Investing in gold is a very popular way to protect your savings from inflation. Nowadays, you see many people trade in gold to ensure that portfolio is kept afloat, but most people are unsure of how to correctly buy in this market. Find out how to get the best return on your gold investment.
Get an estimate from several buyers before selling your gold. There are lots of services, jewelry stores and pawn shops that buy gold. Of course, they will want to make a profit when they sell it. When you seek more than one estimate, a fair price is going to be more attainable.
If you’re clueless about the value of your gold jewelry, have it appraised. While you may have to pay a fee, the knowledge you gain will help you in the long run. And make sure you only hire an independent and accredited appraiser to be sure you get an honest appraisal. Remember, though, that you won’t get the appraiser’s price for your gold.
Comparison shop when selling old gold jewelry. Many stores will charge a higher rate than the posted spot rate for gold. You might get a better deal at a store not in a major shopping mall, since their overhead and rent is lower.
Make sure you know the spot price of gold the day you plan to buy or sell. This information is available on a number of websites. Never pay more than 8% premiums on your gold. Some sellers try charging more, but that’s overcharging, which is generally unethical.
If you decide to mail your gold to a buyer, find out how much mailing and insuring these items will cost you and how much you will have to pay to have the items mailed back to you in case you do not accept the buyer’s offer. Most companies will advertise free shipping, but they often charge a lot to put the items back in the mail. It’s best to be prepared so you are not surprised by return shipping charges.
Get a good grasp on what you own. Not everything that looks like gold is worth its weight in it. Other metals are often mixed with gold in order to provide strength. This may lower the price. Many items are only gold plated. If you are not certain about what you have, an appraisal before selling is wise.
Gold has always been an integral part of people’s lives. With the right information at hand it is possible for individuals of all economic strata to use gold as an effective safe harbor for their financial resources. Use this information to get the most from an investment in gold.
David InghamFollow Dgingham