If you are a burgeoning gold investor, you know the positive impact such decisions can have on your portfolio. However, in order to achieve your goal, you have to know what you are doing. Continue reading to learn how you can include gold in your investment strategies.
Be well informed about the value of precious metals before buying or selling gold. Gold, along with silver and platinum, have prices that change on a whim. Therefore, you must always know what the spot price currently is. You might need to pay a higher percentage for melt values such as 1/10, and 1/2 fractional pieces.
Think about using the Internet to sell gold. It is now easy to sell gold without having a physical store location. You can use one of many websites out there to sell your gold. Such sites will send kits in which you mail back your gold. They will give you an offer, if everything goes properly.
Before you purchase a gold piece, know when it is going to be delivered. When dealing with a vendor, it pays to seek written confirmation of the expected delivery date. This is crucial if they do not offer the option to deliver immediately. This should be spelled out in no uncertain terms. Do not complete your order without this important information.
Look at the spot price of gold before selling. This will indicate whether you’re getting a fair price or not. Many gold dealers will pay market value; however, some dealers try to get your gold cheap.
Check the price when you are buying gold. You can see it on various sites and it usually changes every day. Only place your order if you can find a dealer willing to sell for an 8% markup or less over the spot price. Anything more is unethical.
If you want to sell gold, make sure the buyer has a state license allowing them to do so. You have a greater likelihood of dealing with a reputable trader if you look for this certification. Many entities buy gold, so you don’t necessarily have to sell when you get the first offer.
Hopefully, you now can see the value gold has in your portfolio. Gold is a good bridge in your portfolio between liquid assets and mutual funds, bonds and equities. Now that you’re more knowledgeable about investing in gold, you understand how it can help your entire financial portfolio.
David InghamFollow Dgingham