ready to help you succeed.

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